利润表研发费用列示方式改进与投资者投资判断——一项实验研究

张继勋 李方晗 杨小娟¹ 张广冬

摘 要 为了提高会计信息质量，我国会计准则制定机构对利润表的格式进行了改进，其中一个重要的改变就是将研发费用从管理费用项目中分离出来单独列示。基于心理学的信息加工理论和实验研究方法，本文检验了研发费用列示方式、金额对投资者投资判断的影响。研究发现，在利润表单独列示研发费用的情况下，与低研发费用相比，在高研发费用的情况下，投资者判断的投资吸引力更大。研究还发现，当研发费用(金额)高时，与利润表中研发费用并入管理费用项目列示相比，研发费用单独列示情况下投资者判断的投资吸引力更大；当研发费用(金额)低时，与利润表中研发费用并入管理费用项目列示相比，研发费用单独列示的情况下投资者判断的投资吸引力更小。此外，研发费用列示方式对投资者判断的投资吸引力的影响，为投资者感知的研发费用信息明晰度和投资者感知的公司发展潜力所中介。

关键词 利润表 研发费用列示方式 研发费用金额 信息加工 投资者判断

The Improvement of the Presentation Format of R&D Expense in the Income Statement and Investors' Judgments:An Experimental Research

JIXUN ZHANG FANGHAN LI XIAOJUAN YANG GUANGDONG ZHANG

Abstract In order to enhance the quality of accounting information, China has improved the presentation format of income statement. One of the significant changes is to separate R&D expense from administrative expense and list R&D expense separately. Based on the information processing theory and experimental research method, we examine whether the presentation format and the magnitude of R&D expense affect the investor's investment judgment. We find that, when R&D expense is listed separately in the income statement, comparing to lower R&D expense, the invest-ment attractiveness judged by investor is higher when R&D expense is higher. In addition, we also find that, when R&D expense is higher, comparing to R&D expense incorporated into administra-tive expense, the investment attractiveness judged by investor is higher when R&D expense is presented separately; when R&D expense is lower, comparing to R&D expense incorporated into administrative expense, the investment attractiveness judged by investor is lower when R&D ex-pense is presented separately. Further, we find that, the influence of the presentation format of R&D expense on the investor's judgment of investment attractiveness is mediated by the clarity of R&D expense information perceived by investor and company's development potential perceived by investor.

Key words Income Statement; Presentation Format of R&D Expense; Magnitude of R&D Expense; Information Processing; Investor Judgments