Research On The Implicit Choice Of Accounting Policies Of IPO Performance Pressure And Development Expenditure

With China's economy entering a new normal,it is the general trend that innovation gradually replaces factors as a new driving force for growth.As the leader of scientific and technological innovation,the situation of scientific and technological innovation of the enterprises to be IPO has attracted the attention of all walks of life.For accounting scholars,the development expenditure items and R & D investment disclosed in the prospectus are good carriers to study the innovation behavior of the proposed IPO enterprises.This paper takes the enterprises that plan to be listed in A share IPO in 2016-2018 as the research object,manually extracts the data of development expenditure and R & D investment disclosed in the prospectus by the enterprises that plan to IPO,and empirically tests the influence of the listed performance pressure faced by the enterprises that plan to IPO on the accounting policy selection of development expenditure.The regression test results show that: the performance pressure of the proposed IPO enterprises will lead the management to choose the accounting policy of capitalization development expenditure.The cash flow constraint will restrain the capitalization of development expenditure because of performance pressure.High quality auditor supervision will restrain the capitalization of development expenditure because of performance pressure.Compared with the state-owned enterprises,the non-state-owned enterprises' behavior of capitalization of development expenditure is more significant when facing the performance pressure;the inhibition of cash flow constraint on the capitalization of development expenditure of the enterprises to be IPO due to the performance pressure is more significant in the non-state-owned enterprises.Compared with non-high-tech enterprises,high-tech enterprises in the face of performance pressure will develop expenditure capitalization behavior is more significant;cash flow constraints on the IPO companies because of performance pressure will develop expenditure capitalization behavior inhibition in high-tech enterprises and non-high-tech enterprises have no difference.The findings of this paper mean that: in the face of the pressure of IPO performance,there is an incentive to use the development expenditure accounting policy choice behavior to carry out earnings management before IPO,and the positive correlation between the cash flow constraint and auditor supervision constraint is restrained.The choice of development expenditure accounting policy made by IPO companies is a comprehensive result after weighing earnings management income,cash flow pressure,auditor pressure,etc.