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首页> 外文期刊>Journal of accounting, auditing & finance >Accounting for Software Development Costs and the Cost of Capital: Evidence from IPO Underpricing in the Software Industry
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Accounting for Software Development Costs and the Cost of Capital: Evidence from IPO Underpricing in the Software Industry

机译：会计软件开发成本和资本成本：来自软件行业IPO抑价的证据

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摘要

The paper assesses the value of the information contained in the accounting treatment for software development costs (SDC). The assessment is made in the context of the initial public offerings (IPO) market and is based on the effect of the accounting treatment on information asymmetry and hence IPO underpricing. We hypothesize that by sharing information about the probability of recoverability of SDCs and the amortization period, management that capitalizes SDC reduces information asymmetry and thus underpricing. The results, based on a sample of 390 IPOs in the software industry, are consistent with the hypothesis. The findings suggest that capitalization, through its information impact, lowers the cost of capital. Alternative interpretations of the findings are discussed as well.
机译：本文评估了软件开发成本（SDC）会计处理中包含的信息的价值。该评估是在首次公开募股（IPO）市场的背景下进行的，其评估基于会计处理对信息不对称性的影响，因此对IPO定价偏低。我们假设通过共享有关SDC可恢复性概率和摊销期限的信息，利用SDC进行资本化的管理可减少信息不对称性，从而降低定价。基于软件行业390家IPO的样本得出的结果与该假设一致。研究结果表明，资本化通过其信息影响降低了资本成本。还讨论了对发现的其他解释。

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