信息不对称、研发支出与关联股东认购定向增发股份——来自中国证券市场的经验数据  

Information Asymmetry,R&D Expenditure and Private Placement Shares Subscribed by Related Shareholders——Based on the Data Analysis of Chinese Security Market

作　　者：章卫东[1,2] 黄一松[1,2] 李斯蕾[1,2] 鄢翔[1,2] 

机构地区：[1]江西财经大学会计发展研究中心/会计学院,330013 [2]上海财经大学会计学院,200433

出　　处：《会计研究》2017年第1期68-74,共7页Accounting Research

基　　金：国家自然科学基金项目"地方国有上市公司定向增发资产注入动机及经济后果研究"(71262004)的阶段性研究成果

摘　　要：本文以2013年至2015年间公告的上市公司定向增发新股公司为研究对象,研究了上市公司的研发支出与关联股东认购定向增发新股股份的关系。研究发现,定向增发新股公司研发支出的强度越大,关联股东认购本公司定向增发股份的比例越高;定向增发新股公司费用化的研发支出越大,关联股东认购的比例越高;并且当定向增发新股公司信息不对称程度越高时,定向增发新股公司研发支出的强度、费用化的研发支出与关联股东认购本公司定向增发股份的比例之间的正相关关系越显著。这一研究反映了我国会计准则中关于研发费用的处理仍然存在缺陷,并揭示了关联股东利用研发费用的资本化与费用化达到低价认购本公司发行的定向增发新股股份的现象。Taking the listed companies that have announced private placement from 2013 to 2015,this paper studies the relationship between R&D expenditure of listed companies and its related shareholders willing to subscribe the new share in the private placement. We get the following conclusions,first,the greater the R&D expenditure of the private placement company,the greater subscription of the related shareholders; second,the greater the research expenses of the private placement company,the greater subscription of the related shareholders. Furthermore,under such circumstances,the higher extent of Information Asymmetry of the private placement company,the positive correlation between the R&D expenditure of the private placement company,the research expenses of the private placement company and the proportion of related shareholders to subscribe in the private placement is more significant. The study reflects the longtime existed weakness of the treatment of R&D expenditure in our country' s accounting standard,and reveals the phenomenon that related shareholders' lower subscription price of private placement by manipulate the capitalization and expensing of R&D expenditure.

关 键 词：信息不对称 定向增发 关联股东 研发支出 费用化 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F273.1