上市公司开发支出对市场绩效的影响——基于中国资本市场的实证研究  

The Effect of Capitalized R&D Expenditures on the Equity Returns:Empirical Evidences from China's Capital Markets

作　　者：程小可[1] 蒋顺才 孙健[3] 

机构地区：[1]北京交通大学经济管理学院,北京100044 [2]财富证券有限责任公司,湖南长沙410005 [3]中央财经大学会计学院,北京100081

出　　处：《系统工程》2010年第9期20-24,共5页Systems Engineering

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

摘　　要：基于上市公司列报的"开发支出"等数据,系统检验了资本化的开发支出占公司总资产比与股票超额回报率以及盈余质量之间的关系。本文的主要实证结论如下:开发支出占总资产比不仅能显著解释股票超额回报率,而且对公司盈余质量也具有显著的解释力。We test the relationship between the proportion of development expenditures to total assets and the abnormal return as well as the relationship between the proportion of development expenditures to total assets and the earning quality based on the data on the development expenditures data disclosed by the listed companies.We find that the proportion of development expenditures to total assets can well explain both the abnormal return and the earning quality.

关 键 词：开发支出 股票回报 R&D 上市公司 

分 类 号：F830[经济管理—金融学]