研究發展支出與公司價值之實證研究－以中國上市高科技企業為例

An Empirical Research on the Relationship of R&D expenditure and corporate value-the high-tech enterprises listed companies in China as examples

陳冠志(Guan-Chih Chen)；曹淑琳(ShulingTsao)

高科技企業 ； 研究發展支出 ； 公司價值 ； high-tech enterprises ； Research and developmentexpenditure ； corporate value

會計與公司治理

12卷1期（2017 / 06 / 01）

1 - 24

繁體中文

研究與發展活動是企業，特別是高科技企業核心競爭力的源泉和持續發展的動力，其在企業各項經濟活動中佔據著重要的地位，對投資者而言，研發資訊是一項對公司價值進行評估非常重要的資訊。本文針對中國上市高科技企業2012-2014年相關資料的搜集、整理和統計分析，檢驗了研究發展支出及其資本化支出和費用化支出，分別對公司價值的影響，尤其在中國新會計準則實施以後，研發支出的揭露對價值相關性的分析。本文發現企業揭露的研究發展支出資訊對公司價值有正面的影響，投資者對費用化和資本化的研究發展支出都賦予正的價值，但資本化研發支出對投資者的影響大於費用化的研究發展支出。

The research and development activities are the driving force of enterprises, especially they are the core competitivenesses for high-tech enterprises. The information of R & D is very important to investors to evaluate the value of the corporations. This paper analyzed the relevant statistical information of the listed high-tech enterprises in China from 2012-2014. We also examined the impact of research and development expenditure, capitalized expenditure, and expensed expenditure of these listed high-tech companies on their companies' value. This paper found that after the New Accounting Standards has been enforced in China, the impact of R & D expenditure on the value of corporations is positive and the investors have the positive value on the cost and capitalization of research and development expenditure; however the impact of the capitalization of research and development on investors is greater than the cost of the research and development expenditure.

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