股價是否完全反應研發報導偏誤資訊與未來盈餘之關係？

Do Stock Prices Fully Reflect Information in R&D Reporting Biases Associated with Future Earnings?

謝易瑾(Yi-Chin Hsieh)

指導教授 ： 呂明哲

朝陽科技大學/管理學院/會計所/碩士(2009年)

摘要

一般公認會計原則(GAAP)要求研究發展支出須立即費用化，以符合會計保守原則。然而Lev et al. (2005)認為沒有任何會計程序在企業生命週期內一致使用下，能永遠保守的，並指出當研發長率高於獲利率能力時，財務報表中的盈餘報導會低於資本化下的盈餘報導，為一種保守的報導偏誤；反之則形成積極的報導偏誤。本研究乃探討此項因研發支出立即費用化所產生的盈餘報導偏誤（以下簡稱研發報導偏誤）與未來盈餘之關係；並以Mishkin理性預期模型檢定市場對研發報導偏誤資訊之效率性。
實證結果顯示，在控制當期資產報酬率(以下縮寫為ROA)後，研發報導偏誤與短期的未來ROA存在顯著的正向關係；然而與長期的未來ROA，則無顯著正向關係。在市場效率的評估上，我們也發現，控制當期ROA後，市場顯然能理性反應研發報導偏誤與短期未來ROA之關係；然而市場卻顯著偏低評價研發報導偏誤與長期未來ROA之關係。市場對於研發報導偏誤之錯誤定價，透露出投資人對企業之長期獲利展望，過度重視企業成長性，而忽略企業本身的獲利能力。

關鍵字

研發 ； 錯誤定價 ； 財務報導偏誤

並列摘要

The immediate expensing of research and development (R&D) expenditures is required by Generally Accepted Accounting Principles (GAAP) in order to conform to the conservatism principle. However, Lev et al. (2005) addressed that there is no accounting procedure consistently used can be always conservative throughout the firm’s life. They proved that the R&D growth rate is higher relative to their profitability, and the earnings reported under current GAAP is smaller relative to that under R&D capitalization, generating a conservative reporting bias; oppositely, it generates an aggressive reporting bias. This study explores the relationship between the earnings reporting biases due to the immediate expensing of R&D expenditures (hereafter, the R&D reporting biases) and future earnings. Further, Mishkin (1983) framework is applied to test for market efficiency in reflecting the R&D reporting biases.
The empirical results show that after controlling for current return on assets (ROA), the R&D report biases is positively associated with short-term future ROA significantly; however, there is no significantly positive relationship between the R&D reporting biases and long-term future ROA. After controlling for current ROA, market appears to rationally reflect the relationship between the R&D reporting biases and short-term future ROA. However, market does significantly underpricing the relationship between the R&D reporting biases and long-term future ROA, indicating that investors over-emphases on firm’s growth opportunity relative to current profitability in anticipating long-term future profitability.

並列關鍵字

R&D ； Mispricing ； Finance reporting biases

參考文獻

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