研發支出資本化之會計基礎股票評價

Abstract

本文探討企業研發支出資本化之會計理論，首先以國內股票上市公司為實證對象，驗證企業盈餘是否受過去研發投資而產生效益，並依據Feltham and Ohlson(1995)及Bernard(1995)之會計基礎評價模式，比較研發支出資本化與費用化之評價模式特性。本文實證發現如下：(1)上市公司研發支出效益約落後一年，於未來二至五年實現。(2)依據Feltham and Ohlson評價模式，發現研發強度較高之樣本(研發強度達3%以上樣本)，採資本化較採費用化模式之帳面價值係數較小，超常盈餘持續性係數較大，評價模式之解釋能力較高。研發強度較低之樣本(研發強度未達3%樣本)，上述特性則不顯著。

This study investigates the theory of capitalization for R&D expenditures by examining whether the earnings of listed corporations in Taiwan reflect benefits due to the past R&D investments. Based on the valuation model of Fetham and Ohlson (1995) and Bernard (1995), effects of capitalizing and expensing R&D expenditures are compared. The major findings of this study are as follows: (1) The benefits due to R&D of the listed corporations are realized in two to five years and there is almost one-year time lag. (2) Based on the valuation model of Feltham and Ohlson (1995), the capitalization model shows that companies with high R&D intensities have a smaller coefficient for the book value, a greater coefficient for abnormal accounting earnings and higher explanatory power in the valuation model, as compared to the expensing model. But for the less R&D intensity groups, the above effects are not significant.