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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/53249


    Title: 「智慧資本之研究---管理議題探討」三年整合型計畫-子計畫六---創新資本投入與產出品質之跨國分析
    Other Titles: A Global Analysis of the Association between Innovation Capital Input and Output Quality
    Authors: 詹凌菁;金成隆
    Contributors: 國立政治大學會計學系
    行政院國家科學委員會
    Keywords: 創新資本;研究發展支出;專利;財務報導動機;分析師預測特性;國際會計準則之落實
    Innovation capital;RR&D expenditures;Patents;Reporting incentives;analysts` forecast properties;IFRS implementation
    Date: 2010
    Issue Date: 2012-06-26 14:57:46 (UTC+8)
    Abstract: 隨著透過無實體知識基礎資源來創造價值的企業逐漸增加，以致產生了傳統財務報表可能較為 缺乏價值攸關性的論點 (Lev and Sougiannis, 1996)。研究發展(R&D)投資是公司最重要的策略之 一，縱使投資於研究發展並無法每次都產生即時的產品創新，公司還是需要做此一決策。而大眾所 能獲取的研究發展資訊，僅為一小部分。在研究發展資訊相對缺乏的情況下，造成公司管理階層與 外部投資人之間的資訊不對稱。專利權通常被視為研究發展活動的成果，而完成申請專利權的人有 權利去排除其他競爭者使用這個已取得專利權的發明，並且創造了法律上的獨占地位。如此，專利 權相關的衡量方法對於評估一家公司新產品及流程其技術上的競爭力是相當有用，並且其衡量方法 為創新產出很好的指標。在本研究計畫中，我們將以跨國分析的方式，檢視在不同監理制度下，研 究發展投入及專利權品質的相關程度。另外，因國際財務會計準則無形資產的認列要件可能與各地 的會計實務不盡相同，故關於逐漸趨同於國際財務會計準則的議題，也是本研究所欲探討的範疇。 國際會計準則將重點放在公平價值以及資產負債的評價上，只要符合特定的要件（IAS 38）則允許 將內部發展之無形資產或研究發展支出資本化。 公司股東擔心經理人會從事高風險的投資，並將該投資利益歸屬於自身。研發支出在會計實務 上係以費用化處理，此舉將會更進一步惡化管理階層與投資人之間資訊不對稱的情況。企業對於盈 餘管理之動機可能會因國家的不同而有所差異。Leuz et al. (2003) 研究發現，企業從事盈餘管理的 情況在缺乏投資者保護的國家較為普遍。Garcia Lara et al. (2005) 研究結果顯示，在投資人受保護 程度較低的制度環境，與企業具有較集中的股權結構時，經理人會採取降低淨利之盈餘管理方式。 本研究計畫的第一年，我們將會檢視盈餘管理動機的不同是否會影響創新資本投入與產出品質間的 關聯性。 在本研究計畫的第二年中，我們將進一步研究，於不同的制度下，研發支出與專利權相關之特 性，以及其在有經驗的市場參與者其決策過程中所扮演的角色。分析師為財務資訊的中介者，其能 將有價值的資訊反應在對企業所作之財務預測上，而該預測可能會影響到證券價格。因此，在第二 年計畫中，我們著重於財務分析師之盈餘預測。Hope (2003) 研究發現當國家的會計準則制定結構 具有強制力時，這將提高分析師財務預測的準確性。我們將檢視不同的制度環境是否會影響分析師 在預測財務或非財務資訊的特性。 在本研究計畫的第三年，我們會特別關注在財務報導環境之變動。我們將找出最近採用國際會 計準則之國家，研究該無形資產之價值攸關性於採用準則前後的變動情形，此一會計管制上的改變 是否加強研究發展投入與產出品質之間的相關性，以及此變動是否會影響分析師的預測行為。
    Businesses are increasingly creating value through knowledge-based resources that lack physical substance which leads to the argument that conventional financial statements may have become less value-relevant (Lev and Sougiannis, 1996). Research and development (R&D) investment is one of the most important corporate strategies that firms have to make despite that investments in R&D do not always result in immediate product innovation. Little information on R&D is available to the public. The relatively scarce information about R&D contributes to information asymmetries between corporate management and outside investors. Patents are usually seen as the accomplishments of R&D activities as successful applicants have the right to exclude other competitors from making use of the patented invention and create a legal monopoly. Thus, patent-related measures are useful to assess the technological competitiveness of a firm`s new products and processes and are good indicators of innovation output. In this project, we will conduct a global study to investigate the extent to which R&D inputs and patent quality are correlated in different regulatory and institutional environments. In addition, the ongoing international convergence toward International Financial Reporting Standards (IFRS) is also of interest to this project as the recognition criteria of intangible assets may be different from the local accounting practice. International Accounting Standards (IAS) emphasizes fair values and balance sheet valuation and allows capitalization of internally developed intangibles or R&D if certain criteria are met (IAS 38). Shareholders have fear of managers engaging in high risk investments and transferring benefits to themselves. The accounting practice of the immediate expense of R&D further exacerbates information asymmetry between management and outside investors. The incentives for earnings management may be different across countries. Leuz et al. (2003) find that earnings management is more pervasive in countries where investors’ protection is weak. Garcia Lara et al. (2005) show that managers engage in income decreasing strategies in institutional contexts with weaker investor protection and less dispersed ownership structure. In the first year of the project, we would examine whether difference in the incentives for earnings management influences the correlation between innovation input and output quality. In the second year, we further investigate the role of R&D and patent-related attributes in the decision process of sophisticated market participants across different institutional settings. We focus on financial analysts as information intermediaries as the ability of analysts to incorporate value-relevant information in their forecasts may impact security prices. Hope (2003) finds that strong enforcement of accounting standards is associated with higher forecast accuracy. We would examine whether different institutional settings affect the characteristics of analysts’ forecasts in incorporating financial and non-financial information.In the third year, we focus particularly on the change in financial reporting environment. We would investigate the value-relevance of intangibles pre and post the regulatory change for countries that recently converge toward IFRS and whether such a change of accounting regulation strengthens the correlation between innovation input and output quality and influences analysts’ forecast behavior.
    Relation: 應用研究
    學術補助
    研究期間:9908~ 10007
    研究經費:456仟元
    Data Type: report
    Appears in Collections:[會計學系] 國科會研究計畫

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