经济政策不确定性与公司研发支出资本化  

Economic Policy Uncertainty and Capitalization of Corporate R&D Expenditures

作　　者：罗琦[1] 高元奇 Luo Qi;Gao Yuanqi(Wuhan University)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《武汉大学学报（哲学社会科学版）》2024年第4期100-113,共14页Wuhan University Journal：Philosophy & Social Science

基　　金：国家自然科学基金项目(72273099)。

摘　　要：经济政策不确定性上升会导致公司融资和创新活动受阻,公司采取适当的信息披露策略有可能缓解这种不利影响。基于2008-2021年中国A股上市公司数据,考察公司研发支出资本化在应对经济政策不确定性时所发挥的作用,研究发现:公司在经济政策不确定性上升的情况下调高研发支出资本化比例,可吸引更多的证券分析师关注,使公司信息环境得到改善,进而降低市场对公司未来发展的不确定性预期,增强公司从外部获取融资的能力。我国上市公司应在会计准则范围内充分发挥研发支出资本化的信息传递功能,以增强应对经济政策不确定性的能力,从而把握好自身发展的机遇。Increased economic policy uncertainty can disrupt corporate financing and innovation activities,while companies adopting appropriate information disclosure strategies may be able to mitigate this adverse impact.Using A-share listed companies from 2008-2021 as a sample,this paper examines the role of capitalization of R&D expenditures in dealing with economic policy uncertainty.It is found that companies tend to increase the capitalization ratio of R&D expenditures when economic policy uncertainty increases,which will attract more attentions from securities analysts,and improve the company's information transparency,thereby reducing the market's uncertainty expectations for the company's future development and enhancing the company's ability to obtain external financing.Chinese listed companies should give full play to the information transmission function of the capitalization of R&D expenditures within the scope of accounting standards to enhance their ability to cope with economic policy uncertainties and thus seize opportunities for their own development.

关 键 词：经济政策不确定性 公司研发支出 资本化 信息传递 

分 类 号：F275[经济管理—企业管理]