解析R&D投入和公司价值之间的关系

The Value Relevance of R&D Expenditure in Chinese Public Companies

本文首先检验R&D对公司经营业绩的作用。结果显示,R&D投入整体上与公司未来年度利润存在正相关的关系。本文接着检验R&D投入的市场估值效应。我们发现,R&D投入与未来一年的股价变动显著正相关,而与同期股价变动不相关。跨期估值效应说明投资者没有在投入当年充分确认R&D的价值,他们在之后年度对这种低估做出调整。我们克服以往研究缺乏数据的局限性,为国内的R&D研究提供了新的证据。本文的结果有助于投资者更为深入地理解公司R&D支出的作用,从而做出正确的投资决策。同时,本文还为当前关于R&D资本化处理方式的讨论提供了借鉴。

This paper investigates the value relevance of R＆D expenditure of Chinese public companies. It is found that R＆D expenditure has been increasing over the past years and has contributed to companies＇ finanoial performance. Furthermore, the relation between R＆D and financial performance varies across industries, with manufacturing companies exhibiting the most pronounced link while others not. The results overall support the rational behavior in R＆D investment for the sample companies. This study addresses the data limitation in the extant research in R＆D. It also adds to the literature by providing new evidence of the value relevance of R＆D expenditure, which can help investors in better decision - making.