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论文编号：	5267
作者编号：	2120112391
上传时间：	2013/6/5 21:31:20
中文题目：	研发费用资本化信息披露的价值相关性
英文题目：	An Empirical Research about Value Relevance of Capitalized R&D Information Disclosure
指导老师：	李姝
中文关键字：	研发费用资本化，开发支出，信息披露，价值相关性
英文关键字：	capitalized R&D expense, development expense, information disclosure, value relevance
中文摘要：	修订后的《企业会计准则》在2007年正式开始施行，主要修订项目之一是变更了对于研发费用的会计处理方式，由全部计入费用的处理方式修订为有条件资本化的会计处理。有条件地对研发费用进行资本化处理的规定不可避免地会涉及到研发费用会计信息的披露问题，而新准则并未就相关信息披露做出详细的准则要求，导致企业在披露方式及披露质量等方面参差不齐，直到证监会在2010年颁布《公开发行证券的公司信息披露编报规则第15号——财务报告的一般规定（2010年修订版）》中才第一次对研发费用资本化处理的披露格式作出了相关规定，使得企业在进行研发信息披露时能够有法可依。本文探讨的主要问题是《披露编报规则》实行后，企业有条件资本化处理研发费用的过程中相关信息披露的质量对其价值相关性的影响，因此本文将有条件资本化处理研发费用的高科技上市公司分为“规范披露组”和“未规范披露组”两个对照组，研究其在附注中相关会计信息披露的质量是否与股价有相关关系；接下来对研发费用资本化形成的“开发支出”科目是否具有增量价值相关性进行研究；本文进一步对研发费用信息披露质量与开发支出的增量价值相关性是否存在交互作用进行了研究。基于理论和文献的回顾，本文选取《披露编报规则》施行后在主板上市的并对研发费用采用有条件资本化处理的高科技上市公司为研究样本，并选用修正的费尔萨姆—奥尔森线性模型检验价值相关性。回归结果表明研发费用有条件资本化相关会计信息的披露质量与股价显著正相关；本文继续研究了研发费用资本化形成的开发支出的增量价值相关性，并得到了证实；接下来本文研究了研发费用资本化信息披露质量与开发支出增量价值相关性的交互作用，得出的结果表明披露质量与开发支出的交互变量与股价正相关,但不显著。
英文摘要：	One of the important part in 《The revised Accounting for the New Business》 is the revised accounting treatment of research and development expenditures（R&D expense）,the treatment changes R&D expense from expenditure to conditional capi-talization. The rule of conditionally capitalized R&D expense will be inevitably in-volved with the disclosure of the accounting information about conditionally capita-lized R&D expense, while the new accounting standard did not rule about disclosure of the accounting information about conditionally capitalized R&D expense. This sit-uation results in the various levels of disclosure measurement and disclosure quality about conditionally capitalized R&D expense until the publish of make the rules related to the disclosure of conditionally capitalized R&D expense for the first time. This rule enables the enterprises to disclose their conditionally capitalized R&D expense according to the relevant law. This paper tends to investigate the value relevance of conditionally capitalized R&D expense, and we divide the hi-tech samples into two group, that is “Standard disclosure group” and “Partial disclosure group”. The paper will investigate whether the disclosure quality will infect the share price. Furthermore, this paper will continue to analyze the value relevance of development expense. Finally, I try to figure out the interaction effect of information disclosure quality and development expense to the share price. Based on the theoretical foundation and review of literature, the empirical results show the disclosure quality is significantly and positively correlated to share price, furthermore, we continue to argue incremental value relevance of development ex-pense and the hypothesis is confirmed. Finally, we try to testify the effect of the inte-raction term information disclosure quality and development expense to share price, and get the result of that the interaction has a positive but non-significant correlation with share price.
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