摘要
在日益激烈的市场竞争环境下,研发活动是企业技术创新的源泉,也是企业保持核心竞争力、谋求生存和发展的关键因素。由此,企业对其研发活动以及与之相关的研发支出信息的披露质量成为外部投资者了解其研发的投入水平和实力,并据以预测其未来盈利能力和发展潜力的重要决策依据。国际上,已有大量的实证文献对研发支出确认计量方式、研发信息披露对企业绩效和企业价值的影响以及研发投入披露的市场反应进行了研究,不但发现研发支出与绩效是相关的,而且不同的研发信息披露方式、披露程度与企业绩效、企业价值之间的相关程度亦存在显著差异。我国的无形资产会计准则对研发支出的会计处理由原来的一律费用化模式改为了有条件的资本化模式,由此在新准则下我国企业对研发信息披露的动机、研发信息的绩效相关性及市场反应成为一个值得关注和探究的新命题,也为检验会计准则变迁的效应提供了良好契机。
不同于国内既有文献的研究思路,本文以会计准则变迁为制度背景,立足我国企业代理关系与代理问题,采用规范研究和实证研究相结合的方法,以中小和创业板上市公司为考察对象,在梳理企业对研发支出披露动机和特征基础上,进一步对研发支出投入金额及不同处理方式对企业绩效的影响及市场反应进行了系统检验,进而以资本市场上著名的重庆啤酒公司研发信息披露事件开展典型案例研究,试图对我国企业研发支出的会计处理及披露方式的选择倾向及其经济后果作出回答。主要研究结论有：
(1)通过对样本企业研发支出会计处理及信息披露状况的分析,发现总体上多数公司对研发支出的信息披露尚欠充分和透明,且研发支出的会计处理存在明显的行业差异：在研发支出投入方面,创业板的研发支出投入占营业收入的比例(6.14%)远高于中小企业板(3.79%),信息技术行业研发支出投入程度最高(9.81%),综合类研发投入最低(0.07%)；在资本化支出占营业收入的8.39%,；在资本化与费用化方面,中小企业板费用化支出的比例(3.22%)高于资本化支出比例(1.93%),而创业板的资本化比例(5.15%)高于费用化比例(3.82%),且无论资本化支出还是费用化支出,创业板均高于中小企业板。
(2)通过对研发支出的投入总金额及不同处理方式对企业绩效的影响的检验,发现当期研发投入总额与企业绩效呈负相关关系,而前期研发投入总额与企业绩效却呈正相关关系,即企业前期的研发投入会提高当期的绩效水平,表明研发投入对企业绩效的影响存在一定的时滞效应。但是,资本化支出和费用化支出与企业绩效并无一致的相关关系。
(3)通过对研发支出的投入总金额及不同处理方式所引起的市场反应的检验,发现当期研发投入总额、资本化支出、费用化支出与下一年度4月份最后一个交易日的收盘价分别呈正相关、负相关、正相关,且研发支出投入总额与年报公布前后一天的累计超额收益率呈正相关。表明企业披露的研发支出信息对股票价格及股票收益率有正面的促进作用,研发支出的信息披露具有好的市场反应。
最后根据本文的理论以及实证分析结果,对企业的研发支出会计处理及信息披露提出相关的政策建议。
Facing the increasingly fierce competition environment, R&D activities are the sources of technology and innovative for enterprises to maintain their core competitiveness, and key factors to seek survival and development. As a result, R&D activities and the associated R&D expenditure information disclosure quality external of the the corporate is regarded the important basis for investors to understand the level and strength of its R&D investment, and to predict its future profitability and development potentiality for decision making. Internationally, there are a large number of empirical studies confirming the measurement methods for R&D expenditures. There were significant differences between the degree of enterprise performance, enterprise value about R&D information disclosure market reaction to the disclosure of R&D investment on firm performance and corporate value, not only R&D expenditures and performance are related, but different R&D information disclosure, the disclosure of the degree of correlation. China's intangible assets accounting standards change R&D accounting treatment from all expenditured modes to conditional capitalized mode. The market reaction to motivation, resulting in the new guidelines under the Chinese enterprises in R&D information disclosure performance of R&D information become a concern and explore new proposition, and also provides a good opportunity to test the effects of accounting standards change.
This paper is different from the existing literature and regard accounting standards change as the system background, based on our corporate agency relationship with the agent, using the method of combining normative and empirical research, from small and medium and GEM listed companies, combing the motives of disclose and characteristics of R&D spending, further test investment in R&D spending amounts and different approach to business performance and market reaction, and then carry out a typical case study on the well-known Chongqing Brewery's events, in an attempt to answer the accounting treatment of R&D expenditures, and disclosure of the choice of orientation and its economic consequences of the way. The main conclusions are:
(1) We analyze the status of R&D expenditure accounting treatment and disclosure of information in the sample, we found most companies owed a full and transparent R&D expenditure information disclosure, and there are significant industry differences in the accounting treatment of R&D expenditure. R&D expenditures in GEM is the proportion of R&D spending in total operating income (6.14%) that is much higher than the SME board (3.79%). The IT industry R&D spending into total operating income highest (9.81%), a comprehensive R&D investment by the lowest (0.07%); capitalized spending accounted for8.39%of operating income; in capital and expenses, the expenditure ratio of the SME board costs (3.22%) higher than the proportion of capital expenditures (1.93%), while the GEM of the capital the proportion (5.15%) higher than the cost of the proportion (3.82%). The R&D investment in GEM are higher than the SME board regardless of the capitalization of expenses or the cost of expenditure.
(2) We test the impact the total amount of investment in R&D expenditures and different approach on business performance and found that the current R&D investment was negatively correlated with total business performance, and early R&D investment has a positive correlation total enterprise performance, corporate pre-R&D investment will increase the current level of performance, there is a certain time delay effect that R&D investment on firm performance. However, no consistent correlation between capitalized costs and expenses and business performance of enterprises
(3) We inspect the market reaction caused by the total amount of investment in R&D expenditures and different approach, found that the current total R&D investment, capital expenditures, costs of spending respectively has a positive correlation, negative correlation, positive correlation with closing price in next year April of the last three trading days, and R&D spending into the cumulative abnormal return for three days before the release of the total annual reports a positive correlation. Show that R&D spending corporate disclosure information on stock prices and stock returns has a positive role in promoting the disclosure of R&D spending has a good market response.
(4) This dissertation put forward relevant policy recommendations based on the theory and empirical results regarding corporate R&D expenditure accounting treatment and disclosure of information.
引文
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