Review of Accounting Studies ·September 2017

研发投入，资本支出和收益阈值

作者：Thomas G. Canace(Wake Forest University Winston-Salem USA),

Scott B. Jackson(University of South Carolina Columbia USA),

Tao Ma(Texas Tech University Lubbock USA)

摘要：先前的研究发现，企业出于收益考虑会削减研发支出。我们拓展了这一领域的研究，发现那些勉强实现盈余阈值的企业同时也出现了非常高的资本支出。此外，这些公司的总投资（研发支出加上资本支出）并不随收益阈值的变化而变化，这表明平均而言，研发支出的减少被同期资本支出的增加所抵消了。最后，根据我们的研究设计可以推断，资本支出的增加主要来自于资本化的研发投入而不是非研发的资本支出，这表明总体研发投入是相对不变的。

关键词：研发，资本支出，投资，收益阈值，收益考虑

R&D investments, capital expenditures, and earnings thresholds

Thomas G. Canace(Wake Forest University Winston-Salem USA), Scott B. Jackson(University of South Carolina Columbia USA), Tao Ma(Texas Tech University Lubbock USA)

ABSTRACT

Prior studies find that firms cut research and development (R&D) expense in response to earnings considerations. We extend this stream of research by documenting that firms narrowly achieving an earnings threshold also report unusually high capital expenditures. In addition, these firms’ total investments (R&D expense plus capital expenditures) do not vary in response to earnings thresholds, which suggests that, on average, reductions in R&D expense are offset by concurrent increases in capital expenditures. Lastly, our research design allows us to infer that the increased capital expenditures are largely R&D investments that are capitalized instead of non-R&D capital expenditures, suggesting that overall investments in R&D are relatively unchanged.

Keywords: Research and development, capital expenditures, investments, earnings thresholds, earnings considerations

原文链接：

https://link.springer.com/article/10.1007/s11142-017-9428-9

翻译：贾梦悦