研发支出的价值相关性研究
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摘要
在“十二五”期间,新一代信息技术业作为七大战略新兴产业之一,将成为国家重点发展扶持对象。“十二五”规划指出：信息技术业作为重点发展方向,在未来的发展中特别要强调提高自主创新能力,提升产业核心竞争力。毋庸置疑,研发活动对企业提高自主创新能力发挥着不可替代的作用,企业在研发活动中的投入一定程度上代表着企业的自主创新能力,代表了企业的核心竞争力。鉴于此,研发活动在信息技术业提高自主创新能力,提升产业核心竞争力中起着至关重要的作用,企业研发支出(R&D)也成为了评价与衡量信息技术业企业价值的重要标准之一。另外,2006年财政部颁布了新的企业会计准则并规定上市公司于2007年1月1日起实施。新准则规定对企业研发支出进行有条件的资本化,支持企业加大自主研发力度,并鼓励企业内部研发成果向实际生产力转化。
基于以上背景,本文在理论研究部分国内外企业会计准则与披露现状进行了梳理与比较；在实证研究部分,本文选取了中国资本市场A股信息技术业上市公司为研究样本,研究了中国资本市场A股信息技术业上市公司确认和披露的开发支出项目、费用化的研发支出与公司价值之间的相关性,并将开发支出与扣除开发支出后净资产项目的价值相关性进行了比‘较分析；最后本文得出了开发支出与企业价值呈正相关关系并且较扣除开发支出后的净资产具有更高的价值相关性,而费用化的研发支出与企业价值呈负相关关系的结论。
本文的研究一方面从理论上为研发支出的经济效应提供经验证据,另一方面也为后续研发投入政策的制定提供有益的参考建议,为企业管理者的研发投入指引方向,为投资者提供决策依据。
Research and development always play an important role in the development of enterprise. R & D level reflects the overall strength of the enterprise and Research and development is an important prerequisite for sustainable development of enterprises. This dissertation focuses on the relationship between R&D expense and market valuation, discusses whether the development expenditure and R&D cost based on the new standard have the value relevance of financial report.
This paper points for the following several aspects:The first chapter is an introduction, which introduces the research background and significance, study methods, the main research contents, the innovations and the ideas made, and the framework. The second chapter is the comparative study of accounting treatment of R&D costs in different countries, we also introduced the mainstream empirical research methods about value relevance. The third chapter is the literature review section, both domestic and foreign capital markets are reviewed, which concludes that the research ideas are from the value relevance of accounting information to the value relevance of Intangible assets and R&D cost. In chapter four which is the core section in the empirical research, we investigate how R&D influences the market value of companies, using regression price model. First proposed hypothesis, and then establish a price model based on assumptions. On this basis, author selects the samples and makes descriptive statistics, then makes the regression analysis in the Chapter 5. At the end of the text, through the Analysis of Chinese capital market experience in the information technology industry research data, the author can include:There is a positive correlation between stock price and development expenditure. There is a negative correction between stock price and R&D cost which is Included in the cost. The sixth chapter is the conclusion and outlook, presents the existing shortcomings and the further research direction.
基于以上背景,本文在理论研究部分国内外企业会计准则与披露现状进行了梳理与比较；在实证研究部分,本文选取了中国资本市场A股信息技术业上市公司为研究样本,研究了中国资本市场A股信息技术业上市公司确认和披露的开发支出项目、费用化的研发支出与公司价值之间的相关性,并将开发支出与扣除开发支出后净资产项目的价值相关性进行了比‘较分析；最后本文得出了开发支出与企业价值呈正相关关系并且较扣除开发支出后的净资产具有更高的价值相关性,而费用化的研发支出与企业价值呈负相关关系的结论。
本文的研究一方面从理论上为研发支出的经济效应提供经验证据,另一方面也为后续研发投入政策的制定提供有益的参考建议,为企业管理者的研发投入指引方向,为投资者提供决策依据。
Research and development always play an important role in the development of enterprise. R & D level reflects the overall strength of the enterprise and Research and development is an important prerequisite for sustainable development of enterprises. This dissertation focuses on the relationship between R&D expense and market valuation, discusses whether the development expenditure and R&D cost based on the new standard have the value relevance of financial report.
This paper points for the following several aspects:The first chapter is an introduction, which introduces the research background and significance, study methods, the main research contents, the innovations and the ideas made, and the framework. The second chapter is the comparative study of accounting treatment of R&D costs in different countries, we also introduced the mainstream empirical research methods about value relevance. The third chapter is the literature review section, both domestic and foreign capital markets are reviewed, which concludes that the research ideas are from the value relevance of accounting information to the value relevance of Intangible assets and R&D cost. In chapter four which is the core section in the empirical research, we investigate how R&D influences the market value of companies, using regression price model. First proposed hypothesis, and then establish a price model based on assumptions. On this basis, author selects the samples and makes descriptive statistics, then makes the regression analysis in the Chapter 5. At the end of the text, through the Analysis of Chinese capital market experience in the information technology industry research data, the author can include:There is a positive correlation between stock price and development expenditure. There is a negative correction between stock price and R&D cost which is Included in the cost. The sixth chapter is the conclusion and outlook, presents the existing shortcomings and the further research direction.
引文
[1]林剑.“十二五”孕育信息产业新热点[N].通信信息报,2010.12.22(C4)
[2]中华人民共和国财政部.《新企业会计准则》[M].北京：经济科学出版社,2006
[3]中华人民共和国财政部.《企业会计准则讲解2008》[M].北京.人民出版社.2008
[4]罗婷,朱青,李丹.解析R&D投入与公司价值之间的关系[J].金融研究,2009(6)：100-110
[5]程小可,孙健,姚立杰.科技开发支出的价值相关性研究——基于中国上市公司的经验证据[J].中国软科学,2010(4)141-150
[6]陈毅锋.信息技术上市公司董事会治理与公司绩效关系实证研究[D].四川：西南交通大学,2009
[7]郑清华.基于公司治理的企业财务危机预警模型研——来自我国信息技术上市公司的数据[D].湖南：中南大学,2009
[8]中国证监会.《上市公司行业分类指引》[M].北京：经济科学出版社,2001
[9]Financial Accounting Standards Board. Reporting Comprehensive Income. FAS130[S].1997
[10]黎明,马哲.研究开发费用资本化与费用化的比较分析[J].财会通讯,2007(6)：101-103.
[11]李欣.我国高新技术企业研究与开发费用的会计研究[D].上海：东华大学,2006
[12]International Accounting Standards Committee(IASC). Presentation of Financial Statements (revised),IAS1,1997:15-20
[13]中华人民共和国财政部.《企业会计准则》[M].北京：经济科学出版社,2001
[14]中华人民共和国财政部.《企业会计准则第17号——借款费用》.财会[2006]17号
[15]齐稚平,徐亚利.研发费用会计处理及披露[J].财会通讯,2007(1)：59-60.
[16]程小可.公司盈余质量评价与实证分析[D].北京：清华大学,2004
[17]陈信元,陈冬华,朱红军.净资产、剩余收益与市场定价：会计信息的价值相关性[J].金融研究,2002(4)59—70
[18]孔峰.技术经济分析中的模糊多属性决策理论研究及其应用[D].河北：华北电力大学,2007
[19]朱黎敏.上市公司无形资产价值相关性研——基于沪市的经验数据[D].浙江：浙江财经学院,2009
[20]刘旸.公允价值计量属性的价值相关性研究[D].北京：北京化工大学,2010
[21]Ball.R and P.Brown,1968,An empirical evaluation of accounting income numbers, Journal of Accounting Research 6:159-178.
[22]Beaver WH. The Information of Content of Annual Earnings Announcements, Empirical Research in Accounting:Selected Studies[J]. Journal of Accounting Research,1968, (Supplement):67-99
[23]Abrahams, Tony and K., Sidhu,1998, The role of R&D capitalizations in firm valuation and Performance measurement in Australia. Journal of Management 23:169-184
[24]Feltham, C. A. and J.A. Ohlson, Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research,1995.11 (2):p.43.
[25]赵宇龙.会计盈余披露的信息含量—来自上海股市的经验证据[J].经济研究.1998.7
[26]Barth, M. E., M. B. Clement, G. Foster et al. Brand Values and Capital Market Valuation. Review of Accounting Studies,1998(3):41-68
[27]Ely,K. and Wayire,G. Iniangible Asset and Stock Price in the Pre-SEC Era[J].Journal Accounting Research(Vol.37 Supplement),1999:17-44
[28]Amir,E and B.Lev Value Relevance of Non financial Information:The Wireless Telecommunications Industry [J].Journal of Accounting and Eeonomies,1996(22):3-30
[29]Lev,B and T. Sougiannis, The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics,1996.21:p.107-138
[30]Aboody,D & Lev,B The value—relevance of intangibles:The case of software capitalization. [J]. Journal of Accounting Researeh1998(36):161-204
[31]Chan,L.K. C. J. Lakonishok and T. Sougiannis, The Stock Market Valuation of Research and Development Expenditures. [J]The Journal of Finance,2001.56(6):p.2431-2456
[32]Zhao, R. Relative Value Relevance of R&D Reporting:An International Comparison.[J]. Journal of International Financial Management and Accounting,2002.13(2):p.153-174
[33]王翼红.研究与开发费用对企业市场价值的影响.福建：厦门大学[D].2007
[34]李叶乔,陈彬.研发支出资本化与盈余管理——来自中国上市公司的证据[J].财会通讯.2010(9),P：119-121
[35]Ahmed,K.and H.Falk,The value relevance of management's research and development reporting choice:Evidence from Australia. [J]. Journal of Accounting and Public Policy,2006(3):p.231-264
[36]Oswald,D.R.The Determinants and Value Relevance of the Choice of Accounting for Research and Development Expenditures in the United Kingdom.2000,London Business School.
[37]Cazavan-Jeny,A.and T.Jeanjean,The negative impact of R&D capitalization:A value relevance approach.European Accounting Review,2006.V15(1):p.37-61
[38]薛云奎,王志台.无形资产信息披露及其价值相关性研究—来自上海股市的经验证据[J]会计研究.2001,(11)：40-47
[39]李寿喜,李若山,洪剑峭.无形资产计量与股票定价——来自中国证券市场的经验证据[J],会计之友,2005,(6)：15-17
[40]王化成,卢闯,李春玲.企业无形资产与未来业绩相关性研究——基于中国资本市场的经验证据[J].中国软科学,2005,(10)：120-124
[41]邵红霞,方军雄.我国上市公司无形资产价值相关性研究—基于无形资产明细分类信息的再检验会计研究,2006,(12)：25—32
[42]田昆儒,万翔.运输仓储业和信息技术业上市公司无形资产要素与公司业绩的相关性[J].天津大学学报,2008,(10)：100-107
[43]郭敏.企业无形资产的价值相关性研究——基于信息技术业上市公司无形资产明细分类信息的再检验[D].北京：中国人民大学.2008
[44]戴书松.无形资产投资与企业价值创造——来自A股市场的上市公司证据[J].2008(4)：61-65
[45]王跃堂.会计改革与会计信息质量：来自中国证券市场的经验证据[J].会计研究,2001,(7)：16-26
[46]周南玉.无形资产价值相关性研究[D]湖南：湖南大学.2006
[47]李青云.研发和广告支出摊销：费用化还是资本化——来自我国制造业上市公司的经验证据[J].财会通讯.2006(10)：5-9,12
[48]梁莱歆,王宇峰.我国上市公司R&D费用信息披露动因实证研究[J].财经理论与实践,2007(5)：80-84
[49]侯晓红,张艳华.R&D投入对企业业绩的影响[J],科技管理研究,2006,(12)：108-110
[50]任云海,师萍.公司R&D投入与绩效关系的实证研究——基于沪市A股制造业上市公司的数据分析[J].科技进步与对策.2009(24)：95-99
[51]张亮,陈晓剑,赵炎.基于股利贴现模型的现金股利和股票股利对股票市价的影响研究[J].价值工程.2004(2)：95-100
[52]Ohlson,J.(1995) Earnings,book values, and dividends in equity valuation. Contemporary Accounting Research. [J].661-687
[53]程小可,龚秀丽.新企业会计准则下盈余结构的价值相关性——来自沪市A股的经验证据[J]《上海立信会计学院学报》.2008(4)：38-48
[2]中华人民共和国财政部.《新企业会计准则》[M].北京：经济科学出版社,2006
[3]中华人民共和国财政部.《企业会计准则讲解2008》[M].北京.人民出版社.2008
[4]罗婷,朱青,李丹.解析R&D投入与公司价值之间的关系[J].金融研究,2009(6)：100-110
[5]程小可,孙健,姚立杰.科技开发支出的价值相关性研究——基于中国上市公司的经验证据[J].中国软科学,2010(4)141-150
[6]陈毅锋.信息技术上市公司董事会治理与公司绩效关系实证研究[D].四川：西南交通大学,2009
[7]郑清华.基于公司治理的企业财务危机预警模型研——来自我国信息技术上市公司的数据[D].湖南：中南大学,2009
[8]中国证监会.《上市公司行业分类指引》[M].北京：经济科学出版社,2001
[9]Financial Accounting Standards Board. Reporting Comprehensive Income. FAS130[S].1997
[10]黎明,马哲.研究开发费用资本化与费用化的比较分析[J].财会通讯,2007(6)：101-103.
[11]李欣.我国高新技术企业研究与开发费用的会计研究[D].上海：东华大学,2006
[12]International Accounting Standards Committee(IASC). Presentation of Financial Statements (revised),IAS1,1997:15-20
[13]中华人民共和国财政部.《企业会计准则》[M].北京：经济科学出版社,2001
[14]中华人民共和国财政部.《企业会计准则第17号——借款费用》.财会[2006]17号
[15]齐稚平,徐亚利.研发费用会计处理及披露[J].财会通讯,2007(1)：59-60.
[16]程小可.公司盈余质量评价与实证分析[D].北京：清华大学,2004
[17]陈信元,陈冬华,朱红军.净资产、剩余收益与市场定价：会计信息的价值相关性[J].金融研究,2002(4)59—70
[18]孔峰.技术经济分析中的模糊多属性决策理论研究及其应用[D].河北：华北电力大学,2007
[19]朱黎敏.上市公司无形资产价值相关性研——基于沪市的经验数据[D].浙江：浙江财经学院,2009
[20]刘旸.公允价值计量属性的价值相关性研究[D].北京：北京化工大学,2010
[21]Ball.R and P.Brown,1968,An empirical evaluation of accounting income numbers, Journal of Accounting Research 6:159-178.
[22]Beaver WH. The Information of Content of Annual Earnings Announcements, Empirical Research in Accounting:Selected Studies[J]. Journal of Accounting Research,1968, (Supplement):67-99
[23]Abrahams, Tony and K., Sidhu,1998, The role of R&D capitalizations in firm valuation and Performance measurement in Australia. Journal of Management 23:169-184
[24]Feltham, C. A. and J.A. Ohlson, Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research,1995.11 (2):p.43.
[25]赵宇龙.会计盈余披露的信息含量—来自上海股市的经验证据[J].经济研究.1998.7
[26]Barth, M. E., M. B. Clement, G. Foster et al. Brand Values and Capital Market Valuation. Review of Accounting Studies,1998(3):41-68
[27]Ely,K. and Wayire,G. Iniangible Asset and Stock Price in the Pre-SEC Era[J].Journal Accounting Research(Vol.37 Supplement),1999:17-44
[28]Amir,E and B.Lev Value Relevance of Non financial Information:The Wireless Telecommunications Industry [J].Journal of Accounting and Eeonomies,1996(22):3-30
[29]Lev,B and T. Sougiannis, The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics,1996.21:p.107-138
[30]Aboody,D & Lev,B The value—relevance of intangibles:The case of software capitalization. [J]. Journal of Accounting Researeh1998(36):161-204
[31]Chan,L.K. C. J. Lakonishok and T. Sougiannis, The Stock Market Valuation of Research and Development Expenditures. [J]The Journal of Finance,2001.56(6):p.2431-2456
[32]Zhao, R. Relative Value Relevance of R&D Reporting:An International Comparison.[J]. Journal of International Financial Management and Accounting,2002.13(2):p.153-174
[33]王翼红.研究与开发费用对企业市场价值的影响.福建：厦门大学[D].2007
[34]李叶乔,陈彬.研发支出资本化与盈余管理——来自中国上市公司的证据[J].财会通讯.2010(9),P：119-121
[35]Ahmed,K.and H.Falk,The value relevance of management's research and development reporting choice:Evidence from Australia. [J]. Journal of Accounting and Public Policy,2006(3):p.231-264
[36]Oswald,D.R.The Determinants and Value Relevance of the Choice of Accounting for Research and Development Expenditures in the United Kingdom.2000,London Business School.
[37]Cazavan-Jeny,A.and T.Jeanjean,The negative impact of R&D capitalization:A value relevance approach.European Accounting Review,2006.V15(1):p.37-61
[38]薛云奎,王志台.无形资产信息披露及其价值相关性研究—来自上海股市的经验证据[J]会计研究.2001,(11)：40-47
[39]李寿喜,李若山,洪剑峭.无形资产计量与股票定价——来自中国证券市场的经验证据[J],会计之友,2005,(6)：15-17
[40]王化成,卢闯,李春玲.企业无形资产与未来业绩相关性研究——基于中国资本市场的经验证据[J].中国软科学,2005,(10)：120-124
[41]邵红霞,方军雄.我国上市公司无形资产价值相关性研究—基于无形资产明细分类信息的再检验会计研究,2006,(12)：25—32
[42]田昆儒,万翔.运输仓储业和信息技术业上市公司无形资产要素与公司业绩的相关性[J].天津大学学报,2008,(10)：100-107
[43]郭敏.企业无形资产的价值相关性研究——基于信息技术业上市公司无形资产明细分类信息的再检验[D].北京：中国人民大学.2008
[44]戴书松.无形资产投资与企业价值创造——来自A股市场的上市公司证据[J].2008(4)：61-65
[45]王跃堂.会计改革与会计信息质量：来自中国证券市场的经验证据[J].会计研究,2001,(7)：16-26
[46]周南玉.无形资产价值相关性研究[D]湖南：湖南大学.2006
[47]李青云.研发和广告支出摊销：费用化还是资本化——来自我国制造业上市公司的经验证据[J].财会通讯.2006(10)：5-9,12
[48]梁莱歆,王宇峰.我国上市公司R&D费用信息披露动因实证研究[J].财经理论与实践,2007(5)：80-84
[49]侯晓红,张艳华.R&D投入对企业业绩的影响[J],科技管理研究,2006,(12)：108-110
[50]任云海,师萍.公司R&D投入与绩效关系的实证研究——基于沪市A股制造业上市公司的数据分析[J].科技进步与对策.2009(24)：95-99
[51]张亮,陈晓剑,赵炎.基于股利贴现模型的现金股利和股票股利对股票市价的影响研究[J].价值工程.2004(2)：95-100
[52]Ohlson,J.(1995) Earnings,book values, and dividends in equity valuation. Contemporary Accounting Research. [J].661-687
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