研发支出费用化与企业业绩的关系

论文总字数：23226字

摘 要

国外关于研发支出的研究早于我国，直到我国财政部于2006年颁布新的《企业会计准则》，规定将研发支出全部费用化改为部分资本化，我国对研发费用的处理才趋向于国际会计准则。政策的更改大大鼓励了企业的研发热情，全部费用化政策的废除意味着企业研发支出投入对其当年绩效的影响可以大大减小，会计选择有了更多的灵活性。但由于新会计准则在许多划分上并没有严格的标准，导致这种灵活性也带来了一定的弊端，例如企业可能通过盈余管理掩盖真实的企业业绩。因此，本文总结了我国企业会计选择背后反映的企业实际绩效，为现行会计准则的实施提供了一定的参考，为研发支出费用化的研宄提供一个新的思路。

首先 , 梳理研发支出制度的国内外发展历程，阐述国内外关于研发支出、盈余管理、企业业绩的研究结论,从而大致确定了论文的写作思路，确定研究方法和内容。

其次 , 根据现有的一些研究理论和本文实际的研究情况提出假设，本文将企业业绩分为市场价值和财务业绩两方面，选取具有代表性的指标，建立合适的模型。

然后 ,本文选取2015年至2017年研发支出完全披露的A股上市的9421家公司为研究样本，对研发支出费用化对公司绩效的影响进行实证检验。本文对样本企业进行描述性统计分析、全样本回归分析和分样本回归分析。将企业业绩分为市场价值和财务业绩两方面进行分析。研究结果表明，研发支出费用化比例与企业市场价值、财务业绩呈正相关。此外，本文将样本划分为高新技术企业与非高新技术企业，结果显示，高新技术企业的企业业绩对费用化比例的影响更大。

最后 , 根据实证分析得出结论：研发支出费用化与企业财务业绩、市场价值呈正比；高新技术企业的企业业绩对研发支出费用化的影响与非高新技术企业相比更大。

关键词：研发支出；企业业绩；费用化

The relationship between the expensing of Ramp;D expenditure and enterprise performance

Abstract

In 2006, China"s ministry of finance issued new accounting standards for enterprises, which stipulate that enterprises" Ramp;D expenditure should be conditionally capitalized, similar to international accounting standards. The confirmation, measurement and disclosure of enterprises" Ramp;D expenditure are related to the vital interests of stakeholders and the stable and sustainable development of Chinese enterprises. China"s new accounting standards deal with conditional capitalization of research and development expenditures, so companies no longer worry about investing too much in research and development, affecting their performance, thus greatly increasing their enthusiasm for research and development. However, there is no clear division between the research stage and the development stage of the new accounting standards. These provisions can be used as abstract capitalization, providing managers with more room for earnings management. The use of accounting policy selection may be a means. The adoption of this accounting policy may be one of the means of earnings management. Therefore, this paper summarizes the actual performance of enterprises reflected behind the accounting choices of enterprises in China, provides a certain reference for the implementation of current accounting standards, and provides a new thinking for the study of earnings management under the expensing of research and development expenditure.

First of all, it sorts out the development process of Ramp;D expenditure system at home and abroad, and expounds the research conclusions on Ramp;D expenditure, earnings management and enterprise performance at home and abroad, thus roughly determining the writing ideas of the thesis and determining the research methods and contents.

Secondly, the thesis puts forward hypotheses based on relevant theories of enterprise Ramp;D investment and enterprise performance, forms the index system used in research and analysis based on selected indicators related to enterprise performance, proposes research hypotheses based on relevant theories and the actual situation of this thesis, establishes appropriate models and selects samples.

Thirdly, using the research method used in the empirical analysis, taking the a-share listed companies whose Ramp;D expenditure was fully disclosed from 2015 to 2017 as the research sample, the empirical test was conducted on the impact of Ramp;D expenditure expensification on corporate performance. This paper selects 9,421 sample enterprises for descriptive statistical analysis, full sample regression analysis and sub-sample regression analysis. The analysis of corporate performance is divided into two aspects: market value and financial performance. The research results show that the proportion of research and development expenditure is positively correlated with the market value and financial performance of the enterprise. In addition, this paper divides the samples into high-tech enterprises and non-high-tech enterprises, and the results show that the enterprise performance of high-tech enterprises has a greater impact on the expense ratio.

Finally, reasonable suggestions are given for the results of empirical analysis to find out the shortcomings of the paper.

Keywords: Ramp;D expenditure; Enterprise performance; expensing

目 录

摘 要 II

Abstract III

第一章 绪 论 1

1.1 研究背景 1

1.2相关概念界定 2

1.3 研究的及意义 3

1.3.1现实意义 3

1.3.2理论意义 3

1.4 研究内容及方法 3

1.5 论文框架 4

第二章 制度背景、理论与相关文献综述 5

2.1制度背景 5

2.1.1国际研发费用会计准则发展 5

2.1.2我国研发费用会计准则发展 5

2.2研发支出的相关理论回顾 6

2.3研发支出相关文献综述 7

2.3.1研发支出信息披露 8

2.3.2研发支出与盈余管理 8

2.3.3企业业绩与研发支出相关性研究 9

2.4研究评述 9

第三章 提出假设与研究设计 10

3.1 研究假设 10

3.2 样本选择及数据来源 10

3.3 解释变量与构建模型 11

3.3.1变量选取 11

3.3.2构建模型 11

第四章 实证结果及分析 13

4.1 描述性统计分析 13

4.2 Ramp;D费用化影响因素的相关性检验 13

4.3研发支出费用化全样本回归分析 14

4.4研发支出费用化分样本回归检验 14

4.5稳健性检验 15

结 论 17

致 谢 18

参考文献（References） 19

第一章 绪 论

我国财政部于2006年颁布新《企业会计准则》，其中对研发支出作出重要修改，将研发支出划分为研究阶段和开发阶段，其中研究阶段的支出费用全部计入当期损益，在年末一并扣除；开发阶段在符合技术可行性、无形资产有用性、可计量性、预期带来收益等条件下，可予以资本化。但这五个条件并没有给出严格的定义和标准，政策的模棱两可给企业留下了可操作利润和盈余管理的空间。企业通过会计处理选择调节当期的企业业绩很可能是一种短视行为，损害的是企业的长期利益。因此，从企业自身的角度而言，正确利用研发支出费用化的政策是确保企业长期发展的重要课题之一；从其他利益相关者角度而言，辨别会计准则背后所反映的真实企业业绩，可以帮助各方保持投资、交易的警惕性。

1.1 研究背景

随着社会的不断进步，世界经济全球化已成为不可抗拒的趋势。二十世纪末，世界进入了知识经济时代。市场竞争日趋激烈，知识对经济发展的影响越来越大。目前，我国企业的主要任务是引进更多的创新人才，提高自主创新水平，加强科技进步和创新，提高长期竞争水平。在知识经济迅速发展的社会，研发创新愈发成为企业长期发展的关键，而科技创新的过程中研发支出的处理成为无法避免讨论的课题。根据国家统计局的统计资料显示，2015年全国研究与试验发展（Ramp;D）经费支出14220亿元，比上年增长9.2%，其中基础研究经费671亿元，同比增长7.2%。全年受理境内外专利申请279.9万件，授予专利权171.8万件。每万人口发明专利拥有量6.3件。^[1]

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