研發支出資本化與公司價值--以中國電子信息高科技產業為例

Abstract

隨著國際競爭的日趨激烈，產業結構調整升級，研究發展成為當今企業謀求市場佔有率以及未來發展不可缺少的重要工具和手段。研發支出對於企業發展的重要性不言而喻，研發支出資本化與公司價值的關係也是近年來學術界和企業界非常關心的問題。中國高科技產業發展迅速，然而對其研發支出的相關規定實施較晚，2006年新會計準則允許研發支出滿足一定條件下資本化，為本文研究提供良好的條件和基礎。 考慮到研發費用有其獨特的產業特性，本研究選取了研發密度相對較高，且為中國知識密集產業代表的電子信息產業為實證研究對象，以2007~2011年有認列研發費用的滬深上市公司為樣本，將其研發費用資本化，以Tobin’s Q值作為公司價值代理變數，并將公司總資產、負債資本比率、資本支出比率及銷售成長率、資產報酬率作為公司規模、公司財務結構、公司成長性以及公司獲利能力四個方面的控制變數，探討研發支出資本化後如何影響公司價值，並將樣本按照研發比率和營業收入規模分類進行回歸，探討各分類標準下研發投入對公司價值的不同影響。 本研究發現，未進行資本化前，研發支出比率與公司價值關聯性不強，無法體現出研發投入對於公司價值提升的重要性，而研發支出資本化後則可體現其與公司價值相關性，但是呈現顯著負相關關係。此外，資本化後高營收規模或者高研發投入的公司，研發投入對於公司價值影響更顯著。

With the increasingly fierce international competition, industrial restructuring and upgrading, research and development become the indispensable tools and instruments for today’s enterprises to seek market share and future development. The importance of R&D expenditures to enterprise development is self-evident, and the relationship between R&D expenditures and firm value is also the concerning issue in both the academia and the business community in recent years. The high tech industry in China develops rapidly, but the relevant provisions of R&D expenditures carry out quite late. The China’s new accounting standards in 2006 allow the conditional capitalization of R&D expenditures, which provides good conditions and basis for this study. Considering the R&D expenses have their unique industry characteristics, we choose the electronic and information industry which has relative high R&D intensity. We use the listed companies which have disclosed their R&D information in Shanghai and Shenzhen Stock Exchange from 2007 to 2011 as the samples, and use Tobin’s Q as the explanatory variables. We involve four aspects of elements in the research model, that is, corporate size, financial structure, firm growth, and profitability. Since, we use total asset, debt to asset ratio, capex ratio and sales growth rate, and return of asset to be the control variables, and analyze how R&D capitalization will affect firm value. To further discuss about R&D and the firm value, we also separate the samples by R&D intensity and sales to find out whether each dimension affect the value relevance of R&D. In the study, we find that the relationship between R&D expenditure and firm value is not strong before the capitalization, so it cannot reflect the importance of R&D investment to enhance the value of the company. However, the relationship between R&D and firm value becomes significant after capitalization, but it is negative. In addition, the affect becomes more significant in high sales scale or high R&D intensity samples.