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題名：我國企業利用研究發展支出從事盈餘管理之研究
作者：楊秉森
作者(外文)：Ping-Sen Yang
校院名稱：國立雲林科技大學
系所名稱：管理研究所博士班
指導教授：陳育成
陳燕錫
學位類別：博士
出版日期：2013
主題關鍵詞：R&;D；經營績效；盈餘管理；R&;D；earnings management；operating performance
原始連結：連回原系統網址new window
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台灣過去的一般公認會計原則(GAAP)要求研究發展(research and development, R&;D)支出須採費用化處理，其主要考量乃是可靠(reliability)與穩健(conservativeness)，同時也可避免管理階層藉由資本化操縱損益。然而為便於經理人透過專業判斷，將R&;D可能成敗的私有資訊傳遞至市場，以提高財務資訊價值攸關性(value relevance)並與國際會計準則(IFRS)接軌，台灣的準則制定機構乃引用國計會計準則第38號的規定，發佈財務會計準則公報第37號，自2007年起允許符合條件的發展支出得以資本化。可是開放R&;D會計處理至今(2012)卻鮮有資本化實務出現，似乎與信號發射理論(signaling theory)及盈餘管理理論(earnings management theory)相違，因此本論文的主要目的是探討台灣企業是否利用R&;D活動從事盈餘管理，以及這項盈餘管理決策是否會影響R&;D的會計選擇，本研究發現在準則要求R&;D費用化時，經理人會藉由刪減R&;D支出達成盈餘目標，這與大部分實質盈餘管理文獻獲得的結論相同；但在準則允許發展支出得資本化後，與歐美企業不同地，台灣企業經理人基於盈餘管理成本效益的考量，仍然將R＆D當費用處理，而非利用資本化以提高報導淨利、從事盈餘管理。此一發現說明了R&;D的盈餘管理決策確實影響了R&;D的會計處理決策，為台灣少有研發支出資本化實務提供了合理的解釋，同時也進一步證明準則對R&;D資本化的開放，並未達到預期的效益。
由於R&;D是企業價值創造的驅動因子，賴以生存與成長之利器，因此在確認台灣企業經理人偏好採用費用化處理R&;D支出，再以刪減R&;D支出方式進行盈餘管理後，本論文接著要探討此類R&;D盈餘管理是否會影響企業未來績效，並且帶來較其他類型盈餘管理更高的成本。實證結果發現，在控制公司規模、財務體質與未來成長機會下，實施R&;D盈餘管理的公司次期績效有顯著較當期衰退情形，此為R&;D實質盈餘管理的經濟後果(直接成本)證據，證實基於盈餘管理目的而刪減R&;D投資的結果，將對企業價值創造產生不利的影響。而與其他類型盈餘管理公司的期後績效相比較的結果為，採用R&;D實質管理以恰好達成盈餘目標的公司，其次期會計報酬率與營業活動現金流量均顯著優於(均無顯著異於)未達盈餘目標公司(採用其他實質管理或未進行盈餘管理卻恰好達成盈餘目標公司)。此一結果顯示，台灣企業藉由R&;D實質管理以恰好達成盈餘目標的動機應該不是投機的，經理人應是藉以向外界傳遞「該公司並不屬於績效不良的虧損公司」的訊息，以免公司被歸類為績效不良的虧損公司，影響其與債權人、供應商、顧客等人的契約關係，而提供此一訊息必須付出次期績效衰退的直接成本。
Prior to 2006, Taiwanese GAAP required the expenditures of R&;D activities to be expensed as incurred due primarily to the concern about reliability and conservativeness of accounting information. Additionally, mandating expensing the expenditures of R&;D activities could also reduce the risk of earnings management through the option of capitalization. However, to permit managers exercise judgment to convey their private information on internal R&;D project to improve the value relevance of accounting information and in turn converge with IFRS, Taiwanese accounting standard-setting bodies adopt International Accounting Standard No. 38 (IAS 38) by issuing the Statement of Financial Accounting Standard No. 37 (SFAS 37), which allows companies to capitalize their expenditures on R&;D activities and to be effective for annual reports issued after January 1, 2007. To date (2012), however, there is rare of capitalizing practice on R&;D activities in Taiwan. It seems to be contradictory with the signaling theory and earnings management. To examine whether managers engage in earnings management by manipulating R&;D activities and whether a firm’s decision to manage earnings through R&;D activities affects the firm’s accounting choice of R&;D costs constitutes the first purpose of this study. Consistently with most of the empirical evidence on real earnings management, we find that managers engage in real earnings management cutting R&;D spending to meet earnings benchmarks while accounting standards require R&;D cost must be expensed. However, based on consideration about the costs and benefits of earnings management, managers in Taiwan still used to expense R&;D spendings rather than capitalize such costs to manage earnings while GAAP permits R&;D costs to be capitalized as R&;D assets. This finding suggests that earnings management decision does affect subsequent accounting choice and provides a logical interpretation for the rare of capitalizing practice on R&;D activities in Taiwan. Furthermore, this finding also suggests that the expected benefits about releasing the mandatory expensing rule have not been received.
Since R&;D has been generally regarded as the power that drives industrial upgrade and economic growth, given the pattern of R&;D activities manipulation employed by managers in Taiwan, the second purpose in this paper is to assess its’ economic consequences by examining the impact of this type earnings management on future performance (as measured by both earnings and cash flows). Additionally, we examine the extent to which R&;D activities manipulation and other types of earnings management differ in their impact on subsequent operating performance. The results indicate that after controlling for size, performance, and growth opportunities, the firms cutting R&;D spending to just meet earnings benchmarks have a significant decline on next period performance. The empirical results are consistent with that based on the purpose of earnings management, cutting R&;D could lead to a negative impact on value-creation. Additionally, the firms manipulating R&;D activities to just meet earnings targets have relatively better (no significantly different) future performance than firms missing earnings benchmarks (firms just meeting earnings targets with other real activities manipulation or without earnings management). This finding suggests that in Taiwan, engaging in R&;D managements to just meet earnings targets is not opportunistic, but consistent with signaling that they do not belong to loss-making firms to avoid the relationship with stakeholders worsened. However, the signals impose a cost of decline on next period performance.
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