摘要
基于创业板的相关数据,利用改进后的股票价格模型和股票收益率模型,检验资本化研发支出的价值相关性,并对不同种类资本化研发支出(自主研发无形资产和开发支出)对公司价值影响的差异性进行了深入分析。研究发现,资本化研发支出与股票价格和股票收益率不相关,费用化研发支出与股票价格和股票收益率显著负相关;自主研发无形资产与股票价格不相关但与股票收益率显著正相关,开发支出与股票价格和股票收益率不相关。研究结果表明创业板上市公司资本化的研发支出具有一定的价值相关性,但股票市场投资者对创业板的资本化研发支出反应不充分,并且这种疑虑主要是由于开发支出导致的。
This paper investigates the value relevance of RD expenditurescapitalization using a sample of 1472 firmyear observations over 2010-2014 on GEM Listed Companies in China. The empirical findings show that capitalized RD is irrelevant associated with stock prices and stock returns but expensed RD isnegatively associated with stock prices and stock returns. At the same time we find that self-developed intangible assets are irrelevant associated with stock prices but are positively related with stock returns, on the contrary, development expenditures are irrelevant associated with stock prices and stock returns. These results imply that capitalized RD of companies listed on GEM has certain value relevance, but development expenditures decreased the value relevance of RD expenditures capitalization.
作者
郭志勇
杨文培
Guo Zhiyong;Yang Wenpei(School of Economics and Management, China jiliang University, Hangzhou 310018, China)
出处
《科技管理研究》
CSSCI
北大核心
2018年第11期116-121,共6页
Science and Technology Management Research
基金
浙江省信息化与经济社会发展研究中心项目"互联网金融背景下的小微企业融资模式创新与风险管理研究"(15JDXX01Z)
浙江省科技厅项目"政府补助对浙江企业R&D支出资本化的影响机制与提升路径研究"(2014C35003)
杭州市软科学重点项目"杭州市科技金融促进科技创新的机制探究"(20160834M15)
关键词
R&D支出资本化
开发支出
无形资产
创业板
自主研发
R&D expenditures capitalization
development expenditure
intangibleassets
GEM
independent research and development