CAJ | 학술논문

本文基于2008-2011年IPO公司数据,研究了IPO公司业绩压力、现金流约束和开发支出会计政策隐性选择之间的关系。结果发现,业绩压力越小的公司,开发支出资本化的概率越低,但公司所面临的现金流约束会降低业绩和开发支出资本化概率之间的负这一相关关系,且这一现金流约束效应主要存在于所处金融生态环境相对较差的非国有控股公司之中。本文的发现意味着,IPO公司在进行开发支出会计政策的隐性选择时不仅考虑了IPO的会计业绩需求,也顾及了公司面临的现金流约束和会计处理的现金流后果（通过所得税后果所带来）,且非国有控股公司所处的金融生态环境还有待进一步改善。此外,本文的发现也意味着,开发支出会计政策隐性选择为企业提供了盈余管理的空间。
본문기우2008-2011년IPO공사수거,연구료IPO공사업적압력、현금류약속화개발지출회계정책은성선택지간적관계。결과발현,업적압력월소적공사,개발지출자본화적개솔월저,단공사소면림적현금류약속회강저업적화개발지출자본화개솔지간적부저일상관관계,차저일현금류약속효응주요존재우소처금융생태배경상대교차적비국유공고공사지중。본문적발현의미착,IPO공사재진행개발지출회계정책적은성선택시불부고필료IPO적회계업적수구,야고급료공사면림적현금류약속화회계처리적현금류후과（통과소득세후과소대래）,차비국유공고공사소처적금융생태배경환유대진일보개선。차외,본문적발현야의미착,개발지출회계정책은성선택위기업제공료영여관리적공간。
In order to converging to the international financial reporting standards（IFRS）, in the Chinese accounting standards 2006, the development expenditures should be capitalized when some conditions are met, otherwise they should be expensed. Whether or not allowing the capitalization of RD expenditures is one of the most significant differences between IFRS and US generally accepted accounting principle（GAAP）. The point at issue is whether the capitalization of development expenditures will be used to manage earnings. In Chinese accounting standards 2006, there is no allowance to make choices between capitalizing and expensing the development expenditures. But since the managers＇ and the auditors＇ judgments about whether the development projects＇ situations meet the conditions are so subjective when they implement the standards, as a result, there are actually enough room for the implicit choices between capitalizing and expensing the development expenditures. Based on the unique data of IPO firms in 2008-2011, we investigate the relationship among the Pre-IPO performance pressure, cash f low constraint and the implicit choice of the accounting policy of development expenditures. We document significantly positive relationship between the capitalization of development expenditures and the Pre-IPO performance pressure, but this relationship is weakened for those firms which are in shot of cash. These results are more significant among the non-state owned firms. The study suggests that capitalizing the development expenditures is a popular way for the manager to improve the performance to release the performance pressure before IPO. But on the other hand, in order to capturing the cash saving from income tax, the development expenditures are need to be expensed when the firm faces great cash constraint. The positive results show that both the performance pressure and the cash f low constraint have effects on the implicit choice of development expenditures accounting policy by IPO firms, and the financial ecological environment needs to be improved for nonstate owned firms. The study also suggests that the implicit choice of development expenditures accounting policy provide room for earnings management. The concern about using capitalizing development expenditures to manipulate the earnings is reasonable.