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  

The Value Relevance of Capitalized R&D Expenditures:Empirical Evidences from China's Listed Companies

作　　者：程小可[1] 孙健[2] 姚立杰[1] 

机构地区：[1]北京交通大学经济管理学院,北京100044 [2]中央财经大学会计学院,北京100081

出　　处：《中国软科学》2010年第6期141-150,共10页China Soft Science

基　　金：国家自然科学基金项目(70802006;70971008);教育部人文社会科学规划项目(08JA630009)

摘　　要：本文探讨了资本化科技开发支出项目的价值相关性,并和无形资产以及扣除开发支出后净资产项目的价值相关性进行了实证比较。本文的研究结论主要为:(1)上市公司科技开发支出对企业权益价值具有显著的解释力;(2)科技开发支出比无形资产以及扣除科技开发支出后净资产的价值相关性更高;(3)基于消减规模效应模型以及加入相关控制变量后,上市公司科技开发支出占价值比也能显著解释价值增长率。This paper explores the value relevance of capitalized RD expenditures,and makes empirical comparison with the value relevance of intangible assets and other net assets.The main conclusions of this article are the following three aspects： First,capitalized development expenditures of China＇s listed companies have statistically significant explanatory power for value;Second,the capitalized development expenditures have statistically significant explanatory power for value over intangible or other net assets;Third,based on the model specification that mitigates the scale effects,the empirical results show that the ratio of the capitalized development expenditures to price also can explain for the value growth,and the related empirical results remain the same when some controlling variables enter into above regression.

关 键 词：开发支出 权益估值 剩余收益 R&D 

分 类 号：F270[经济管理—企业管理]