The Association between R&D Expenditures and Stock Returns
碩士 === 中原大學 === 會計研究所 === 90 === This study analyzes the valuation of R&D expenditures by examining whether the misstatement in reported earnings due to the R&D expensing result in a better association of accounting information and stock returns. In addition, this study groups sample firms b...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2002
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| Online Access: | http://ndltd.ncl.edu.tw/handle/88028197504536551884 |
| Summary: | 碩士 === 中原大學 === 會計研究所 === 90 === This study analyzes the valuation of R&D expenditures by examining whether the misstatement in reported earnings due to the R&D expensing result in a better association of accounting information and stock returns. In addition, this study groups sample firms by R&D intensity and industries, and compares the above issues of capitalization of R&D expenditures.
We find R&D expenditures is positively related to the stock returns, the market valuation of the R&D expenditures is a economics asset of yielding future benefits. Stock market can capture R&D expenditures information, and reflect stock returns. We also find the explanatory power of past R&D expenditures and stock returns is lower by time’s variation. The association of R&D expenditures information and stock returns of high R&D intensive group is higher than low R&D intensity group. The industries issue is not significant statistically.
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