CAJ | 학술논문

文章以2007-2009年在深圳交易所上市的高科技企业为样本,实证研究了R＆D支出资本化动机的影响因素。研究结果表明,高科技企业R＆D支出资本化的比例受到债务契约和资本市场动机的影响,企业的财务杠杆越高,越倾向于把R＆D支出进行资本化处理;在经营状况不好时,企业为保持上市资格、扭亏为盈而趋于把R＆D支出进行资本化处理。薪酬契约和收益平滑尚不能很好地解释R＆D支出资本化的选择动机。
문장이2007-2009년재심수교역소상시적고과기기업위양본,실증연구료R＆D지출자본화동궤적영향인소。연구결과표명,고과기기업R＆D지출자본화적비례수도채무계약화자본시장동궤적영향,기업적재무강간월고,월경향우파R＆D지출진행자본화처리;재경영상황불호시,기업위보지상시자격、뉴우위영이추우파R＆D지출진행자본화처리。신수계약화수익평활상불능흔호지해석R＆D지출자본화적선택동궤。
Using the data of high-tech firms listed in Shenzhen Stock Exchange from 2007 to 2009, this paper empirically studies the effects of motivations on the capitalization of RS〉D expenditures. The results indicate that the capitalization ratio of R~D expenditures is affected by debt con- tracts and capital market regulation. Firms with higher financial leverage are more apt to capitalize Rg〉D expenditures. Under poor operating conditions, the firms tend to capitalize R＆D expenditures in order to maintain the listing status and avoid losses. Compensation contracts and earnings smoothing could not provide a sound explanation of the choice motivation of R＆D expenditures capitalization.