研究發展支出與未來股票報酬之關連性研究

The Association between R&D Expenditures and Stock Returns

楊幼梅(Yu-Mei Yang)

指導教授 ： 戚務君

中原大學/商學院/會計研究所/碩士(2002年)

https://doi.org/10.6840/cycu200200064

摘要

本文以國內股票上市公司為實證對象，分析企業研發支出經資本化之調整後盈餘資訊是否能提高會計資訊與股票報酬的關聯性，並進一步檢視研究發展支出密度(高與低)與產業(紡織業與資訊電子業)差異對本文結論之影響。

本研究發現，由於研究發展支出資訊與股票報酬呈正相關，因此我國股票市場視研究發展支出為一項具有未來效益之經濟資產，此外股票市場能夠充分捕捉研究發展支出的相關資訊，以將其反應於股票報酬，並發現隨著時間變化，前期研發支出資訊對股票報酬的解釋能力會逐漸降低，以反應其實質經濟價值減低的結果。高研發密度公司之研究發展支出資本化資訊，與股票報酬的關聯性高於低研發密度公司。紡織業及資訊電子業之研究發展支出資訊，與股票報酬並未具顯著關聯性。研究結果建議準則制定可重新考慮將研究發展支出以資本化並適當攤銷處理，且宜以研發密度為考量重點。

關鍵字

研究發展 ； 資本化

並列摘要

This study analyzes the valuation of R&D expenditures by examining whether the misstatement in reported earnings due to the R&D expensing result in a better association of accounting information and stock returns. In addition, this study groups sample firms by R&D intensity and industries, and compares the above issues of capitalization of R&D expenditures.
We find R&D expenditures is positively related to the stock returns, the market valuation of the R&D expenditures is a economics asset of yielding future benefits. Stock market can capture R&D expenditures information, and reflect stock returns. We also find the explanatory power of past R&D expenditures and stock returns is lower by time’s variation. The association of R&D expenditures information and stock returns of high R&D intensive group is higher than low R&D intensity group. The industries issue is not significant statistically.

並列關鍵字

R&D ； intensive

參考文獻

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