知识产权资产、研发投入与市场反应  

Intellectual Asset,R&D Investment and Market Reaction

作　　者：杨文君[1] 陆正飞[1] Wenjun Yang, Zhengfei Lu(Guanghua School of Management, Peking University, Beijing 100871, Chin)

机构地区：[1]北京大学光华管理学院,北京100871

出　　处：《会计与经济研究》2018年第1期3-20,共18页Accounting and Economics Research

基　　金：国家自然科学基金重点项目(71132004);国家自然科学基金青年项目(71202030);财政部"会计名家培养工程"(财政部财会[2013]27号)

摘　　要：通过整理2012-2016年沪深A股上市公司在无形资产项下披露的知识产权资产信息以及研发投入情况,检验知识产权资产与研发投入信息披露的市场反应。研究发现,知识产权资产信息披露对股价有提升作用,在同时考虑研发投入的情况下,依然能够向市场传递价值增量信息。进一步根据企业性质、上市板块、是否取得高新技术企业认证以及专利水平对样本进行分组回归后发现,市场对知识产权资产和研发投入的反应在不同样本组中表现不同:在研发强度平均水平上,市场对国有上市公司、主板上市公司、未取得高新技术企业认证的上市公司以及专利数量较多的上市公司在披露研发投入信息的同时披露知识产权资产信息给予积极的认可;对于没有专利的上市公司,随着研发投入的增加,披露知识产权资产信息会削弱研发投入对股价的积极影响。This paper explores how the market responds to intellectual assets under the item of intangible assets and RD investment disclosed by listed companies. Using A-share listed companies from 2012 to 2016,the study finds that the disclosure of intellectual assets increases stock prices. In the case of simultaneous consideration of RD investment,the incremental value-added information can still be delivered to the market. Further study finds that the response of the market to intellectual assets and RD investment is different as samples are grouped according to the nature of the enterprise,the listing plate,the high-tech enterprise certification,and the patent level. Specifically,on average level of RD investment,the market gives positive reaction to the disclosure of intellectual assets of state-owned listed companies,listed companies on the main board,listed companies without high-tech certification,and listed companies with a large number of patents.For listed companies with no patents,the disclosure of intellectual rights will weaken the positive effect of RD investment on stock prices as RD investment increases.

关 键 词：知识产权资产 研发投入 市场反应 

分 类 号：F234.4[经济管理—会计学]