信息不对称、研发支出与关联股东认购定向增发股份——来自中国证券市场的经验数据

发布时间：2018-04-04 04:34

本文选题：信息不对称　切入点：定向增发　出处：《会计研究》2017年01期

【摘要】：本文以2013年至2015年间公告的上市公司定向增发新股公司为研究对象,研究了上市公司的研发支出与关联股东认购定向增发新股股份的关系。研究发现,定向增发新股公司研发支出的强度越大,关联股东认购本公司定向增发股份的比例越高;定向增发新股公司费用化的研发支出越大,关联股东认购的比例越高;并且当定向增发新股公司信息不对称程度越高时,定向增发新股公司研发支出的强度、费用化的研发支出与关联股东认购本公司定向增发股份的比例之间的正相关关系越显著。这一研究反映了我国会计准则中关于研发费用的处理仍然存在缺陷,并揭示了关联股东利用研发费用的资本化与费用化达到低价认购本公司发行的定向增发新股股份的现象。
[Abstract]:In this paper, from 2013 to 2015 the announcement of listed companies private placement company as the research object, studies the relationship between R & D expenditures associated with the shareholders to subscribe for new shares of the private placement of listed companies. The study found that the private placement company research and development strength, associated shareholders to subscribe for the company's private placement shares higher proportion; the private placement cost of the company's R & D spending more, related shareholders to subscribe to higher proportion; and when the private placement shares information asymmetry degree is higher, the private placement company research and development strength, positive correlation between R & D expenditures associated with the costs of the shareholders to subscribe for the company's private placement shares the proportion of the more significant. This study reflects the process of R & D costs of China's accounting standards still exist defects, and reveals the related shareholders use R & D expenses The use of capitalization and expense to subscribe to the company's issuance of targeted additional shares of new shares.

【作者单位】：江西财经大学会计发展研究中心/会计学院;上海财经大学会计学院;
【基金】：国家自然科学基金项目“地方国有上市公司定向增发资产注入动机及经济后果研究”(71262004)的阶段性研究成果
【分类号】：F275;F832.51;F273.1

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