管理者短视下R&D操纵与业绩兼顾行为

财经论丛 ›› 2019, Vol. 35 ›› Issue (12): 66-75.

管理者短视下R&D操纵与业绩兼顾行为

贺亚楠¹, 张信东², 郝盼盼¹

1.山西财经大学会计学院,山西太原 030006;
2.山西大学经济与管理学院,山西太原 030006

收稿日期:2018-12-20 出版日期:2019-12-10 发布日期:2019-12-16
作者简介:贺亚楠(1985-),女,山西吕梁人,山西财经大学会计学院讲师,博士;张信东(1964-),女,山西静乐人,山西大学经济与管理学院教授,博士生导师;郝盼盼(1985-),女,山西高平人,山西财经大学会计学院讲师,博士。
基金资助:
教育部人文社会科学青年基金项目(16YJC630032;19YJC630050);教育部人文社会科学规划基金项目(17YJA630126;18YJA630112);山西省“1331”重点创新团队建设计划(晋教科[2017]12号);山西省高等学校工商管理优势学科攀升计划项目(晋教科[2018]4号)

R&D Manipulation under Management Myopia and Performance Balancing Behavior

HE Yanan¹, ZHANG Xindong², HAO Panpan¹

1.Faculty of Accounting, Shanxi University of Finance & Economics, Taiyuan 030006, China;
2.Business School, Shanxi University, Taiyuan 030006, China

Received:2018-12-20 Online:2019-12-10 Published:2019-12-16

摘要/Abstract

摘要： 本文检验管理者面临亏损、利润下降的业绩压力时,对R&D投资进行操纵的同时是否还会兼顾长期业绩,结果发现:两类业绩压力下,管理者均倾向于降低费用化的R&D支出数额以提高利润;所不同的是,当企业面临利润下降时,还会增加资本性支出,这使得其总投资并未受到此业绩压力的影响,且增加的资本性支出主要表现为对非R&D活动的投资;对经济后果的检验表明,控制其他因素后,处于亏损压力下的企业未来价值显著较低,而处于利润下降压力中的企业未来价值并未明显折损。

关键词: 业绩压力, R&, D操纵, 资本性支出

Abstract: This paper investigates whether managers will balance long-term and short-term interests when they manipulate the R&D investment faced with the pressure of loss and profit decline. The results of the paper are as follows: (1)Managers tend to report lower R&D expense to increase profit when they under earnings pressure.(2)The difference is that, under earnings decline pressure, they report unusually high capital expenditures concurrently, and earnings-motivated R&D expense reductions are offset by increases in capital expenditures, which ensures that total investments do not vary in response to earnings decline. Specifically, the resources shifted to capital expenditures are mostly non-R&D capital expenditures rather than capitalized R&D. (3)After controlling other factors, the test of economic consequences shows that the future value of firms under the loss pressure is significantly lower, while the future value of firms under earnings decline pressure is not significantly impaired.

Key words: Earnings Pressure, R&D Manipulation, Capital Expenditures

中图分类号:

F233

贺亚楠, 张信东, 郝盼盼. 管理者短视下R&D操纵与业绩兼顾行为[J]. 财经论丛, 2019, 35(12): 66-75.

HE Yanan, ZHANG Xindong, HAO Panpan. R&D Manipulation under Management Myopia and Performance Balancing Behavior[J]. , 2019, 35(12): 66-75.

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