Economic Implications of Statement of Financial Accounting Standard NO.2:Review and Synthesis

Abstract

本文旨在評估美國財務會計準則第二號公報（會計研究發展成本）之經濟意義。研究發展活動是美國企業活力的根源之一。第二號公報對財務報表的負面影響導致會計學者欲瞭解此公報的經濟影響程度。除了對小型研究發展公司以外，此公報對研究發展活動並無重大影響；在公報相關發佈日前後股價亦無重大反應。就實證會計理論(positive AccountingTheory)的角度來看，實證結果與紅利假設及槓桿假設(Debt/Equity Hypothesis)所預測者相一致。

This study critically surveys the economic implications of SFAS2 (Statement of Financial Accounting Standard No. 2) based on the literature in relation to economic theory of R&D, market-reaction studies, and positive accounting theory. The economic implications here are defined as the economic importance of R&D, the effects of SFAS2 on the R&D expenditures, stock returns, and the impact of agency relationship (i.e., owner-management and debtholder- management contratual relationships). The SFAS2 has adverse effects on financial statements; thus, it should have negative economic implications. The requirements of SFAS2 eliminate the flexibility of manipulating reported earnings by using R&D costs. This accounting standard decreases the earnings number, retained earnings, and capitalized value. It also increases the variability of the income streams over time. In addition, the requirements of SFAS2 force the firm to fully disclose the financial information of R&D costs in each period, therefore, reduce the competitive edge of the R&D activities. Theoretically, the requirements of SFAS2 should result in lower level of R&D expenditures based on the debt/equity hypothesis, negative stock return surrounding related event dates of this standard, and lesser amounts of bonus given to management. The empirical findings are weak. The R&D expenditures in the post-SFAS2 periods are not significantly different from those of pre-SFAS2 periods. The firms affected by the SFAS2 were fear of the closeness to bond convenant. No significant market reaction was detected. Generally, market did not respone to relevant announcement dates of SFAS2. The results are consistent to bonus hypothesis, however, a firm would also rewrite compensation contract for adapting the requirements of SFAS2.