研发投入强度和未来市场回报的关系外文翻译.docVIP

外文翻译 The relation between RD intensity and future market returns Material Source:/content/0v6054m521p627n1/ Author: Howard W. H. Chan ·Robert W. Faff Philip Gharghori ·Yew Kee Ho The Australian accounting environment provides an ideal setting for examining the impact of different accounting treatments of firms’ RD activities on their subsequent returns. Unlike US firms, which can only expense RD, Australian GAAP permits firms to either expense or capitalize their RD expenditure. We examine separately the market impact of the RD intensity of all RD active firms, ‘capitalizers’ and ‘expensers’. Our results suggest that firms with higher RD intensity perform better, regardless of the accounting method used, consistent with the resource-based view of the firm. We also find some evidence that firms which expense RD outperform those which capitalize RD after controlling for RD intensity. There has been considerable research interest on the market responses to firms engaging in RD activity. The findings from US studies are somewhat conclusive—firms that are RD intensive earn subsequent positive risk-adjusted returns. A commonly cited reason offered for this finding of positive excess returns relates to the existence of a conservative US accounting standard on research and development (Statement of Financial Accounting Standards No. 2) which requires RD expenditure be recognized as an expense. As a result, there has been a growing chorus from the accounting academic community seeking a reconsideration of SFAS 2, and the possibility of allowing selective capitalization as a replacement for the current overly conservative accounting method. Employing a large sample of Australian firms, our study augments this literature by examining the long-term future returns of firms that choose to adopt different accounting treatments for RD expenditure. Specifically, we investigate this question focusing on the intensity of RD, applying two alternative research methods: (1) buy-hold re