Research On The Influence Of Ownership Structure On The Capitalized Reality Of R&D Expenditure

Since china's reform and opening up,China has attached great importance to the role of scientific research and innovation in economic and social development.The13 th five-year plan proposes to "strengthen the dominant position and leading role of enterprise innovation".The impact of external economic environment and the introduction of various policies have greatly released the enthusiasm of Chinese enterprise management for research and r&d investment.The confirmation,measurement and disclosure of enterprise r&d activities will have a great impact on the financial situation of enterprises.Different accounting treatment methods for r & d investment will lead to different accounting information transmitted,thus affecting the authenticity of accounting information.Before 2006,China's accounting standards stipulate that all research and development expenditures should be expensed for accounting treatment.Many scholars have shown that enterprises can achieve the goal of smoothing the surplus by reducing research and development expenditures.After2006,our country accounting standards regulation will replace completely expensing conditional capitalization,but there are many define conditional capitalized r&d spending is not clear,in most cases depends on the subjective judgment of accounting personnel,to become a means of earnings manipulation,result in r&d spending capitalization is not true.Therefore,it is particularly important to study the reasons why the capitalization of r&d expenditure is not true.Corporate governance is the key factor of earnings management and equity structure,as the core of corporate governance,plays a crucial role in earnings management.In this case,will the establishment of equity structure provide convenience for enterprises to manipulate earnings through capitalization of r&d expenditure,thus leading to distortion of capitalization of r&d expenditure? This will also be the issue to be discussed and studied in this paper.Firstly,This paper systematically reviews the influence factors of earnings management and capitalization of r&d expenditure and the relationship between them,as well as the relevant literature on the relationship between ownership structure andearnings management.Secondly,combined with principal-agent theory,information asymmetry theory and equity incentive theory,this paper proposes the hypothesis from the equity structure demonstrates the reasons for the distortion of capitalization of r&d expenditure.Then,all a-share listed companies in Shanghai and shenzhen from 2011 to2015 were selected as samples,and stata statistical analysis software was used for empirical analysis of the data.It is found that the degree of equity concentration in the largest shareholder is negatively correlated with the true degree of capitalization of r&d expenditure.The shareholding ratio of securities investment funds is positively correlated with the true degree of capitalization of r&d expenditure;The shareholding ratio of senior executives is negatively correlated with the true degree of capitalization of r&d expenditure.The conclusion of this study is helpful to understand the intrinsic motivation of r&d expenditure capitalization fraud and provide theoretical reference for academic circles.Some referential Suggestions are put forward for better improvement of the shareholding structure,improvement of the company's internal control system,and reduction of the capitalization of research and development expenditure in earnings management.At the same time,empirical evidence is provided for the supervision of government regulatory departments on this behavior.