臺灣博碩士論文加值系統

研究發展對總體經濟環境及企業個體之重要性不容置疑，故各國政府與民間莫不積極投入。然現行研究發展成本之會計處理是否會影響市場對公司價值之認知，甚或是企業管理當局之研發支出水準的變動，都是值得關切的問題。市場是否會固著於現行會計盈餘，而未能反應企業投入研發活動的價值？
本論文主要從現金流量的觀點來檢驗市場對研究發展支出性質整認知。研究結果發現：
1. 在現金流量表將研發成本在投資與營業活動中作一適當分類，將能提高對股票報酬之解釋力以反應市場預期。
2. 而且研發成本支出資本化後，研發資本相對於盈餘及現金流量具有增額資訊內涵。
3. 研發支出之效益，整體而言，市場預期有三至四年之未來效益。
4. 市場對研發密度(R&D/Sales)較高的公司，其研發反應係數並未預期有較高的報酬，反而有較低的報酬。
5. 市場對於成長機會(P/B)較高的公司，其研發反應係數有較高的股票報酬。但在統計上不具顯著。
故根據本研究之實證結果，市場似乎認為企業投入的研發支出為具有未來效益之無形資產。我國「一般公認會計原則」可重新考慮將研發支出以資本化並適當攤銷處理。

R&D activities have a great impact on the efficiency and growth of the overall economy and individual firms. In recent years, there is more intensive investment in R&D activities in both the public and private sectors. However, the accounting treatment of R&D expenditures has economic consequences in its own aspects? This implies that the market valuation will depend on the R&D accounting treatment, and it may effect the investment decision of managers. This study examines whether the capital market ignores the mandated expensing of firm’s R&D to make its own judgments about current and future cash flows.
This main findings are as follow. First, cash flow statements reconstructed by assuming different proportions of capitalized R&D can result in a better association of cash flow variables with security returns than that provided under the GAAP requirement of 100% expensing. Moreover, R&D capital have incremental information content conditional on both earnings and cash flow data. That is, the market recognizes the R&D outlays as intangible capital, suggesting the costs and benefit of mandated R&D expensing should be reexamined. Second, in average, the market expects the future benefits of R&D lasts 3 to 4 years. Third, while the higher R&D intensity firms undertake more intensive R&D activities, the market does not expect their R&D expenditures yield greater future benefits than that of the lower R&D intensive firms. Finally, to the extent that the higher growth opportunities, the greater probability that R&D projects will be successful and the greater future benefits, the study finds that the market valuation of the R&D capital of the higher P/B firms is greater than that of the lower P/B firms, although it is not significant statistically.

第一章緒論
第一節研究背景與動機
第二節研究目的
第三節研究架構
第二章文獻探討
第一節研究發展的會計處理
第二節現金流量增額資訊內涵之相關文獻
第三節研究發展會計研究文獻
第三章假說建立與研究設計
第一節假說建立
第二節變數衡量
第三節模型建立
第四節樣本選取
第四章實證結果與分析
第一節樣本公司各變數敘述統計與相係數
第二節研發支出資本化後，對現金流量及盈餘對股價模式之影響
第三節依研發密度及成長機會分組測式
第五章結論與建議
第一節結論
第二節研究限制
第三節研究建議
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