强制列报研发费用对公司债务融资成本的影响研究  

Do Research Expenses Separately Presented Decreasing Companies’Cost of Debt?

作　　者：李昊洋 贾宜珍 刘晶 LI Hao-yang;JIA Yi-zhen;LIU Jing

机构地区：[1]北京科技大学经济管理学院

出　　处：《科学决策》2023年第8期81-97,共17页Scientific Decision Making

基　　金：国家自然科学基金资助项目(项目编号:71572009,71872010,72073009)。

摘　　要：以财会[2018]15号文强制要求公司在年报中单独列报研发费用这一外生冲击为契机,采用2013-2019年A股上市公司数据实证检验了强制列报研发费用对公司债务融资成本的影响,发现研发费用及其明细项的列报,显著降低了公司的债务融资成本,并且上述影响在分析师跟踪数量较低或当期无资本化研发支出的公司中更为明显。以上结果说明强制公司列报研发费用及其明细项,有助于降低公司内外部信息不对称程度,使债权人可以更好的了解公司研发活动情况,从而降低债务融资成本。相关结论可以为如何进一步缓解企业“融资难”、“融资贵”问题提供理论参考。Based on the exogenous shock of regulation about research expenses disclosure,used 2013-2019 data of A-share listed companies,estimate the impact of research expenses separately presented on companies’cost of debt.We find that the disclosure of research expenses and its detail,decreasing the companies’cost of debt significantly,and the result is more pronounce on companies which has less analysts follow or non-development expenses.Above results indicate that disclosure of research expenses and its detail decreasing the information asymmetry,make the creditor understand R&D activities of firms and provide the low cost finance to companies.These conclusions could help the companies solve the problems about financial constrain.

关 键 词：强制列报 研发费用 债务融资成本 融资约束 信息不对称 

分 类 号：F231.5[经济管理—会计学] F275.5[经济管理—国民经济]