Does the presentation reform of R&D expenses in China ease financial constraints in corporate innovation?

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE Journal of International Financial Management & Accounting Pub Date : 2023-02-02 DOI:10.1111/jifm.12169
Zhou li, Bin liu, Yuanyuan Liu
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引用次数: 2

Abstract

Focusing on a sample of 9387 observations in China over the period 2016−2019, this paper empirically examines whether the presentation reform of R&D expenses that is changed from notes to income statements, mitigates corporate financial constraints of Chinese listed companies. Findings offer evidence that the financial constraints of firms decrease after the policy change, which is owing to the alleviation of information asymmetry. Further analysis reveals that the effect of the presentation reform on financial constraints is less prominent among companies that are state-owned, audited by the “Big four” and of higher institutional ownership. Overall, our study provides evidence supporting the influences of the format reform of financial reports and has implications for information users, regulators, and standard setters.

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中国的研发费用列报改革是否缓解了企业创新的财务约束?
本文以2016-2019年中国9387个观察样本为样本,实证检验了R&;D费用从附注改为损益表,缓解了中国上市公司的财务约束。研究结果表明,政策变化后,企业的财务约束减少,这是由于信息不对称的缓解。进一步的分析表明,在国有、“四大”审计和机构所有制较高的公司中,列报改革对财务约束的影响不那么突出。总体而言,我们的研究提供了支持财务报告格式改革影响的证据,并对信息用户、监管机构和标准制定者产生了影响。
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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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