摘要
以2018年财政部关于"研发费用单列"的修订为研究契机,采用双重差分模型检验了研发费用呈报位置变动对企业研发投资行为的影响。研究发现,"研发费用单列"后,企业间研发费用投入的差距会成为增加研发费用的动机,差距越大的企业会在政策之后增加更多的研发费用,该现象在竞争程度高和非高科技行业中更加显著。进一步,本文还识别了企业是通过真实投入研发费用达到其增加的结果,而不是对披露结果进行数字操纵,同时,过度投入研发费用还会削弱其对企业的积极影响,不仅会降低单位研发费用的价值含量,还会加剧信息不对称。
Based on the revision of the Ministry of Finance on“separate presentation of R&D expenses”in 2018,this paper examined the impact of the change in the reporting position of R&D expenses with DID model on corporate R&D investment behaviour.The empirical results showed that,after the"separate presentation of R&D expenses",the investment gap of R&D expenses among enterprises would be the motivation of the increase of R&D expenses.That is,laggard enterprises were more likely to increase their investment,which was more significant in non-high tech industries and the industries with higher degree of competition.Furthermore,we found that,firms had achieved their increased results by actual investing in R&D,rather than manipulating the disclosure results.Further analysis also identified that,excessive level of investment would weaken the positive effect on firms,which might not only lower the value of R&D expenses,but also exacerbate information asymmetry.
作者
刘斌
李舟
LIU Bin;LI Zhou(School of Economics and Business Administration,Chongqing University,Chongqing 400044,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2021年第10期112-126,共15页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金项目(71372138)
国家社会科学基金项目(18AGL009)
中央高校基本科研基地平台建设创新项目(2018CDJSK02PT09)
关键词
会计信息呈报位置
研发费用单列
有限关注
信号传递
股价反应
report location of accounting information
separate presentation of R&D expenses
limited attention
signal transmission
share price reaction
