摘要
本文基于2018—2020年注册制改革推出后IPO(首次公开发行)审核监管短暂放松的场景,实证检验了注册制改革带来的放松监管如何影响IPO公司的研发支出会计政策选择,并探讨核准制和注册制下IPO公司研发支出会计政策选择的差异。研究发现,相比于核准制,注册制模式下的IPO公司在上市前对研发支出进行了更多的资本化,且IPO公司上市前和上市后的研发支出资本化水平差异显著缩小。本文认为,注册制改革改变了过去核准制下严格的IPO审核对公司研发支出会计政策选择的塑造作用,减少了IPO公司会计政策选择中行政力量干预的色彩,有利于提高IPO公司上市前后的会计信息可比性和会计信息的估值功能。
Based on the short relaxation of Initial Public Offering(IPO)review process following the implementation of registration-based IPO system from 2018 to 2020,this paper examines the impact of deregulation brought by the registration-based IPO reform on IPO firms’accounting policy choices for R&D expenditures.We also compare IPO firms’accounting policy choices for R&D expenditure under the approval-based system and registration-based system.We find that,before listing,IPO companies capitalize R&D expenditures more often under the registration-based system than under the approval-based system.The differences in the level of R&D capitalization before and after IPO listing are significantly narrowed after the implementation of registration-based system.Our findings indicate that the registration-based IPO reform reduces the impact of the strict IPO review process under the approval-based system on IPO firms’accounting policy choices for R&D expenditures,decreases administrative interventions in accounting policy choices,and improves the comparability and value relevance of IPO firms’accounting information.
作者
夏立军
陶一郎
辛清泉
Lijun Xia;Yilang Tao;Qingquan Xin(Antai School of Economics and Management,Shanghai Jiao Tong University,Shanghai,China 200030;School of Economics and Business Administration,Chongqing University,Chongqing,China 400044)
出处
《当代会计评论》
2024年第1期1-19,共19页
Contemporary Accounting Review
基金
国家自然科学基金面上项目“资本市场法治供给与会计信息质量关系研究”(72072115)
国家自然科学基金面上项目“借壳上市、证券监管与资源配置效率”(71872022)
国家自然科学基金重点项目“国有企业双重目标的双轨治理理论研究”(72132006)的支持
关键词
注册制
放松监管
研发支出资本化
会计政策选择
registration-based IPO system
deregulation
R&D capitalization
accounting policy choices
