重新审视研发活动提高价值相关性的能力

IF 4.5 3区 管理学 Q1 BUSINESS
Dedhy Sulistiawan, Felizia Arni Rudiawarni
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引用次数: 0

摘要

本文旨在评估应计项目对股票价格的信息影响。投资者可能会误解应计项目所包含的信息,并产生应计项目异常。应计会计通过提供有用的信息提高了财务报表的质量,尽管它也包含判断,而且不如经营现金流客观。我们的研究对象是在纳斯达克证券交易所(NASDAQ)上市的公司,作为科技驱动型企业和企业家的著名证券交易所的代表。我们的研究发现,应计项目仍然具有相关性。我们的研究发现,应计项目仍然具有相关性,但是,对于非技术企业和没有无形资产的企业而言,研发支出降低了应计项目解释股价的能力。在只分析科技公司(和拥有无形资产的公司)之后,我们的测试表明,研发支出提高了应计项目的相关性。这些发现同时适用于纳斯达克和上交所。实践意义实践者和投资界可以从中获得关于研究与开发支出的确认和计量如何影响价值相关性的宝贵见解。只有在拥有无形资产和从事技术行业的企业中,研发信息才会提高相关性。原创性/价值本文通过比较两个国家对研发的不同认可度,利用研发支出影响应计项目的信息相关性,为我们提供了有益的启示。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Revisiting the ability of research and development activities to improve value relevance

Purpose

This article aims to evaluate the informativeness of accruals on stock prices. Investors may misinterpret the information contained in accruals and produce accrual anomalies. Accruals accounting improves the quality of financial statements by providing useful information, although it also contains judgments and is less objective than operating cash-flows.

Design/methodology/approach

We employ data panel regression analysis to investigate the value relevance of financial information. Our study takes the object of companies listed on the Nasdaq stock exchange (NASDAQ) as the representative of the prominent stock exchange for technology-driven enterprises and entrepreneurs. Expanding the findings, we also use Shanghai Stock Exchange (SSE) data.

Findings

Our research finds that accruals are still relevant. However, firms with R&D expenditures reduce the ability of accruals to explain stock prices for non-technology firms and firms without intangible assets. After analyzing only tech firms (and firms with intangible assets), our tests show that R&D expenditures improve the relevancy of accruals. These findings apply to both Nasdaq and SSE.

Practical implications

Practitioners and the investment community get valuable insights into how the recognition and measurement of R&D expenditures affect the value relevance. Information about R&D increases relevancy only in firms with intangible assets and those that operate in the technology industry.

Originality/value

Our paper provides benefits by using R&D expenses to affect accruals' informativeness by comparing two countries with different recognition of R&D.

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来源期刊
CiteScore
8.60
自引率
9.80%
发文量
58
期刊介绍: Business processes are a fundamental building block of organizational success. Even though effectively managing business process is a key activity for business prosperity, there remain considerable gaps in understanding how to drive efficiency through a process approach. Building a clear and deep understanding of the range process, how they function, and how to manage them is the major challenge facing modern business. Business Process Management Journal (BPMJ) examines how a variety of business processes intrinsic to organizational efficiency and effectiveness are integrated and managed for competitive success. BPMJ builds a deep appreciation of how to manage business processes effectively by disseminating best practice. Coverage includes: BPM in eBusiness, eCommerce and eGovernment Web-based enterprise application integration eBPM, ERP, CRM, ASP & SCM Knowledge management and learning organization Methodologies, techniques and tools of business process modeling, analysis and design Techniques of moving from one-shot business process re-engineering to continuous improvement Best practices in BPM Performance management Tools and techniques of change management BPM case studies.
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