讲座题目：Do firms inappropriately capitalize development costs? Evidence from China（企业是否策略性地将开发成本资本化？来自中国企业的证据）

主讲人：郑登津 中央财经大学

时间：2024年4月18日10:00

地点：学院319

主办单位：武汉大学经济与管理学院会计系

讲座内容摘要：

This study investigates whether firms inappropriately capitalize development costs. We argue that capitalization of development costs should be positively associated with R&D outputs, and absence of such association indicates inappropriate implementation of capitalization. Using data from listed firms in China over the period 2007‒2017, we fail to find evidence of inappropriate capitalization of development costs. Capitalization is, in general, positively associated with R&D outputs, and such association is stronger for State-owned Enterprises and qualified High- and New-technology Enterprises. This association can be strengthened by more restrictive scrutiny; however, it can also be weakened when firms are motivated to meet earnings targets and have higher agency costs and financial constraints. Furthermore, results suggest that capitalization of development costs is significantly and positively associated with current and future firm value, and the correlation is strengthening over time. This study adds to the literature by adopting direct R&D outputs to detect inappropriate capitalization of development cost, and by adding some Chinese evidence and sheds some light on the potential risks involved in the implicit R&D accounting policy choice.

本文调查了企业是否会策略的将开发成本资本化。我们认为，开发成本的资本化应该与研发产出呈正相关，缺乏这种关联表明资本化实施不当。使用2007-2017年中国上市公司的数据，我们没有发现开发成本资本化不当的证据。总的来说，资本化与研发产出呈正相关，国有企业和合格的高新技术企业的这种关联更大。可以通过更严格的审查来加强这种联系；然而，当企业有动力实现盈利目标，并且有更高的代理成本和财务约束时，它也可能被削弱。此外，研究结果表明，开发成本的资本化与当前和未来的公司价值显著正相关，并且这种相关性随着时间的推移而增强。本研究通过采用直接研发产出来检测开发成本的资本化，并对隐性研发会计政策选择中涉及的潜在风险提供了一些启示。

主讲人简介：

郑登津，现任中央财经大学会计学院副教授、博士生导师，财务管理系副主任，入选财政部高层次财会人才素质提升工程、中央财经大学“龙马学者（青年）”。科研上，曾在JAPP、JCE、《管理世界》《经济学（季刊）》等国内外主流期刊发表论文40余篇、出版学术专著2部、主持1项国家级课题、3项省部级课题；教学上，出版财务管理教材1部，曾获得北京高校第11届青年教师教学基本功比赛一等奖、北京市第一和第三届教学创新大赛二等奖、北京高校优质本科教案等10余项省部级奖励。