广告支出与研发支出的价值相关性研究

基于601家沪深A股主板制造业上市公司2011的数据,利用相关分析和多元回归分析,实证检验了广告支出与研发支出的价值相关性以及两种支出的互补性,并对两种支出的会计处理方法进行了讨论。研究结果表明:在高技术行业,资本性研发支出具有价值相关性,而费用化研发支出不具有价值相关性;不管在高技术行业还是低技术行业,广告支出都具有价值相关性。这意味着研发支出有条件的资本化政策应该只适用于高技术行业,而所有行业的广告支出都应该资本化;研究结果同时表明,高技术行业的广告支出与研发支出具有互补性;中国制造业上市公司价值创造过程中,市场拉动作用较技术推动作用明显。本文的研究结论为企业投资决策提供了有益的借鉴,同时对会计准则制定部门也有重要的参考价值。

Research on the value relevance of advertising expenditure and R&D expenditure

Based on the data of 601 manufacturing companies listed on the A-shares market and using correlation analysis and regressionanalysis, this paper examines the value relevance of advertising expenditure and R&D expenditure and the complementarity of these two kinds of expenditures. Also, the accounting treatment of these two kinds of expenditures is discussed in this paper. Results show that in high-technology industry, capitalized R&D is positively and significantly associated with corporate value and the expensed R&D has no significant relevance with corporate value. Whether it is in high or low technology industry, advertising expenditure has a positive and significant relation with Tobin's Q. These findings suggest that capitalizing R&D expenditures policy should be only applied to high-technology industry, and the advertising expenditure should be capitalized in all industry. The paper also finds that advertising and R&D are complements in high-technology industry and market pull is more important than technology pushin the value creation of Chinese manufacturing listed companies. These results provide beneficial reference for enterprise investment decision; also they have important referencevalue for accounting standards establishing department.