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以2007—2009年年报披露的研发投入且数据完整的508家上市公司为样本,构建多元回归模型,实证检验R&D投入的两种报告方法(费用化vs资本化)的价值相关性。研究结果表明,资本化R&D投入是与价值相关的,它与股票价格负相关,与股票收益正相关,资本化R&D投入对股票收益具有增量解释能力。费用化R&D投入与股票价格和收益负相关,向投资者传递了消极信息。
Based on the sample data of 508 listed companies with complete R & D investment disclosed in the 2007-2009 annual report, a multiple regression model was constructed to empirically test the value relevance of the two reporting methods of R & D investment (cost-to-capitalization). The results show that the capitalized R & D investment is value-related. It is negatively correlated with the stock price and positively correlated with the stock return. The capitalized R & D investment has the ability to explain the stock returns incrementally. Spending R & D investment was negatively correlated with stock prices and earnings, sending negative messages to investors.