摘要
研究开发(R&D)支出的信息披露有助于投资者了解企业R&D的投入水平和技术实力,并据此预测企业未来的盈利能力和发展潜力,有利于投资者判断公司的价值。对我国新无形资产准则实施以来的研发支出信息披露的现状进行分析的基础上,本文对研发支出及其信息披露的价值相关性进行了检验,研究发现,股票价格对资本化研发支出和费用化研发支出存在选择性吸收,研发支出信息披露质量对股票价格有显著的影响,提高研发信息披露质量有利于提高会计信息的价值相关性。
The disclosure of R＆D expenditure is helpful for the investors to know the input level of R＆D and technology strength, so as to predict the future profitability and development potential and to have a good judgment of the company value. On the basis of analyzing the present situation of the disclosure of R＆D expenditure after the implementation of new intangible accounting standards, the value relevance of R＆D expenditure and its disclosure is analyzed in this paper. The research finds that stock price selectively absorbs the information of capitalized R＆D expenditure and expensed R＆D expenditure, and the information disclosure quality of R＆D expenditure have significant influence on the stock price, so improve the disclosure quality of R＆D will improve the value relevance of accounting information.
出处
《财经理论与实践》
CSSCI
北大核心
2011年第2期73-78,共6页
The Theory and Practice of Finance and Economics
基金
湖南大学青年基金(0711)
关键词
R&D支出
信息披露
价格模型
价值相关性
R＆D Expenditure
Information Disclosure
Price Model
Value Relevance
