台灣IC設計業之研發資本化與股東財富遞延效果

Abstract

企業投入研究發展最主要的目的在於提升企業競爭力以及開拓未來的獲利能力，然而將此研究發展支出列為費用之處理方法，在未來的財務報表上將無法窺探企業研發活動的成果，因此研究發展支出費用化或資本化的採行將會顯著影響會計的資訊攸關性。 考量到研發費用有其獨特的產業特性，本研究以研發密度相對較高，且為台灣知識密集產業之代表的IC 設計產業為實證研究對象，以2003~2007 年有認列研發費用的上市公司為樣本，將其研發費用資本化，並納入公司資產、資產報酬率、負債資本比以及β作為公司規模、公司獲利能力、公司財務結構以及公司特有風險四方面的控制變數，探討研究發展資本如何影響股價報酬率，並將樣本以營業收入及研發密度分類進行迴歸，探討在各分類標準下研發效益之變化。 本研究發現，台灣IC 設計業之研發遞延效應發生在當期及落後一期間，且高研發密度者之研發資本股價報酬攸關性，不論在高營業收入或低營業收入之群組皆較高，說明研究發展活動有利於公司績效。也因研發資本具有股價報酬攸關性，對投資人而言，在進行如IC 設計業這種知識密集產業，將研發資本化之調整納入考慮將能更確切地描述公司價值與市場報酬之關聯性。

Entrepreneurs invested in research and development because of the expectations on future profit and the competitive of their corporation. Despite the importance of R&D, the accounting method regarding R&D doesn’t have a final conclusion. Based on the conservative and steady principle, most of the accounting standards treat R&D as expenses. However, if we regard R&D as expenses, we can never find out the R&D results from the financial statement, and it will strongly affect the informative of the accounting information. Considering the R&D expenses have their unique industry characteristics, we choose IC fabless companies which have relative high R&D intensity to be the sample. We involve four aspects of elements in the research model, that is, corporate size, profitability, financial structure, and corporate system risk. Since, we use total asset, return of asset, debt to asset ratio, and β to be the control variables, and analyze how R&D capital will affect current stock price return. To further discuss about the stock return informativeness, we also separated the samples by sales and R&D intensity to find out whether each dimension affect the stock return informativeness of R&D. In the study, we find that stock return reflect benefits from past R&D expenditures for IC fabless industry in Taiwan, and the lag effect occur among one year after the R&D investment, which means R&D capital is relevant to long-run stock return. in addition, we find that the stock return informativeness of R&D is higher in high R&D intensity sample group than that of low R&D intensity. That is, the conclusion suggests that R&D is beneficial for corporation performance.