研究資料首頁-> 期刊論文
研究資料明細
| 論文名稱 | A Study on R&D Expenditure and Corporate Value of Chinese High-tech Industry |
| 發表日期 | 2019-12-01 |
| 論文收錄分類 | 其他 |
| 所有作者 | Guan-Chih Chen, Hexuan Li , Shuling Tsao |
| 作者順序 | 第三作者 |
| 通訊作者 | 是 |
| 刊物名稱 | Financial Studies |
| 發表卷數 | 23 |
| 是否具有審稿制度 | 是 |
| 發表期數 | 4 |
| 期刊或學報出版地國別/地區 | NATUSA-美國 |
| 發表年份 | 2019 |
| 發表月份 | 12 |
| 發表形式 | 紙本及電子期刊 |
| 所屬計劃案 | 無 |
| 可公開文檔 |
|
| 可公開文檔 |
|
| 可公開文檔 |
|
| 附件 |
Paper18.0512.docxPaper18.0512.docx
|
[英文摘要] :
This paper examines the impact of research and development (R&D) expenditure, R&D capitalized expenditure and expensed expenditure on the corporate value. Through the exposition of R&D expenditure affect relevance of corporate value after the Chinese New Accounting Standards, it can be found that R&D expenditure information has a positive effect on share price. The disclosure of information on R&D expenditure has a positive relevance to corporate value means that the disclosure of R&D expenditure information can improve the value relevance of accounting information. Investors give positive value to the R&D capitalized and expensed expenditure, but R&D capitalized expenditure has a greater effect on investors than R&D expensed expenditure. At the same time, the normative degree of R&D expenditure disclosure has a significant positive effect on the stock price, which shows that the disclosure of R&D expenditure information can improve the value relevance of accounting information.
[參考文獻] :
Aboody, D. and Lev, B. (1998), The value relevance of intangibles: the case of software capitalization. “Journal of Accounting Research”, 36, 161-191
Ahmed, K., and Falk, H. (2006), The value relevance of management's research and development reporting choice: Evidence from Australia. Journal of Accounting and Public Policy, 25(3), 261-264.
Anagnostopoulou, S. (2008), R&D expenses and firm valuation: a literature review. International Journal of Accounting and Information Management, 16(1), 5-24.
Callimaci, A. and Landry, S. (2004), Market valuation of Research and Development Expenditure under Canadian GAAP. Canadian Accounting Perspectives, 3(1), 33-54.
Cazavan-Jeny, A. and Jeanjean, T. (2006), The negative impact of R&D capitalization: A value relevance approach. European Accounting Review, 15(1), 37-61.
Dave, P., Wadhwa, V., Aggarwal, S., and Seetharman, A. (2013), The Impact of Research and Development on the Financial Sustainability of Information Technology (IT) Companies Listed on the S&P 500 Inde-x. Journal of Sustainable Development, 6(11), 122-138.
Duqi, A., and Torluccio, G. (2010), Can R&D expenditures affect firm market value? An empirical analysis of a panel of European listed firms. Bank performance, risk and firm financing, London, Palgrave Macmillan, 214-251.
Guo, X. W. and Wang, X. (2014). Financial Constraints, Cash Smoothing and Firms’ R&D Investment: Evidence from Chinese Listed Manufacturing Firms. Economic Management. 8, 144-155.
Hu, A. G. and Jefferson, G. H. (2004). Returns to Research and Development in Chinese Industry: Evidence from State-owned Enterprises in Beijing. China Economic Review, 15, 86-107.
Huang, Z. L. and Wu, S. (2014). Can Cash Holdings Affect R&D Smoothing? Research on Economics and Management, 2, 119-128.
Ju, X. S., Lu, D. and Yu, Y. (2013). Financing Constraints, Working Capital Management and the Persistence of Firm Innovation. Economic Research Journal, 1, 4-16.
Lee, J. and Kim, B. (2013).The Relationship between Innovation and Market Share: Evidence from the Global LCD Industry. Industry and Innovation, 20(1), 1-21.
Lev, B., Nissim, D. and Thomas, J. K. (2005). On the informational usefulness of R&D Capitalization and Amortization. Visualising Intangibles, 5, 97-128.
Lev, B. and Sougiannis, T. (1996). The capitalization, amortization and value-relevance of R&D. Journal of Accounting and Economics, 21, 131-138.
Toivanen, O., Stoneman, P., and Bosworth, D. (2002). Innovation and the market value of UK firms, 1989-1995. Oxford Bulletin of Economics and Statistics 64(1), 39-61.
Yang, Z. (2013). Related Study on Effect of R&D Investment to Enterprise Value—Empirical Testing Based on Chinese Listed Companies after New Accounting Standards. Science and Technology Management Research, 33(10), 42-45.
Zhao, J. and Liang, L. (2009). Analysis on impacts of the new accounting rules to enterprise’s R&D investments. New Accounting, 1, 55-84.
