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本文利用2012-2014年沪深A股上市公司相关数据为样本,实证检验股权激励对研发支出资本化的影响。研究发现,实施股权激励的公司相对于没有实施股权激励的公司,其管理层更倾向于选择研发支出资本化。当企业正在实施股权激励,管理层为了达到行权条件要求的业绩增长,会通过研发支出资本化的方式进行盈余管理,提高当期利润。并且在实施股权激励的公司中,其行权条件要求业绩增长越高,管理层通过研发支出资本化进行盈余管理的幅度越大。
This paper uses the data of Shanghai and Shenzhen A-share listed companies from 2012 to 2014 as a sample to empirically test the impact of equity incentive on the capitalization of research and development expenditures. The study found that companies that implement equity incentives are more likely to choose to capitalize R & D expenditures than companies that do not implement equity incentives. When an enterprise is implementing equity incentive, in order to achieve the performance growth required by the exercise conditions, the management will conduct earnings management through capitalization of R & D expenditures so as to increase current profits. And in the implementation of equity incentive companies, the conditions for their performance requirements for higher performance growth, the management of R & D expenditures by capitalize the greater the extent of earnings management.