德勤－复旦会计论坛系列278期讲座

时间：2026年 6月23日（周二）下午13:30

地点：史带楼503教室

主持人: 黄钟伟副教授

报告人: Luminita Enache（University of Calgary）

题目: Do Changes in U.S. GAAP Divert Public Firms’ Resources and Influence who Wins Innovation Races?

摘要: Implementing new accounting standards often requires substantial organizational resources, yet little is known about the real effects of these implementation costs. Understanding these costs is critical for evaluating the net benefits of accounting standards and their distribution across firms. Focusing on the biopharmaceutical industry, we examine the adoption of ASC 606 (revenue recognition) and ASC 842 (lease accounting) in a setting where public and private firms compete to develop innovations and where even small delays can affect a firm's relative competitive position and probability of success. Using event-level data from BioMedTracker and a difference-in-differences design that compares public and private firms within the same therapeutic areas, we find that public firms slow innovation activities overall and shift resources from early- to later-stage projects. Examining firms' relative positions within therapeutic-area innovation races, we find that public firms lose ground following implementation, particularly in highly concentrated races. Consistent with implementation costs affecting resource allocation, job posting data indicate that public firms increase hiring of accountants and reduce hiring of scientists during implementation periods, while audit fees also increase. Overall, the results suggest that the costs of implementing new accounting standards can influence competitive dynamics and have meaningful real effects on innovation.