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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=Comparing the Impacts of Capitalizing and Expensing R&D on Business Operating Performance Valuation |
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作者 | 楊忠城; 楊秉森; Yang, Chung-cheng; Yang, Ping-sen; |
期刊 | 評價學報 |
出版日期 | 20091100 |
卷期 | 2 2009.11[民98.11] |
頁次 | 頁36-51 |
分類號 | 494.7 |
語文 | chi |
關鍵詞 | 研究發展; 資本化; 經營績效; R&D; Research and development; Capitalization; Operating performance; |
中文摘要 | 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。 |
英文摘要 | 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. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。