客户集中度与研发资本化——沪深A股上市公司的经验证据
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摘要
选取2012—2016年我国A股上市公司为样本,分别采用Logit、Tobit模型实证分析客户关系对研发资本化的影响。研究结果表明,基于流动性风险和研发费用的税盾效应,客户集中度与研发资本化概率、比率均显著负相关;而且,客户集中度对研发资本化的抑制作用在竞争性行业以及民营控股、盈余门槛压力较小的公司更加明显。经验证据对于理解客户关系对企业决策的影响,进一步完善研发投资相关政策应用具有一定的理论价值和参考意义。
By using samples of Chinese a-share listed companies during 2012-2016, with Logit and Tobit Model the paper tested how the customer concentration influences R&D capitalization. The main findings of this research are as follows: Based on the liquidity risk and the shield effect from R&D expense, the customer concentration is negatively correlated with the probability and the ratio of R&D capitalization. Moreover, the customer concentration's negative effect on R&D capitalization is more obvious in competitive industry, private owned enterprise and companies with lower pressure of earnings threshold. The empirical results of this paper have some theoretical value and reference significance to understand the influence of customer relationship on enterprise decision making and to improve the relevant policy application of R&D investment.
By using samples of Chinese a-share listed companies during 2012-2016, with Logit and Tobit Model the paper tested how the customer concentration influences R&D capitalization. The main findings of this research are as follows: Based on the liquidity risk and the shield effect from R&D expense, the customer concentration is negatively correlated with the probability and the ratio of R&D capitalization. Moreover, the customer concentration's negative effect on R&D capitalization is more obvious in competitive industry, private owned enterprise and companies with lower pressure of earnings threshold. The empirical results of this paper have some theoretical value and reference significance to understand the influence of customer relationship on enterprise decision making and to improve the relevant policy application of R&D investment.
引文
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[11]谢德仁,廖珂,郑登津.控股股东股权质押与开发支出会计政策隐性选择[J].会计研究,2017 (3):30-38.
[12]刘永涛,陈运森,谢德仁,等.董事连锁网络与会计政策趋同:基于开发支出会计政策隐性选择的证据[J].中国会计评论,2015 (1):1-30.
[13]ITZKOWITZ J.Customers and cash:How relationships affect suppliers' cash holdings [J].Journal of Corporate Finance,2013 ,19(1):159-180.
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[15]HUANG H H,LOBO G J,WANG C,et al.Customer Concentration and Corporate Tax Avoidance [J].Journal of Banking & Finance,2016,72:184-200.
[16]刘端,王竹青.不同市场竞争条件下客户关系集中度对企业现金持有的影响:基于中国制造业上市公司的实证[J].管理评论,2017 (4):181-195.
[17]吴祖光,万迪昉,康华.客户集中度、企业规模与研发投入强度:来自创业板上市公司的经验证据[J].研究与发展管理,2017 (5):43-53.
[18]王红建,李青原,刘放.政府补贴:救急还是救穷:来自亏损类公司样本的经验证据 [J].南开管理评论,2015 (5):42-53.
[19]王亮亮.研发支出资本化或费用化:税收视角的解释[J].会计研究,2016 (9):17-24.
[20]唐文进,冀志斌,许超.金融改革、资本市场完善与企业创新:第九届中国金融与投资论坛暨《2016中国金融发展报告》成果发布会综述[J].经济研究,2016 (9):175-179.
[2]吴波.客户集中度与真实盈余管理的关系研究 [D].天津:天津财经大学,2016.
[3]黄亮华,谢德仁.IPO前的业绩压力、现金流约束与开发支出会计政策隐性选择[J].南开管理评论,2014 (6):72-82.
[4]OSWALD D R.The determinants and value relevance of the choice of accounting for research and development expenditures in the united kingdom [J].Journal of Business Finance & Accounting,2008,35 (1/2):1-24.
[5]宗文龙,王睿,杨艳俊.企业研发支出资本化的动因研究:来自A股市场的经验证据 [J].中国会计评论,2009 (4):439-454.
[6]谢德仁,姜博,刘永涛.经理人薪酬辩护与开发支出会计政策隐性选择[J].财经研究,2014 (1):125-134.
[7]王燕妮,张书菊,王方.R&D资本化与费用化政策选择的影响因素研究[J].科学学研究,2013 (4):546-553.
[8]MUSTAFA,CIFTCI.Accounting choice and earnings quality:the case of software development [J].European Accounting Review,2010,19 (3):429-459.
[9]CAZAVAN-JENY A,JEANJEAN T,JOOS P.Accounting choice and future performance:the case of R&D accounting in France [J].Journal of Accounting & Public Policy,2011 ,30(2):145-165.
[10]许罡,朱卫东.管理当局、研发支出资本化选择与盈余管理动机:基于新无形资产准则研发阶段划分的实证研究[J].科学学与科学技术管理,2010 (9):39-43.
[11]谢德仁,廖珂,郑登津.控股股东股权质押与开发支出会计政策隐性选择[J].会计研究,2017 (3):30-38.
[12]刘永涛,陈运森,谢德仁,等.董事连锁网络与会计政策趋同:基于开发支出会计政策隐性选择的证据[J].中国会计评论,2015 (1):1-30.
[13]ITZKOWITZ J.Customers and cash:How relationships affect suppliers' cash holdings [J].Journal of Corporate Finance,2013 ,19(1):159-180.
[14]徐虹,林钟高,毛慧慧.客户关系交易、内部控制与企业融资约束[J].安徽工业大学学报(自科版),2016 (2):196-203.
[15]HUANG H H,LOBO G J,WANG C,et al.Customer Concentration and Corporate Tax Avoidance [J].Journal of Banking & Finance,2016,72:184-200.
[16]刘端,王竹青.不同市场竞争条件下客户关系集中度对企业现金持有的影响:基于中国制造业上市公司的实证[J].管理评论,2017 (4):181-195.
[17]吴祖光,万迪昉,康华.客户集中度、企业规模与研发投入强度:来自创业板上市公司的经验证据[J].研究与发展管理,2017 (5):43-53.
[18]王红建,李青原,刘放.政府补贴:救急还是救穷:来自亏损类公司样本的经验证据 [J].南开管理评论,2015 (5):42-53.
[19]王亮亮.研发支出资本化或费用化:税收视角的解释[J].会计研究,2016 (9):17-24.
[20]唐文进,冀志斌,许超.金融改革、资本市场完善与企业创新:第九届中国金融与投资论坛暨《2016中国金融发展报告》成果发布会综述[J].经济研究,2016 (9):175-179.