题目：The Real Effect of Accounting Constraints: Evidence from Intellectual Property Value
演讲者：Ke Na 助理教授
香港大学商学院
时间：2017年4月21日（周五）上午 10：00 - 11:30
地点：嘉庚二205
主持人：熊枫 助理教授
参 加 者：对会计、财务研究有兴趣的师生
论文简介：This paper examines the role of accounting constraints in the creation of intellectual property. We define accounting constraints as the constraints on managerial discretion over financial reporting and find that firms with low accounting constraints produce patent portfolios of higher economic value. To reduce the concern of endogeneity in accounting constraints, we use the collapse of Arthur Anderson and the passage of Sarbanes-Oxley Act (SOX) as exogenous increases in accounting constraints and find consistent results. We also find that the negative impact of accounting constraints on patent value is more pronounced for high-growth firms, firms with a single-class ownership structure, and firms in high-competition industries, consistent with low accounting constraints promoting innovation by mitigating capital market and CEO labor market pressures and facilitating the communication with external investors. In addition, we find evidence consistent with accounting constraints affecting patent value by shaping employees’ perceptions regarding the value of their implicit claims on the firm. Collectively, our paper highlights the role of accounting discretion in promoting intellectual property creation.