新会计准则提倡研发支出有条件资本化,从政策层面释放了企业研发的热情,而这项政策是否在现实中产生预期效应是一个值得探讨的问题。本文以此为题,以新会计准则允许部分研发支出进行资本化处理为切入点,以沪深两市2009-2013年高科技上市公司为样本,在产品市场与资本市场分别检验了它们对研发支出资本化的反应情况。研究发现,研发资本化对企业在产品市场和资本市场的表现均有正向影响,证实了研发支出资本化的积极效用。本文为研发支出资本化的初始尝试研究,是企业有效应用会计准则以实现企业管理目标的方法探索,也为政府通过会计准则的制定与修改引导企业行为提供了思路。

The new accounting standards advocate the conditional capitalization of R D expenditures, which releases the enterprise’s enthusiasm of R D from the aspect of policy. And it is a further study that whether there will be an expected effect from the policy in reality. The paper takes it as the topic, starting with the conditional capitalization of R D expenditures according the new accounting standards, making high-tech companies listed in Shanghai and Shenzhen as samples from 2009 to 2013, testing the reacts of the product and capital markets by capitalization of R D expenditures. From the study we found that the capitalization of R D expenditures have a positive impact on enterprises both in the product market and capital market, which confirmed the positive effects of the capitalization of R D expenditures. This paper makes an initial study on capitalization of R D expenditures, which not only explores new methods that apply the accounting standards to achieve management objectives for enterprises, but also provides ideas that formulate and revise the accounting standards to guide enterprises’ behavior for government.

本文为国家自然基金“会计准则变革的非预期效应：对经营方式转变及投资行为的影响研究”（71372068）辽宁省教育厅科学研究一般项目“研发支出资本化对企业技术进步的作用机理与实证检验”（W2013074）；大连社科联一般课题“提升大连企业价值与产品价值策略研究”（2013dlskybd1091）