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综述报告 R&D 与盈余管理. 贺亚楠 2013 年 9 月 4 日. 动机. 盈余管理动机 契约动机 (Healy , 1985) 高级管理人员的变动动机 资本市场动机, IPO 税收动机 …… 利用 R&D 的动机 R&D 支出会降低当期业绩,但是收益却需要在未来才能实现. 利用 R&D 盈余管理的动机 “短视问题”( the myopia problem ) 管理层面临短期业绩压力(避免亏损、避免利润下降)的情况下,对其投资, R&D 投资如行为的影响( Baber et al. , 1991 )

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slide1

综述报告R&D 与盈余管理

贺亚楠

2013年9月4日

slide3

动机

  • 盈余管理动机
    • 契约动机(Healy,1985)
    • 高级管理人员的变动动机
    • 资本市场动机,IPO
    • 税收动机
    • ……
  • 利用R&D的动机
    • R&D支出会降低当期业绩,但是收益却需要在未来才能实现
slide4

利用R&D盈余管理的动机

    • “短视问题”(the myopia problem)
      • 管理层面临短期业绩压力(避免亏损、避免利润下降)的情况下,对其投资, R&D投资如行为的影响(Baber et al.,1991)
    • “期界问题” (the horizon problem)
      • CEO在接近退休时,在R&D费用上做出无效率的削减,从而以未来利润为代价来增加现在的利润及奖金(Dechow&Sloan,1991)
slide5

资本市场动机,IPO

    • 公司在IPO过程中营业收入的上升伴随着R&D费用的降低,预示了管理层在IPO时也存在通过R&D项目调节收入的情况,指出管理层有可能利用R&D投入来影响发行价(Darrough & Rangan;2005) )
slide7

实证方法1

    • 基于“短视问题”,分组(Baber et al.,1991;Zarowin,2007;Osma & S. Young(2009) )
    • 认为上年R&D支出为本年标杆,找出与上年相比,需要并且可以通过削减R&D支出扭转业绩的企业,检验它们是否有这样的行为
slide8

基本模型

  • 优点: Real earnings/ management, Accrual-based earnings management均可使用
  • 缺点:只能测试单向盈余管理,削减
slide9

实证方法2

    • 对资本化/费用化比例直接与当期业绩变化建立关系,并做线性回归(Markarian et al.,2008;许罡,朱卫东,2011)
    • 基本模型
    • 优点:只适用于测试Accrual-based earnings management
    • 缺点:削减或者增多均可检验
slide10

实证方法

    • 基于分组的思想,找到业绩上升同时R&D支出下降的组,检验与其股票超额收益的关系(Osma & Young ,2009 )

投资者如何看待

slide12

机构持股比例(Bushee ,1998 )

    • 样本采用C2组内企业
slide13

薪酬设计( Cheng,2004;Ederer & Manso,2013 )

    • 实验

In a task that involves innovation through experimentation, we find that subjects under an incentive scheme that tolerates early failure and rewards long-term success explore more and are more likely to discover a novel business strategy than subjects under fixed-wage or standard pay-for-performance incentive schemes.

slide14

不同盈余管理方式的权衡

    • 公司的盈余管理手段多样,实施的盈余管理行为是在权衡各项决策所带来的成本和收益基础上进行的(Zang,2007),为何选择利用R&D投资盈余管理的动机还缺乏系统研究
  • 我国企业研究数据问题
    • 赵武阳、陈超(2011)认为董事会报告中披露的R&D支出信息最具有价值相关性

思考

slide15

中国特色公司治理与企业R&D

    • 与英美发达国家的公司治理结构不同,我国资本市场国有企业占主导地位,上市公司一股独大的情况明显
    • 何种股权性质的企业更愿意投入研发?股权集中度与R&D投入之间关系如何?高管薪酬设计机制如何解决研发给企业利润造成的短期影响?如,股权激励能够促使企业投入研发吗?高管特征与企业R&D决策有怎样的联系?
slide16
参考文献
  • Baber W.,Fairfield P.,Haggard,J. A.,The Effect of Concern About Reported Income on Discretionary Spending Decisions: the Case of Research and Development. The Accounting Review,1991,4,818-829.
  • Bushee,B.,The Influence of Institutional Investor on Myopic R&D Investment Behavior. Accounting Review,1998,73: 305-333.
  • Cheng,S.,R&D Expenditures and CEO Compensation. The Accounting Review,2004,2,305–328.
  • Darrough,M.,Rangan S.,Do Insiders Manipulate Earnings When They Sell Their Shares in an Initial Public Offering? Journal of Accounting Research,2005,1,1-33.
slide17

Dechow P.,Sloan,R.,Executive Incentives and the Horizon Problem: An Empirical Investigation. Journal of Accounting and Economics,1991,14: 51-89.

  • Garcı´a Osma B., Young, S., R&D Expenditure and Earnings Targets. European Accounting Review, 2009, 18, 7-32.
  • Garcı´a Osma B., Board Independence and Real Earnings Management: The Case of R&D Expenditure.Corporate Governance: An International Review,2008 ,16(2) : 116–131.
  • Markarian,G.,Pozza,L.,Prencipe,A.,Capitalization of R&D Costs and Earnings Management:Evidence from Italian Listed Companies. The International Journal of Accounting,2008,43(3): 246–267.
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Zarowin, P., Oswald, D. R., Capitalization vs Expensing of R&D and Earnings Management. European Accounting Review, 2005, SSRN working paper.

    • Ederer,F., and Manso, G.Is pay for performance detrimentalto innovation? Management Science July 2013 59:1496-1513; published online before print February 15, 2013, doi:10.1287/mnsc.1120.1683
    • Healy,P. M.,.Wahlen J. M.,A Review of the Earnings Management Literature and Its Implications for Standards Setting. Accounting Horizons,1999,4,365 -383.
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赵武阳,陈超. 研发披露、管理层动机与市场认同——来自中国信息技术业上市公司的证据.南开管理评论,2011,4:100-107,137.

    • 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. 科学学与科学技术管理, 2010,(9 ) :39-43