研发支出资本化与股东财富递延效果之研究——以台湾IC设计业为例

Study on R&D Capitalization and the Lagged Effect of Stockholders' Wealth——A Case Study on Taiwan IC Fabless Industry

企业研发活动是提升企业竞争优势以及开拓未来获利能力的泉源,但通常研发费用在财务报表中无法得到合理的体现,因此,对于高研发支出的产业来说,必须将研发费用资本化才能够对其进行合理的评价。有鉴于此,选择以台湾知识密集产业的IC设计业为实证研究对象,以2003～2007年为研究期间,将其研发费用资本化,探讨研发费用资本化与股东财富效果的关系,并进一步利用营业收入及研发密度分群进行回归分析,分别检定其关系性。研究发现,台湾IC设计业之研发递延效应发生在当期及递延一期间,且高研发密度者之研发资本与股价报酬之间的攸关性不论在高营业收入或低营业收入之群组皆呈现高度相关,说明研发活动有利于公司绩效。也因研发资本与股价报酬具有攸关性,对投资人而言,在选择IC设计业为投资标的时,应将研发费用资本化才能合理评估其价值。

Investments in R＆D will be the critical factor to increase the competitive advantage for the company. However, every country provides the tax incentive to the R＆D expenditure. In other words, capitalize the R＆D will be the first step to do the valuation. Considering the R＆D expenditure has their unique industry characteristics, we choose Taiwan IC fabless companies which have relative high R＆D intensity as the research sample. The purpose of this study is to examine the relationship between R＆D capitalization and stockholders＇ wealth effect. Four aspects of control variables are considered, corporate size, profitability, financial structure, and corporate system risk. To further get the profound evidences, we also divide the samples in terms of sales revenue and R＆D intensity to find out how the relationship changes across the groups. The results show that R＆D capitalization does have the effect on the current and the lagged one - year shareholders＇ wealth , which means R＆D capital is relevant to the long - run stock return. In addition, we find that the higher R＆D intensity will be more informative than that of the lower R＆D intensity. In sum, we conclude that R＆D capitalization is the necessary step for the corporate valuation.