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本文探讨了2007年中国会计准则有关研发支出从费用化到有条件资本化的改革对分析师跟踪的影响。本文采取双重差分(Diff-in-Diff)的研究设计,使用四种方法来定义公司是否受研发会计改革的影响。结果发现,资本化改革之后,财务报告更能够反映公司的经营实质,降低分析师跟踪的成本,从而增加了分析师跟踪;且这种增加主要体现在会计质量较低以及非国有企业样本中。本文的研究表明新会计准则中针对研发支出的改革提高了会计信息的估值功能,具有积极的经济后果。
This article explores the impact of the 2007 China accounting standards on the tracking of analysts from the reform of cost accounting to capitalization. This article uses a two-way Diff-in-Diff research design that uses four methods to define whether a company is affected by R & D accounting reforms. The results show that after the capitalization reform, the financial reports can better reflect the company’s business operations, reduce the cost of analyst tracking, thereby increasing the tracking of analysts; and the increase is mainly reflected in the lower accounting quality and non-state-owned enterprises sample. The research in this paper shows that the reform of R & D expenditures in the new accounting standards has improved the valuation function of accounting information and has positive economic consequences.