摘要
以研发支出会计政策选择为切入点,系统考察了研发支出费用化对定向增发新股定价的影响机理,并利用随机边界分析法实证分析了2008~2018年间实施定向增发的沪深A股上市公司。研究发现:研发支出费用化比例越高,定向增发新股发行价被低估越严重,且这一作用机制主要是通过负向应计盈余管理实现的;研发支出费用化对定向增发新股发行价的抑制效应在非国有企业中更显著,且提升大股东认购比例可强化这一抑制效应。
Based on the research and development expenditure accounting policy choice as the entry point,this study systematically investigates the influence of the R&D expensing on the pricing mechanism of private placement of new shares,and the random boundary analysis method is used to conduct empirical analysis on a-share listed companies in Shanghai and Shenzhen that implemented private placement from 2008 to 2018.The results show that:The higher the proportion of the R&D expensing,the greater the degree of undervaluation of issue pricing,and this mechanism is mainly realized through the potential path of negative accrual earnings management activities.The inhibitory effect of the R&D expensing on issue pricing of private placement of new shares is more significant in non-state-owned enterprises;the increase of the proportion of major shareholders’subscription will strengthen this inhibitory effect.
作者
徐辉
周孝华
周兵
XU Hui;ZHOU Xiaohua;ZHOU Bing(Chongqing Technology and Business University,Chongqing,China;Chongqing University,Chongqing,China)
出处
《管理学报》
CSSCI
北大核心
2021年第2期297-305,共9页
Chinese Journal of Management
基金
国家社会科学基金资助重点项目(18AGL009)
国家自然科学基金资助项目(71973018)。
