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題名：比較研發支出資本化與費用化對經營績效評估之影響
書刊名：評價學報
作者：楊忠城 引用關係／楊秉森
作者(外文)：Yang, Chung-cheng／Yang, Ping-sen
出版日期：2009
卷期：2
頁次：頁36-51
主題關鍵詞：研究發展；資本化；經營績效；R&D；Research and development；Capitalization；Operating performance
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(2) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:2
  • 共同引用共同引用:187
  • 點閱點閱:52
本文旨在探討研究發展對企業經營績效之影響。研究發展具經濟效益，係企業經營績效重要之決定因素之一，惟與勞動、資本等生產要素投入之經濟效益僅及於當期有別，研究發展投入之經濟效益往往產生於支出後期，而非立見於支出當期。現有衡量經營績效文獻，大多礙於過去研究發展支出會計處理予以費用化而非資本化之限制，無法取得研發資本存量資料，僅能採流量資料以其分析對績效之影響，而有低估的現象。本文首先援引Lev and Sougiannis（1996）的方法，估計研究發展資本存量，並修改楊忠城，傅鍾仁與張寶光（2000）的經營績效決定模型，以2003-2006年台灣資訊電子公司259家的定組追蹤資料（panel data）為樣本，觀察研發資本存量對經營績效之影響。實證結果發現研發資本存量與經營績效間呈現顯著之正向關係，但研發資本（存量）對經營績效之影響效果並未顯著大於研發支出（流量）對經營績效之影響效果。忽略考慮研究發展之遞延效益時，將低估研究發展對產出成長之貢獻。
The paper is aimed to investigate whether corporate performance would be underestimated when its expenditures on research and development (hereafter R&D) were identified as expenses rather than as capitals. According to the GAPP, the R&D expenditures had been identified as corporate expenses so that the data which capitalized the R&D expenditures is not available and most literature had used the flow data (R&D expenses) to estimate R&D impacts on corporate performance. This paper applies Lev and Sougiannis' (1996) methodology to calculate the R&D capital (hereafter RDC) and modifies Yang, Fu and Chang' (2000) corporate performance model to estimate the impacts of RDC on corporate performance. By analyzing the panel data of 259 electronic companies in Taiwan from 2003 to 2006, we find that the RDC does have significant impacts on corporate performance. However, this finding from our work does not show that the capitalization model has a greater direct effect on the operating performance and the higher explanatory power in the valuation model, as compared to the expensing model. If we omit the deferring benefit of R&D when measuring the operating performance, we could undervalue the contribution of R&D to the output growth.
期刊論文
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3.Ball, B.(1980)。Discussion of accounting for research and development costs: The impact on research and development expenditures。Journal of Accounting Research，18，27-38。  new window
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7.Griliches, Z.(1987)。R&D and productivity: Measurement issue and econometric result。Science，237(3)，31-35。  new window
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14.黃仁德、羅時萬(19990600)。內生經濟成長理論的綜合評論。國立政治大學學報，78，221-260。  延伸查詢new window
15.Lev, B.、Sougiannis, T.(1996)。The capitalization, and amortization, and value-relevance of R&D。Journal of Accounting and Economics，21(1)，107-138。  new window
16.Levin, Richard C.、Cohen, Wesley M.、Mowery, David C.(1985)。R&D appropriability, opportunity, and market structure: New evidence on some Schumpeterian hypotheses。American Economic Review，75(2)，20-24。  new window
17.Lev, Baruch、Sarath, Bharat、Sougiannis, Theodore(2005)。R&D Reporting Biases and Their Consequences。Contemporary Accounting Research，22(4)，977-1026。  new window
18.Link, Albert N.(1980)。Firm size and efficient entrepreneurial activity: A reformulation of the Schumpeter hypothesis。Journal of Political Economy，88，771-782。  new window
19.Chambers, Dennis、Ross, Jennings、Robert, B. Thompson II(2002)。Excess Returns to R&D-Intensive Firms。Review of Accounting Studies，7(2)，133-158。  new window
20.Kothari, Sagar P.、Laguerre, Ted E.、Leone, Andrew J.(2002)。Capitalization versus expensing: Evidence on the uncertainty of future earnings from capital expenditures versus R&D outlays。Review of Accounting Studies，7(4)，355-382。  new window
21.Baber, W. R.、Fairfield, P. M.、Haggard, J. A.(1991)。The effect of concern about reported income on discretionary spending decisions: The case of research and development。The Accounting Review，66(4)，818-829。  new window
22.Griliches, Zvi(1981)。Market Value, R&D, and Patents。Economics Letters，7(2)，183-187。  new window
23.Amir, E.、Lev, B.(1996)。Value-relevance of Non-financial Information: The Wireless Communication Industry。Journal of Accounting & Economics，22，3-30。  new window
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25.Sougiannis, Theodore(1994)。The Accounting Based Valuation of Corporate R&D。The Accounting Review，69(1)，44-68。  new window
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27.Almon, Shirley(1965)。The Distributed Lag between Capital Appropriations and Expenditures。Econometrica: Journal of the Econometric Society，33(1)，178-196。  new window
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29.Martin, Stephen、Lunn, John(1986)。Market structure, firm structure and research and development。Quarterly Review of Economics and Business，26(1)，31-44。  new window
30.Ohlson, James A.(1995)。Earnings, Book Values, and Dividends in Equity Valuation。Contemporary Accounting Research，11(2)，661-687。  new window
31.劉正田(20010700)。研發支出資本化之會計基礎股票評價。會計評論，33，1-26。new window  延伸查詢new window
32.歐進士(19980600)。我國企業研究發展與經營績效關聯之實證研究。中山管理評論，6(2)，357-385。new window  延伸查詢new window
33.White, Halbert L. Jr.(1980)。A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity。Econometrica: Journal of the Econometric Society，48(4)，817-838。  new window
34.莊奕琦、許碧峰(19990900)。研究發展對生產力的貢獻及產業間的外溢效果：臺灣製造業實證。經濟論文，27(3)，407-432。new window  延伸查詢new window
35.Aboody, David、Lev, Baruch(1998)。The Value Relevance of Intangibles: The Case of Software Capitalization。Journal of Accounting Research，36(Supplement)，161-191。  new window
36.Collins, D. W.、Kothari, S. P.(1989)。An Analysis of Intertemporal and Cross-sectional Determinants of Earnings Response Coefficients。Journal of Accounting and Economics，11(2/3)，143-181。  new window
37.Krause, I.、Liu, J.(199301)。Benchmarking R&D productivity。Planning Review，16-21。  new window
38.Ravenscraft, D.、Scherer, F. M.(1982)。The lag structure of returns to research and development。Applied Economics，14(6)，603-620。  new window
39.Wasley, C. E.、Linsmeier, T. J.(1992)。A further examination of the economic consequences of SFAS No. 2。Journal of Accounting Research，Spring，156-164。  new window
40.Loudder, M.、Behn, B.(1996)。Alternative Income Determination Rules and Earnings Usefulness: The Case of R&D Costs。Contemporary Accounting Research，12，185-205。  new window
研究報告
1.Barth, M. E.、Beaver, W. H.、Landsman, W. R.(2001)。The relevance literature of financial accounting standard setting : Another view。Stanford University。  new window
2.Kallapur, S.、Kwan, S.(2000)。The Value of Relevance of Brand Assets Recognized by UK Firms。Purdue University。  new window
3.Kothari, S. P.、Laguerre, T.、Leone, A.(1998)。Capitalization Versus Expensing: Evidence on the Uncertainty of Future Earnings from Current Investments in PP&E and R&D。University of Rochester。  new window
4.中華民國會計研究發展基金會財務會計準則委員會(2006)。無形資產之會計處理準則。台北市：會計研究發展基金會。  延伸查詢new window
學位論文
1.吳佳穎(2001)。臺灣資訊電子產業研究發展活動與公司經營績效之研究(博士論文)。國立交通大學。new window  延伸查詢new window
2.陳柏彰(2002)。創新發明能力與企業生產力以及企業價值之關連性研究--以臺灣之資訊電子業為例(碩士論文)。國立臺灣大學。  延伸查詢new window
3.黃志雄(2001)。企業價值之衍生性探討--以資訊軟體業研究發展活動為例(碩士論文)。東吳大學。  延伸查詢new window
4.Dukes, R. E.(1974)。Market Evaluation of Accounting Information: A Cross Sectional Test of Investor Response to Expensing Research and Development Expenditures(博士論文)。Stanford University。  new window
其他
1.IASC(2004)。Intangible assets。  new window
2.Financial Accounting Standard Board(1974)。Accounting for research and development costs。  new window
圖書論文
1.Hendriksen, E. S.(1982)。Intangibles and non current investment。Accounting Theory。Illinois：Homewood。  new window
2.楊忠城、傅鍾仁、張寶光(2000)。台灣電子業廠商經營績效之決定因素。台灣經濟學會年會論文集。  延伸查詢new window
 
 
 
 
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