研发支出资本化对价值相关性的影响  

The influence of capitalization of R&D expenditure on value relevance

作　　者：潘晶晶[1] 赵武阳[2] 

机构地区：[1]复旦大学管理学院,上海200433 [2]多伦多大学Rotman管理学院

出　　处：《科研管理》2015年第11期98-106,147,共10页Science Research Management

摘　　要：本文从价值相关性的角度探讨了2007年中国会计准则对研发支出从费用化到有条件资本化的改革对会计信息估值角色的影响。本文利用价格模型和回报模型,采用双重差分(Diff-in-Diff)的方法,并使用四种定义来判断公司是否受研发支出资本化的影响。结果表明,研发支出资本化之后,公司的会计信息更能反映公司的价值,而且这种提升主要体现在会计质量低的公司样本以及非国有企业样本中。这意味着研发支出资本化提升了会计信息的估值功能,具有积极的经济后果。This study examines the influence of the RD expenditure capitalization in China in 2007（ from expensing to conditional capitalization） on the valuation role of accounting information from the value relevance perspective. We employ the Price Model and the Return Model,a Diff- in- Diff method and four definitions to set up treatment groups（ firms affected by capitalization） and control groups（ firms not affected by capitalization）. Our results show that the RD expenditure capitalization enhanced the relationship of accounting information with firm value,and this enhancement only exists among firms with comparatively low accounting quality and non- state- owned enterprises. This paper shows that RD expenditure capitalization has promoted the valuation role of accounting information and led to positive economic consequences.

关 键 词：新会计准则 研发支出资本化 价值相关性 会计质量 

分 类 号：F233[经济管理—会计学]