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本文以中信证券行业分类中的科技类上市企业为研究样本,研究了这类企业2008年至2014年间研发支出会计政策选择与再融资行为之间的关系。研究结果表明:科技类企业存在稳定的研发支出,但是企业存在公开增发需求时,往往倾向于选择增大资本化比率。我们认为,这可能是出于提升相关收益率指标的考虑。在不存在增发需求时,企业往往倾向于选择研发支出费用化达到节省当期所得税的目的,费用化处理的做法在所得税率高的企业更加明显。
This article takes a sample of technology listed companies in the CITIC Securities industry classification as a sample, and studies the relationship between the R&D expenditure accounting policy choices and the refinancing behavior of such enterprises from 2008 to 2014. The results of the study show that there is a stable R&D expenditure for technology companies, but when there is a demand for public issuance, companies tend to choose to increase the capitalization ratio. We believe that this may be due to the consideration of raising the relevant rate of return indicators. In the absence of additional demand, companies tend to choose to spend R & D expenditures to achieve the purpose of saving the current income tax. The practice of fee-based treatment is even more pronounced in companies with high income tax rates.