我国上市公司无形资产价值相关性研究
|
摘要
从会计信息有用性的观点出发,既然无形资产成为企业未来获利的主要源泉,那么企业就应真实地披露无形资产的帐面价值。但是,目前我国企业无形资产信息披露状况如何?现行无形资产会计准则能否克服旧准则存在的缺陷提高无形资产会计信息的有用性?这些问题可以通过无形资产是否具有价值相关性作出回答。
无形资产价值相关性研究主要探讨在一定资本环境下无形资产会计指标与公司价值之间的相关性。关于无形资产价值相关性研究在国外进行的较多,而国内的研究相对较少。本文在总结国内外研究成果的基础上,提出了本文所要研究的内容及方法。首先,鉴于现行无形资产会计准则于2007年开始实施,本文采用了配对样本T检验分析法对准则的实施效果进行检验。其次,从全样本及高新技术行业和非高新技术行业的角度出发,采用回归分析法研究2005—2007三年间沪市A股上市公司无形资产与企业价值的相关性。最后,利用价值相关性原理,采用比较高新技术行业和非高新技术行业的会计信息价值相关性和研究研发支出的资本化和费用化会计处理对高新技术行业会计信息有用性的影响的方法对无形资产会计准则进行评价。
最后的研究结论表明,2007年现行无形资产会计准则的实施对沪市A股上市公司无形资产产生了显著的影响:企业无形资产对企业账面价值有显著的贡献作用,在高新技术行业这种效果尤为明显;我国证券市场对高新技术行业无形资产做出显著的正向价格反应,且比有形资产的价格反应要高,但是非高新技术行业市场对无形资产的价格反应并不是很明显;在准则评价方面,高新技术行业的会计信息价值相关性与非高新技术行业相比,并没有受到损害,且高新技术行业研发支出的资本化处理能提高会计信息的有用性,而费用化处理能降低会计信息的有用性。说明现行无形资产会计准则克服了旧准则存在的某些缺陷对其价值相关性造成的损害,并带来了其价值相关性的提高,增强了无形资产会计信息的有用性。
From the viewpoint of accountant information serviceability that since the intangible asset is essential to the survival and development of the modem enterprise.The enterprise should disclose the book value of the intangible assets factually.But are there any deficiencies existed in the accounting standard relevant to the intangible assets? How does the new accountant rule overcome the deficiencies of the old rule and improve the value relevance of the intangible assets in the listed companies? All of these questions need our researchers to answer through value relevant study about intangible assets.
The value relevance of intangible assets is a method which is used for researching the correlation between the intangible assets and the enterprise value in certain circumstances capital.Much of study in this area has been done in foreign literature,and relatively,little study has been done in domestic literature.On the basis of early empirical study results of the value relevant value about intangible assets both at home and abroad in this paper,we elaborate this paper's research content and measures.Firstly,in view of the implementation of the present intangible assets accounting rule in 2007,we text the impaction of this accounting standards on the Shanghai A-share listed companies by the paired-samples T text.Secondly,based on the division of the high-tech industry and non-high-tech industry,we study the value relevant of enterprise value about the intangible assets on the Shanghai A-share listed companies by the linear regression in 2005-2007. Finally,we compare the high-tech industry's the relevance value of the accounting information with the non-high-tech industry.Meanwhile,we analyze the impaction of the R&D expenditure on the high-tech industry,which are evaluated the intangible assets accounting rule.
The results show that the implementation of the intangible accounting rule which was carried out in 2007 has had a significant impact on the Shanghai A-share listed companies. Intangible asset is the primary factor which constitutes the enterprise value creation, especially in the high-tech industry;the stock market of our country positively values reported intangible assets;the market's valuation of a unit of intangible assets is higher than its valuation of other reported assets,but this result is not obvious in the non-high-tech industry;intangible assets rule doesn't damage the high-tech industry's the usefulness of the accounting information.The capitalization of the R&D expenditure can improve the usefulness of accounting information,but the cost of R&D can reduce this usefulness. These conclusions can show that the present intangible assets accounting standards overcome the deficiencies of the old accountant rule which damaged the value relevance of the intangible assets,and improve the value relevant of the intangible assets accounting information.
无形资产价值相关性研究主要探讨在一定资本环境下无形资产会计指标与公司价值之间的相关性。关于无形资产价值相关性研究在国外进行的较多,而国内的研究相对较少。本文在总结国内外研究成果的基础上,提出了本文所要研究的内容及方法。首先,鉴于现行无形资产会计准则于2007年开始实施,本文采用了配对样本T检验分析法对准则的实施效果进行检验。其次,从全样本及高新技术行业和非高新技术行业的角度出发,采用回归分析法研究2005—2007三年间沪市A股上市公司无形资产与企业价值的相关性。最后,利用价值相关性原理,采用比较高新技术行业和非高新技术行业的会计信息价值相关性和研究研发支出的资本化和费用化会计处理对高新技术行业会计信息有用性的影响的方法对无形资产会计准则进行评价。
最后的研究结论表明,2007年现行无形资产会计准则的实施对沪市A股上市公司无形资产产生了显著的影响:企业无形资产对企业账面价值有显著的贡献作用,在高新技术行业这种效果尤为明显;我国证券市场对高新技术行业无形资产做出显著的正向价格反应,且比有形资产的价格反应要高,但是非高新技术行业市场对无形资产的价格反应并不是很明显;在准则评价方面,高新技术行业的会计信息价值相关性与非高新技术行业相比,并没有受到损害,且高新技术行业研发支出的资本化处理能提高会计信息的有用性,而费用化处理能降低会计信息的有用性。说明现行无形资产会计准则克服了旧准则存在的某些缺陷对其价值相关性造成的损害,并带来了其价值相关性的提高,增强了无形资产会计信息的有用性。
From the viewpoint of accountant information serviceability that since the intangible asset is essential to the survival and development of the modem enterprise.The enterprise should disclose the book value of the intangible assets factually.But are there any deficiencies existed in the accounting standard relevant to the intangible assets? How does the new accountant rule overcome the deficiencies of the old rule and improve the value relevance of the intangible assets in the listed companies? All of these questions need our researchers to answer through value relevant study about intangible assets.
The value relevance of intangible assets is a method which is used for researching the correlation between the intangible assets and the enterprise value in certain circumstances capital.Much of study in this area has been done in foreign literature,and relatively,little study has been done in domestic literature.On the basis of early empirical study results of the value relevant value about intangible assets both at home and abroad in this paper,we elaborate this paper's research content and measures.Firstly,in view of the implementation of the present intangible assets accounting rule in 2007,we text the impaction of this accounting standards on the Shanghai A-share listed companies by the paired-samples T text.Secondly,based on the division of the high-tech industry and non-high-tech industry,we study the value relevant of enterprise value about the intangible assets on the Shanghai A-share listed companies by the linear regression in 2005-2007. Finally,we compare the high-tech industry's the relevance value of the accounting information with the non-high-tech industry.Meanwhile,we analyze the impaction of the R&D expenditure on the high-tech industry,which are evaluated the intangible assets accounting rule.
The results show that the implementation of the intangible accounting rule which was carried out in 2007 has had a significant impact on the Shanghai A-share listed companies. Intangible asset is the primary factor which constitutes the enterprise value creation, especially in the high-tech industry;the stock market of our country positively values reported intangible assets;the market's valuation of a unit of intangible assets is higher than its valuation of other reported assets,but this result is not obvious in the non-high-tech industry;intangible assets rule doesn't damage the high-tech industry's the usefulness of the accounting information.The capitalization of the R&D expenditure can improve the usefulness of accounting information,but the cost of R&D can reduce this usefulness. These conclusions can show that the present intangible assets accounting standards overcome the deficiencies of the old accountant rule which damaged the value relevance of the intangible assets,and improve the value relevant of the intangible assets accounting information.
引文
[1]Barth M,B Clement,G Fosteretal.Brand Values and Cpital Market Valuation.Review of Accounting Studies,1998,(3):41-68.
[2]Gu F,B Lev.Market in intangibles:Patent Licensing.New York Unwersity Unpublished Working paper,2001.
[3]Ittner C,D Larcker.Are Non-financial Measure Leading in Dicators of Financial performance? An Analysis of Customer Satisfaction.Journal of Accounting Research,1998,(36):1-35.
[4]Aboody D,B Lev.The value relevance of intangible:The case of software capitalization.Journal of accounting research,1998:235-247.
[5]Ely k,Waymire G.Intangible Asset and Stock price in the pre-sec era.Journal of Accounting Rasearch,1999:17-44.
[6]Amir,Lev.Value-Relevance of Non-financial Information:The Wireless Communications Industry.Journal of Accounting and Economics,1996,22(8):3-4.
[7]Lev B,P Zarowin.The boundaries of financial reporting and how to extend them.Journal of Accoungting Research,1999,(37):353-385.
[8]Barth M E,G Clinch.Revalued financial tangible and intangible asset:association with share prices and non-marked-based value estimates.Journal of Accounting Research,1998,(36):199-233.
[9]Lev B,Sougiannis T.The capitalization amortization and value-relevance of R&D Journal of Accoungting and Economics,1999:107-138.
[10]Lev B,T Sougeannis.The Capitalization and Value Relevance of R&D.Journal of Accounting Economics,1996,(71):467-497.
[11]Aboody D,Lev B.The value-relevance of intangible:The case of software capitalization.Journal of Accounting Review,1998,(80):585-612.
[12]Amir E,B Lev.Value-relevance of nonfinancial information:The wireless communications industry.Journal of Accounting and Economics,1996.
[13]Abraham.T,B Sidhu.The role of R&D capitalizations in firm valuation and performance.University of New South Wales,1997.
[14]Egginton D.Towards Some Principles for Intangible Asset Accounting.Accounting and Business Research,1990,(20):193-205.
[15]Hodgson A,Okunev J.Accoungting for Intangible Theoretical Perspective.Accounting and Business Research,1993,(23):138-150.
[16]Won W Choi,Sung S Kwon,Gerald J Lobo,Market Valuation of Intangible Assets.Journal of Business Research,2000,(49):35-45.
[17]Lev B,P Zarowin.The Bundaries of Fiancial Reporting and How to Extend Them.Journal of Accounting Research,1999:353-385.
[18]Lev B,Sougiannis T.The capitalization amortization and value-relevance of R&D.Journal of Accoungting and Economics,1999:107-138.
[19]D Aboody,B Lev.Information asymmetry R&D and Insider Gains.Journal of finance,2000,6(12).
[20]唐雪松.知识经济对无形资产计量的影响.会计研究,1999,(2):44-45.
[21]崔也光.无形资产的特征与计价方法的选择.会计研究,1999,(2):45-47.
[22]贾平,李晓强.无形资产与盈余质量.第四届实证会计国际研讨会工作论文,2005.
[23]邵红霞,郑岭俊.关于出租汽车运营企业出租汽车牌照会计核算方法的探讨.会计研究,2003,(9):46-48.
[24]王广庆.对我国无形资产准则的一些思考.会计研究,2004,(5):40-41.
[25]薛云奎,王志台.R＆D的重要性及其信息披露方式的改进.会计研究,2001a,(3):20-26.
[26]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.会计研究,2001b,(11):40-47.
[27]杜英慧.我国上市公司研发信息披露的研究.浙江大学学位论文.2005.
[28]彭艳萍,张炳发.上市公司无形资产信息披露研究[J].工业技术经济,2004,(4):118-120.
[29]马德林,朱元午.无形资产会计研究中的问题与改进.会计研究,2005,(4):20-24.
[30]黎玉琴.我国上市公司无形资产信息披露现状及建议[J].企业经济,2006,(9):185-188.
[31]绍红霞,方军雄.我国上市公司无形资产价值相关性研究.会计研究,2006,(12):25-32.
[32]张德庆.新旧无形资产会计准则的比较分析.财会探析,2007,(495):334.
[33]Ohlson J,Eamings.Book Vlue and Dividends in Equity Valuation.Contemporary Accoungting Research,1995:661-87.
[34]Richard Sloan.Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accoungting Review,1996,(71):289-315.
[35]Abraham T,B Sidhu.The role of R&D capitalizations in firm valuation and performance.University of New South Wales,1997.
[36]Barth E M,Clinch G.Relevance Financial.Tangible and Intangible Association with share price and Non-Market-Based Value Estimates.Journal of accounting research,1998:199-233.
[37]Won W Choi,Sung S Kwon,Gerald Lobo.Market Valuation of Intangible Assets.Journal of Business Research,2000,(49):35-45.
[38]陆正飞,施瑜.从财务评价体系看上市公司价值决定-“双高”企业与传统企业的比较.会计研究,2002,(5):18-23.
[39]葛家澎,杜兴强.无形资产的相关问题综述与探讨(上).财会通讯,2002,(9):10-12.
[40]苑泽明.现代企业无形资产价值管理研究[M].大连:东北财经大学出版社,2001.
[41]胡颖.高新技术企业研究与开发费用的会计处理问题研究.重庆大学,2002.
[42]黎玉琴.我国上市公司无形资产信息披露现状及建议[J].企业经济,2006,(9):185-188.
[43]孙晓霞.研发费用应列报表附注.证券时报,2002,(6).
[44]何玮.我国大中型工业企业研究与开发费用支出对产出的影响-1990年-2000年大中型工业企业的实证分析.经济科学,2003,(3).
[45]薛云志,王志台.R&D的重要性及其信息披露方式的改进.会计研究,2001,(3):20-26.
[46]章永奎,杨翼飞.费用化还是资本化:试论研究与开发支出会计处理.财会通讯,2002,(11).
[47]刘泉军,张政伟.新会计准则引发的思考[J].会计研究,2006,(3).
[48]林怡促.执行新会计准则所面临的挑战[J].新理财,2006,(5).
[49]郑庆华,赵耀.新旧会计准则差异比较与分析[M].北京:经济科学出版社,2006.
[50]财政部.企业会计准则--无形资产[M].北京:中国财政经济出版社,2006.
[51]财政部.企业会计准则--无形资产应用指南[M].北京:经济科学出版社,2006.
[2]Gu F,B Lev.Market in intangibles:Patent Licensing.New York Unwersity Unpublished Working paper,2001.
[3]Ittner C,D Larcker.Are Non-financial Measure Leading in Dicators of Financial performance? An Analysis of Customer Satisfaction.Journal of Accounting Research,1998,(36):1-35.
[4]Aboody D,B Lev.The value relevance of intangible:The case of software capitalization.Journal of accounting research,1998:235-247.
[5]Ely k,Waymire G.Intangible Asset and Stock price in the pre-sec era.Journal of Accounting Rasearch,1999:17-44.
[6]Amir,Lev.Value-Relevance of Non-financial Information:The Wireless Communications Industry.Journal of Accounting and Economics,1996,22(8):3-4.
[7]Lev B,P Zarowin.The boundaries of financial reporting and how to extend them.Journal of Accoungting Research,1999,(37):353-385.
[8]Barth M E,G Clinch.Revalued financial tangible and intangible asset:association with share prices and non-marked-based value estimates.Journal of Accounting Research,1998,(36):199-233.
[9]Lev B,Sougiannis T.The capitalization amortization and value-relevance of R&D Journal of Accoungting and Economics,1999:107-138.
[10]Lev B,T Sougeannis.The Capitalization and Value Relevance of R&D.Journal of Accounting Economics,1996,(71):467-497.
[11]Aboody D,Lev B.The value-relevance of intangible:The case of software capitalization.Journal of Accounting Review,1998,(80):585-612.
[12]Amir E,B Lev.Value-relevance of nonfinancial information:The wireless communications industry.Journal of Accounting and Economics,1996.
[13]Abraham.T,B Sidhu.The role of R&D capitalizations in firm valuation and performance.University of New South Wales,1997.
[14]Egginton D.Towards Some Principles for Intangible Asset Accounting.Accounting and Business Research,1990,(20):193-205.
[15]Hodgson A,Okunev J.Accoungting for Intangible Theoretical Perspective.Accounting and Business Research,1993,(23):138-150.
[16]Won W Choi,Sung S Kwon,Gerald J Lobo,Market Valuation of Intangible Assets.Journal of Business Research,2000,(49):35-45.
[17]Lev B,P Zarowin.The Bundaries of Fiancial Reporting and How to Extend Them.Journal of Accounting Research,1999:353-385.
[18]Lev B,Sougiannis T.The capitalization amortization and value-relevance of R&D.Journal of Accoungting and Economics,1999:107-138.
[19]D Aboody,B Lev.Information asymmetry R&D and Insider Gains.Journal of finance,2000,6(12).
[20]唐雪松.知识经济对无形资产计量的影响.会计研究,1999,(2):44-45.
[21]崔也光.无形资产的特征与计价方法的选择.会计研究,1999,(2):45-47.
[22]贾平,李晓强.无形资产与盈余质量.第四届实证会计国际研讨会工作论文,2005.
[23]邵红霞,郑岭俊.关于出租汽车运营企业出租汽车牌照会计核算方法的探讨.会计研究,2003,(9):46-48.
[24]王广庆.对我国无形资产准则的一些思考.会计研究,2004,(5):40-41.
[25]薛云奎,王志台.R＆D的重要性及其信息披露方式的改进.会计研究,2001a,(3):20-26.
[26]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.会计研究,2001b,(11):40-47.
[27]杜英慧.我国上市公司研发信息披露的研究.浙江大学学位论文.2005.
[28]彭艳萍,张炳发.上市公司无形资产信息披露研究[J].工业技术经济,2004,(4):118-120.
[29]马德林,朱元午.无形资产会计研究中的问题与改进.会计研究,2005,(4):20-24.
[30]黎玉琴.我国上市公司无形资产信息披露现状及建议[J].企业经济,2006,(9):185-188.
[31]绍红霞,方军雄.我国上市公司无形资产价值相关性研究.会计研究,2006,(12):25-32.
[32]张德庆.新旧无形资产会计准则的比较分析.财会探析,2007,(495):334.
[33]Ohlson J,Eamings.Book Vlue and Dividends in Equity Valuation.Contemporary Accoungting Research,1995:661-87.
[34]Richard Sloan.Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accoungting Review,1996,(71):289-315.
[35]Abraham T,B Sidhu.The role of R&D capitalizations in firm valuation and performance.University of New South Wales,1997.
[36]Barth E M,Clinch G.Relevance Financial.Tangible and Intangible Association with share price and Non-Market-Based Value Estimates.Journal of accounting research,1998:199-233.
[37]Won W Choi,Sung S Kwon,Gerald Lobo.Market Valuation of Intangible Assets.Journal of Business Research,2000,(49):35-45.
[38]陆正飞,施瑜.从财务评价体系看上市公司价值决定-“双高”企业与传统企业的比较.会计研究,2002,(5):18-23.
[39]葛家澎,杜兴强.无形资产的相关问题综述与探讨(上).财会通讯,2002,(9):10-12.
[40]苑泽明.现代企业无形资产价值管理研究[M].大连:东北财经大学出版社,2001.
[41]胡颖.高新技术企业研究与开发费用的会计处理问题研究.重庆大学,2002.
[42]黎玉琴.我国上市公司无形资产信息披露现状及建议[J].企业经济,2006,(9):185-188.
[43]孙晓霞.研发费用应列报表附注.证券时报,2002,(6).
[44]何玮.我国大中型工业企业研究与开发费用支出对产出的影响-1990年-2000年大中型工业企业的实证分析.经济科学,2003,(3).
[45]薛云志,王志台.R&D的重要性及其信息披露方式的改进.会计研究,2001,(3):20-26.
[46]章永奎,杨翼飞.费用化还是资本化:试论研究与开发支出会计处理.财会通讯,2002,(11).
[47]刘泉军,张政伟.新会计准则引发的思考[J].会计研究,2006,(3).
[48]林怡促.执行新会计准则所面临的挑战[J].新理财,2006,(5).
[49]郑庆华,赵耀.新旧会计准则差异比较与分析[M].北京:经济科学出版社,2006.
[50]财政部.企业会计准则--无形资产[M].北京:中国财政经济出版社,2006.
[51]财政部.企业会计准则--无形资产应用指南[M].北京:经济科学出版社,2006.