ABSTRACT

This study investigates the relationship between earnings management (EM) and capitalization of research and development (R&D) expenditure from the perspective of major shareholders expropriation, using Modified Jones Model and Bidirectional Fixed Effect Model for the period 2009–2018. And the study further discusses the moderating effect of ownership concentration on the relationship between earnings management (EM) and capitalization of research and development (R&D) expenditure. Our results confirm that the level of accrued earnings management (EM) presents a positive impact on capitalization of research and development (R&D) expenditure. The effect of the shareholding ratio of the biggest shareholder on the relationship between accrued EM and capitalization of R&D expenditure is inverted U-shape.

摘要

本研究采用 2009-2018 年期间的修正琼斯模型和双向固定效应模型，从大股东征收的角度研究盈余管理 ( EM ) 与研发支出资本化 ( R&D ) 支出的关系。研究进一步探讨了股权集中度对盈余管理（EM）与研发（R&D）支出资本化关系的调节作用。我们的研究结果证实，应计盈余管理 ( EM ) 水平对研发资本化 ( R&D) 开支。第一大股东持股比例对应计新兴市场与研发支出资本化关系的影响呈倒U型。