| R＆D投入的价值相关性实证研究 |
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| 引用本文： | 王燕妮,张书菊.R＆D投入的价值相关性实证研究[J].科学学与科学技术管理,2011,32(9). |
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| 作者姓名： | 王燕妮 张书菊 |
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| 作者单位： | 西安电子科技大学经济管理学院,西安,710071 |
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| 基金项目： | 教育部人文社会科学研究青年项目(10YJC630257); 中央高校基本科研业务费专项(72104628); 陕西省软科学研究计划项目（2010KRM77） |
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| 摘 要： | 以2007—2009年年报披露的研发投入且数据完整的508家上市公司为样本,构建多元回归模型,实证检验R＆D投入的两种报告方法（费用化vs资本化）的价值相关性。研究结果表明,资本化R＆D投入是与价值相关的,它与股票价格负相关,与股票收益正相关,资本化R＆D投入对股票收益具有增量解释能力。费用化R＆D投入与股票价格和收益负相关,向投资者传递了消极信息。
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| 关 键 词： | R＆D投入 资本化R＆D 费用化R＆D 价值相关性 |
An Empirical Study on the Value Relevance of R&D Expenditures |
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| WANG Yanni,ZHANG Shuju.An Empirical Study on the Value Relevance of R&D Expenditures[J].Science of Science and Management of S.& T.,2011,32(9). |
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| Authors: | WANG Yanni ZHANG Shuju |
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| Institution: | WANG Yanni,ZHANG Shuju(School of Economics and Management,Xidian University,Xi'an 710071,China) |
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| Abstract: | This paper investigates the value relevance of R&D accounting treatment(expensing versus capitalization) using a sample of 508 firm-year observations over 2007-2009.The empirical findings show that capitalized R&D is negatively associated with stock prices and is positively associated with stock returns.This result implies that capitalized R&D has an incremental explanatory power.The study also finds a negative association between expensed R&D costs and stock market values(stock prices and returns).Expensin... |
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| Keywords: | R&D expenditures capitalized R&D expensed R&D value relevance |
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