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| Does Capitalization of R&D Spending Signal the Change of Corporate Value？ |
| ZHANG Qianqian, ZHOU Mingshan, DONG Zhiyong
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School of Finance, Southwestern University of Finance and Economics;
School of Economics,Peking University |
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Abstract Using a sample of A-share listed companies for the period 2008-2014 which disclosure R&D spending data,we find not all listed companies capitalize the R&D expenditures that meet capitalization criteria. Firstly, capitalization of R&D expenditure reduces the current cash flow,thereby reducing the current value-added function of R&D spending. The higher degree of capitalization of R&D spending,the higher value-added in the next phase,which shows listed companies generally follow the accounting standard requirements and the capitalization signals the corporate value to the market. Secondly, executives facing “conflict of interest” inflate the capitalization and damage the interests of shareholders, which would result in the “signals” mechanism failing.
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Received: 03 November 2016
Published: 18 January 2018
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