Relationship between Real Earnings Management with Cost of Debt in Chinese Listed High-Tech Enterprises: The Perspective of Corporate Income Tax Incentives

Zhenjia Liu
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Abstract

To encourage corporate investment in innovation or R&D and foster innovative firms, the government of China established standards for the certification of high-tech enterprises in 2008. The business entities that fulfill these standards are entitled to tax deductions. One of the criteria is the ratio of R&D expenses to sales exceeding a specific percentage (which depends on the annual revenue) in the preceding 3 years. Moreover, this study examines data from the CSMAR database for the period 2008-2019 and includes data from 8,233 listed high-tech enterprises. The results show that if the proportion of pre-managed R&D expenses to pre-managed sales that are less than 6% (or 5%), 4%, or 3% in the past three years of firms with different sales range in the current year and managed earnings through sales or R&D expenses to fulfill the standards required for the certification positively influenced the costs of debt (non-significant).
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中国高新技术上市企业真实盈余管理与债务成本的关系:企业所得税激励的视角
为鼓励企业投入创新研发,培育创新型企业,中国政府于2008年制定了高新技术企业认证标准。符合这些标准的企业可以享受税收减免。标准之一是前3年研发费用占销售额的比例超过一定百分比(取决于年收入)。此外,本文还研究了CSMAR数据库2008-2019年的数据,包括8233家上市高科技企业的数据。研究结果表明,对于当年销售范围不同、通过销售或研发费用管理盈余以达到认证标准的企业,如果过去三年预管理研发费用占预管理销售额的比例低于6%(或5%)、4%或3%,则对债务成本有正向影响(不显著)。
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