無(wú)形資產(chǎn)管理、計(jì)量和呈報(bào)外文翻譯

1、<p>　　本科畢業(yè)論文（設(shè)計(jì)）</p><p>　　外 文 翻 譯</p><p>　　外文題目 Intangibles: Management, Measurement, and</p><p>　　Reporting </p><p>　　外文出處 The Broo

2、kings Institution </p><p>　　外文作者 Baruch Lev </p><p><b>　　原文：</b></p><p>　　Intangibles: Management, Measurement, and Reporting&l

3、t;/p><p>　　R&D and the Growth of Business Enterprises</p><p>　　The contribution of R&D to the performance measure (profits ,sales) statistically to R&D expenditures –in the current and

4、previous periods to allow for the delayed effect of R&D on business performance –and by controlling for the effect of other investments (physical assets ) on business performance. This statistical approach to empiric

5、ally address issues concerning intangibles and their private and social impact was frequently used by economists and researchers in related areas. The empirical w</p><p>　　---R&D expenditures contribute

6、significantly to the productivity(value added) and output of firms ,and the estimated rates of return on R&D investment are quite high —as much as—20-35 percent annually – with the estimates varying widely across ind

7、ustries and over time.</p><p>　　--- The contribution of basic research (work aimed at developing new science and technology) to corporate productivity and growth is substantially larger than the contribution

8、 of other types of R&D ,such as product development and process R&D(where the latter is aimed at enhancing the efficiency of production processes).The estimated contribution differential of approximately three to

9、 one in favor of basic research is particularly intriguing ,given the widespread belief that public companies hav</p><p>　　---The contribution of corporate-financed R&D to productivity growth is larger t

10、han corporate-based –but government-financed —R&D (granted primarily to government contractors).The fact that most contracts with the government are based on cost-plus terms may partially explain this findings. This

11、 result should not detract from the significant contribution to the industrial and technological infrastructure of publicly funded research conducted by government agencies and in federal laboratories (su</p><

12、p>　　It should be noted that much of the research summarized above was based on survey data and industry aggregates, due to severe limitations in corporate published data. In fact, most of the examined variables and at

13、tributes—such as basic versus applied research and company versus government-sponsored R&D—cannot be directly estimated from information publicly disclosed to investors. Thus an important implication of these and sim

14、ilar findings is to suggest which kinds of currently unavailable inform</p><p>　　Alternative Output Measures: Market Value and Patent</p><p>　　The research presented above relates R&D inputs

15、 (intensity, capital) to firms’ productivity, sales, or profit growth, in an attempt to estimate the return on corporate investment in innovation as well as to examine macro-economic issues, such as the productivity decl

16、ine in the United States in the 1970s and early 1980s. This methodological approach encounters various problems; in particular the time lag between the investment in R&D and the realization of benefits (such as sales

17、) is often long (</p><p>　　These measurement difficulties have prompted a search for alternative and more reliable indicators of R&D output than reported sales and profitability measures. Two output indi

18、cators have received considerable in attention: capital market values of corporations and patents. Believers in efficient capital markets argue that stock price and returns provide reliable signals of enterprise value an

19、d performance; hence R&D contribution can be evaluated using market values. Patents, and particularly ci</p><p>　　Concerning capital market studies, the research persuasively indicates that investors reg

20、ard R&D as a significant value-increasing activity. For example, a number of event studies register a significantly positive investor reaction (stock price increases) to corporate announcements of new R&D initiat

21、ives, particularly of firms operating in high-technology sectors and using cutting edge technology. When information is available, investors distinguish among different stages of the R&D process—such</p><p

22、>　　The evidence thus indicates unequivocally that investors view R&D expenditures as on average enhancing the value of firms and that that also demonstrate some ability to differentiate the contribution of R&D

23、 across industries, firm sizes, and stages of R&D maturity. Investors’ ability to fine-tune R&D valuations is obviously hampered by the absence of detailed information on these attributes in corporate financial r

24、eports.</p><p>　　Data on R&D expenditures available in financial statements are crude indicators of R&D contribution and value creation: there is productive R&D and wasteful R&D (Motorola and

25、 partners’$5 billion investment in the Iridium satellite communications project, currently in bankruptcy, is an example of the latter). The R&D productivity estimates discussed above obviously averaged the good and t

26、he bad, missing considerable information in the process. In an attempt to improve the estimation of R&D contri</p><p>　　The Findings of Patent Research</p><p>　　Various attributes of patents

27、, such as the number of patents registered by a company (patent counts), patent renewal and fee data, and citations of and to patents were examined by researchers. Both patent counts and the number of innovations emergin

28、g from a company’s R&D program were found to be associated with the level of corporate investment in R&D (the higher the R&D expenditures, the larger, on average, the number of consequent patents and innovati

29、ons) as well as with firms’ market values (</p><p>　　It is clear, however, that patent and innovations are noisy measures of R&D contribution, due to the skewness of their value distributions—that is, th

30、e tendency of a few patents or innovations to generate substantial returns (blockbusters), while the majority turn out to be virtually worthless. Citations (references) to a firm’s patents included in subsequent patent a

31、pplications (forward citations) offer a more reliable measure of R&D value, since such citations are an objective indicator of the</p><p>　　Various studies show that patent citations capture important as

32、pects of R&D value. For example, Manuel Trajtenberg reports a positive association between citation counts and consumer welfare measures for CAT scanners; Hilary Shane finds that patent counts weighted by citations (

33、the firm’s number of registered patents divided by the number of citations by others to these patents) contribute to the explanation of differences in Tobin’s q measures (market value over replacement cost of assets) acr

34、o</p><p>　　In a direct test of the usefulness of patent citation measures as indicators of value, studies have been conducted to examine the ability of various citation-based measures to predict subsequent s

35、tock returns and market-to-book values possess such predictive ability: the number of patents granted to the firm in a given year, the intensity of citations to a firm’s patent portfolio by subsequent patents, and a meas

36、ure based on the number of citation in a firm’s patents (backward citations) to scie</p><p>　　The third measure reflects the scientific intensity of a patent and may provide a proxy for the extent of basic r

37、esearch conducted by the company. The fact that patent indicators are associated with subsequent stock prices and returns suggests that investors are not fully aware of the ability of these measures to convey useful info

38、rmation about firms’ innovation processes and capabilities. This is of course not surprising, given the novelty of patent-related measures as indicators of enterprise </p><p>　　Patents are the intangible ass

39、ets actively traded in markets (see chapter 2), in the form of licensing and sale of patents. An examination of firms’ royalties from the licensing of patents indicates that the volume of royalty income is swiftly increa

40、sing and that investors value a dollar of patent royalties (the implicit, market multiplier of royalty income) two to three times higher than a dollar of regular income. The reason for the high valuation of patent royalt

41、ies probably lies in the stabi</p><p><b>　　Summer</b></p><p>　　R&D, a major form of corporate intangible investment, is found to be an important contributor to firms’ productivit

42、y, growth, and capital market value. The magnitude of this contribution—return on R&D investment —varies across industries and over time but is, by and large, considerably higher than firms’ cost of capital; hence th

43、e value creation capability of R&D. The research record, therefore, strongly supports the assertions made in chapter 2 concerning the scalability of intangibles due to t</p><p>　　In addition to the gener

44、al findings about the positive contribution of R&D to corporate value and growth, the empirical record indicates the following:</p><p>　　---The return on basic (fundamental) research is substantially hig

45、her than that of applied or process R&D.</p><p>　　---Despite the expensing of R&D outlays in financial reports, investors consider R&D an important asset.</p><p>　　---Even for intern

46、et companies, where the uncertainty regarding future benefits is currently considerable, investors value much of the R&D(product development) as an investment (asset) rather than an expense .</p><p>　　--

47、-Patents and their attributes (for example, citations) constitute useful intermediate output measures of R&D value.</p><p>　　---In recent years, Internal R&D has been complemented by acquired R&D

48、 and technology under development, where the latter often surpasses the former in volume of expenditure.</p><p>　　---Royalties from patent licensing are a potent (in terms of creating market value) source of

49、 corporate income.</p><p>　　Organizational Capital</p><p>　　The extensive research focusing on R&D provides important insights about the organization of R&D activities (such as economies

50、 of scale), the private and social returns on R&D, the appropriation of R&D benefits (such as the effectiveness of patent protection), and investor’s valuation of innovation activities. R&D, however, is but o

51、ne component of firms’ intangible capital (knowledge assets), which is of course particularly pronounced in the technology-and science-based sectors. Other components</p><p>　　Resource：Baruch Lev. Intangible

52、s: Management, Measurement and Reporting [M]. The Brookings Institution,2001.55-62.</p><p><b>　　譯文：</b></p><p>　　無(wú)形資產(chǎn)——管理、計(jì)量和呈報(bào)</p><p><b>　　研究開(kāi)發(fā)與企業(yè)成長(zhǎng)</b><

53、/p><p>　　通過(guò)將工作指標(biāo)（利潤(rùn)、銷(xiāo)售收入）系統(tǒng)地與研究開(kāi)發(fā)支出（在當(dāng)期和以前各期中允許在經(jīng)營(yíng)業(yè)績(jī)上的遞延效應(yīng)）相聯(lián)系可以得出研究開(kāi)發(fā)的貢獻(xiàn)，同時(shí)控制其他投資形式對(duì)經(jīng)營(yíng)業(yè)績(jī)的影響。這種統(tǒng)計(jì)方法實(shí)證了關(guān)于無(wú)形資產(chǎn)和它們的私人和社會(huì)影響，被相關(guān)領(lǐng)域的經(jīng)濟(jì)學(xué)家和研究者廣泛地應(yīng)用。實(shí)證工作開(kāi)始于廣泛的歷史案例研究分析，大量樣本（具代表性的）分析產(chǎn)生了研究開(kāi)發(fā)對(duì)生產(chǎn)率和增長(zhǎng)率的數(shù)據(jù)。這些研究取得了一些重要發(fā)現(xiàn)：</

54、p><p>　　——研究開(kāi)發(fā)支出對(duì)于生產(chǎn)率（價(jià)值增長(zhǎng)）和產(chǎn)出數(shù)據(jù)具有重大貢獻(xiàn)，而且估計(jì)的研究開(kāi)發(fā)投資回報(bào)率非常高，相當(dāng)于每年20%-35%，但在不同行業(yè)和不同時(shí)期估計(jì)值的變化較大。</p><p>　　——基礎(chǔ)研究（旨在開(kāi)發(fā)新科學(xué)和新技術(shù)）對(duì)于公司生產(chǎn)率和增長(zhǎng)率的貢獻(xiàn),本質(zhì)上大于其他形式的研究開(kāi)發(fā)，如產(chǎn)品開(kāi)發(fā)和加工研究開(kāi)發(fā)（后者目的在于提高產(chǎn)品加工效率）。基礎(chǔ)研究相對(duì)與應(yīng)用研究的貢獻(xiàn)的差異比是

55、3：1，這個(gè)差額非常具有吸引力。使得大眾普遍認(rèn)為上市公司最近已經(jīng)削減了對(duì)基礎(chǔ)研究的支出，部分原因在于許多財(cái)務(wù)分析師和機(jī)構(gòu)投資者對(duì)商業(yè)化的基礎(chǔ)研究的懷疑?；A(chǔ)研究當(dāng)然比應(yīng)用研究開(kāi)發(fā)（見(jiàn)第二章）更具風(fēng)險(xiǎn)，但風(fēng)險(xiǎn)差異并不足以解釋基礎(chǔ)研究3：1的生產(chǎn)率優(yōu)勢(shì)。</p><p>　　——公司融資的研究開(kāi)發(fā)對(duì)于生產(chǎn)率增長(zhǎng)的貢獻(xiàn)要高于一公司為基礎(chǔ)的政府融資的研究開(kāi)發(fā)（政府許可）。事實(shí)上，大多數(shù)與政府簽訂的合同都是基于成本加成條款

56、，也許可以部分解釋這些發(fā)現(xiàn)。這結(jié)果不能減損政府部門(mén)在聯(lián)邦實(shí)驗(yàn)室進(jìn)行的公共研究對(duì)于工業(yè)和技術(shù)的基礎(chǔ)設(shè)施的重大貢獻(xiàn)，以及大學(xué)研究對(duì)于技術(shù)的巨大貢獻(xiàn)。</p><p>　　需要指出的是鑒于公司公布的數(shù)據(jù)具有嚴(yán)重的局限性，以上概述的很多研究總結(jié)以調(diào)查數(shù)據(jù)和工業(yè)聯(lián)合體為基礎(chǔ)。事實(shí)上，大多數(shù)檢驗(yàn)變量和特征（如基礎(chǔ)與應(yīng)用研究、公司發(fā)起與政府發(fā)起研究開(kāi)發(fā)）不能直接由向投資者公布的信息中獲得。因此這些發(fā)現(xiàn)和類似發(fā)現(xiàn)的一個(gè)重要啟示就

57、是那些現(xiàn)在未公布的信息是對(duì)經(jīng)理人員、投資者和政策制定者有用的信息。</p><p>　　產(chǎn)出計(jì)量指標(biāo)的選擇：市場(chǎng)價(jià)值和專利</p><p>　　上述研究將研發(fā)投入（強(qiáng)度、資本）與公司生產(chǎn)率、銷(xiāo)售收入和利潤(rùn)增長(zhǎng)相聯(lián)系，試圖估計(jì)公司在創(chuàng)新上的投資回報(bào)和檢驗(yàn)宏觀經(jīng)濟(jì)問(wèn)題，如20世紀(jì)70年代和80年代早期美國(guó)生產(chǎn)率的下降。這些方法遇到許多問(wèn)題；特別是研究開(kāi)發(fā)的投入和收益（如銷(xiāo)售收入）的實(shí)現(xiàn)過(guò)程中存

58、在的時(shí)滯，時(shí)間長(zhǎng)且不被知道，增加了估計(jì)研究開(kāi)發(fā)貢獻(xiàn)的不確定性。而且有偏見(jiàn)和歪曲的利潤(rùn)報(bào)告——產(chǎn)生于企業(yè)操縱利潤(rùn)的企圖（見(jiàn)第4章）——可能會(huì)模糊研發(fā)與其帶來(lái)的收益的關(guān)系。</p><p>　　這些計(jì)量上的難點(diǎn)促使人們?nèi)ふ铱商娲暮洼^銷(xiāo)售收入、盈利水平更可信的研究開(kāi)發(fā)產(chǎn)出指標(biāo)。研究人員開(kāi)始關(guān)注兩個(gè)產(chǎn)出指標(biāo)：公司的資本市場(chǎng)價(jià)值和專利。有效市場(chǎng)的信奉者認(rèn)為股票價(jià)值和回報(bào)為企業(yè)和業(yè)績(jī)提供了可靠的指標(biāo)，所以研究開(kāi)發(fā)貢獻(xiàn)可以

59、用市場(chǎng)價(jià)值評(píng)價(jià)。專利（特別是專利的引用）為研究開(kāi)發(fā)和公司技術(shù)提供了另一個(gè)價(jià)值指標(biāo)。</p><p>　　資本市場(chǎng)的研究普遍說(shuō)明了投資者認(rèn)為研究開(kāi)發(fā)是一項(xiàng)重要的價(jià)值增值活動(dòng)。例如，許多事件研究表明投資者對(duì)于公司（尤其是高新技術(shù)和邊緣技術(shù)公司）宣布研究開(kāi)發(fā)活動(dòng)的啟動(dòng)作出了積極反應(yīng)（股價(jià)上漲）。如果投資者可以獲得相關(guān)的信息，他們就會(huì)區(qū)分研究開(kāi)發(fā)過(guò)程中的不同階段（例如方案的啟動(dòng)階段還是最終的商業(yè)化階段），并且給予接近商業(yè)

60、化的成熟的研究開(kāi)發(fā)最高的報(bào)酬。同時(shí)，計(jì)量經(jīng)濟(jì)學(xué)研究將公司的市場(chǎng)價(jià)值同研究開(kāi)發(fā)強(qiáng)度、市場(chǎng)價(jià)值與賬面價(jià)值比同研究開(kāi)發(fā)強(qiáng)度相聯(lián)系，得出了正向的具有統(tǒng)計(jì)意義的相關(guān)估計(jì)值。進(jìn)一步探索這些數(shù)據(jù)，我們發(fā)現(xiàn)投資者對(duì)于大公司的每一美元的研究開(kāi)發(fā)投資的估價(jià)要高于小公司，這可能反映了研究開(kāi)發(fā)的規(guī)模經(jīng)濟(jì)。例如，當(dāng)大公司進(jìn)行其他項(xiàng)目研究時(shí)，可能會(huì)吸取以往研發(fā)失敗的教訓(xùn)并從中獲益。</p><p>　　有明顯的證據(jù)表明，投資者認(rèn)為研究開(kāi)發(fā)將

61、提高公司的價(jià)值，并且投資者表現(xiàn)出了區(qū)分不同行業(yè)、公司規(guī)模和成熟階段的研究開(kāi)發(fā)貢獻(xiàn)一定的能力。然而，財(cái)務(wù)報(bào)表中沒(méi)有披露有關(guān)這些特征的信息，從而阻礙了投資者調(diào)整研究開(kāi)發(fā)評(píng)價(jià)的能力。</p><p>　　從財(cái)務(wù)報(bào)表中得到的研究開(kāi)發(fā)數(shù)據(jù)是研究開(kāi)發(fā)貢獻(xiàn)和價(jià)值創(chuàng)造的粗糙的指標(biāo)：其中既有高效率的研究開(kāi)發(fā)也有無(wú)效的研究開(kāi)發(fā)（摩托羅拉公司及其合作者投資50億美元用于銥衛(wèi)星通訊工程，這項(xiàng)工程現(xiàn)已破產(chǎn)，該事件就是后者的例證）。研究開(kāi)發(fā)

62、生產(chǎn)率的估計(jì)將成功的和失敗的研究開(kāi)發(fā)平均計(jì)量，丟失了該過(guò)程中的大量信息。為了優(yōu)化研究開(kāi)發(fā)貢獻(xiàn)的估價(jià)，研究人員嘗試運(yùn)用專利，認(rèn)為專利是研究開(kāi)發(fā)的中間產(chǎn)出估價(jià)（當(dāng)然最終的研究開(kāi)發(fā)產(chǎn)出估價(jià)是研究開(kāi)發(fā)投資帶來(lái)的收益，如銷(xiāo)售收入和成本的節(jié)約）。專利只是部分的研究開(kāi)發(fā)產(chǎn)出指標(biāo)，因?yàn)椴⒎撬械难芯块_(kāi)發(fā)項(xiàng)目都獲得專利。然而，專利研究提供了一個(gè)引人注意的視角。</p><p><b>　　專利研究的發(fā)現(xiàn)</b>

63、;</p><p>　　研究人員檢驗(yàn)了各種研究開(kāi)發(fā)的特征，如一個(gè)公司注冊(cè)專利的數(shù)目（專利計(jì)數(shù)），專利更新和費(fèi)用數(shù)據(jù)，以及專利的引用與被引用。專利數(shù)和公司研究開(kāi)發(fā)方案中出現(xiàn)的創(chuàng)新數(shù)目被發(fā)現(xiàn)與公司的研究開(kāi)發(fā)投資（一般而言，公司的研究開(kāi)發(fā)開(kāi)支越大，專利和創(chuàng)新的數(shù)目越多，市場(chǎng)價(jià)值越大）相關(guān)。這樣專利就既與創(chuàng)新過(guò)程中的投入（研究開(kāi)發(fā)）相關(guān)也于產(chǎn)出（市場(chǎng)價(jià)值）相關(guān)，所以是一個(gè)有意義的中介價(jià)值計(jì)量指標(biāo)。</p>

64、<p>　　然而，專利和創(chuàng)新顯然是研究開(kāi)發(fā)貢獻(xiàn)的夸大計(jì)量，因?yàn)樗鼈兪莾r(jià)值偏態(tài)分布——即少部分創(chuàng)新能夠產(chǎn)生巨大的回報(bào)（一鳴驚人），而絕大部分創(chuàng)新實(shí)際上一文不值。公司專利研究的應(yīng)用，包括了以后的專利應(yīng)用（專利的進(jìn)一步引用），為研究開(kāi)發(fā)價(jià)值提供了更為可靠的計(jì)量指標(biāo)，因?yàn)閷＠囊每陀^地體現(xiàn)了公司研究能力和研究開(kāi)發(fā)活動(dòng)對(duì)以后科技發(fā)展的影響。</p><p>　　各種研究表明專利引用抓住了研究開(kāi)發(fā)價(jià)值的一個(gè)重要方

65、面。例如，曼紐爾·特雷杰坦恩伯格指出專利引用數(shù)和消費(fèi)者對(duì)于計(jì)算機(jī)X射線軸向分層造影掃描機(jī)的效用評(píng)價(jià)之間存在正相關(guān)關(guān)系；希拉里·沙恩發(fā)現(xiàn)用引用率（他人引用專利數(shù)與公司注冊(cè)專利數(shù)之比）衡量的專利計(jì)數(shù)可以解釋不同半導(dǎo)體公司之間托賓q值（市場(chǎng)價(jià)值高于資產(chǎn)重置成本）的差異；布朗恩·霍爾和他的同事報(bào)告：以引用率計(jì)量的公司專利數(shù)與公司市場(chǎng)價(jià)值正相關(guān)（在控制了研究開(kāi)發(fā)資金之后）。這樣專利及特點(diǎn)反映了投資者評(píng)價(jià)公司價(jià)值的技術(shù)

66、要件。</p><p>　　一項(xiàng)直接測(cè)試價(jià)值指標(biāo)有用性的研究檢驗(yàn)了引用估計(jì)指標(biāo)預(yù)測(cè)上市公司股票收益和市凈率的能力。研究發(fā)現(xiàn)有三個(gè)方法具有預(yù)測(cè)能力：在某一年度授予某一公司的專利數(shù)量、接下來(lái)的專利對(duì)公司專利組合引用的廣度、科學(xué)雜志（與以前的專利引用不同）引用公司專利數(shù)（追溯引用）。</p><p>　　第三個(gè)方法反映了一項(xiàng)專利的科學(xué)強(qiáng)度，可以代表公司進(jìn)行基礎(chǔ)研究的程度。專利指標(biāo)與股票價(jià)格和回報(bào)

67、相關(guān)的事實(shí)說(shuō)明投資者并非完全沒(méi)有意識(shí)到這些指標(biāo)具有提供有關(guān)公司創(chuàng)新過(guò)程的有用信息的能力。這樣就難怪將與專利相關(guān)的計(jì)量方法作為企業(yè)價(jià)值的指標(biāo)。</p><p>　　專利的買(mǎi)賣(mài)方式有許可證交易會(huì)和專利出賣(mài)兩種，它是市場(chǎng)中交易最活躍的無(wú)形資產(chǎn)（見(jiàn)第2章）。有關(guān)公司專利執(zhí)照的特許權(quán)使用費(fèi)的一項(xiàng)研究表明特許權(quán)使用費(fèi)收入正在迅速提高，并且投資者對(duì)于每一美元的特許權(quán)使用費(fèi)（特許權(quán)使用費(fèi)收入的隱性市場(chǎng)增值器）的估價(jià)要比常規(guī)的收入

68、高出兩到三倍。高估特許權(quán)使用費(fèi)價(jià)值的原因在于這些收入相對(duì)于其他短期收入要素的較為穩(wěn)定（專利通常要授權(quán)一定的年度）。專利的特許權(quán)使用費(fèi)的研究開(kāi)發(fā)公司的價(jià)值評(píng)估要高于沒(méi)有特許權(quán)使用費(fèi)的公司，這可能是由于投資者認(rèn)為能夠授予專利的公司研究開(kāi)發(fā)的質(zhì)量較高和前景較光明。</p><p><b>　　小結(jié)</b></p><p>　　研究開(kāi)發(fā)作為企業(yè)一項(xiàng)主要的無(wú)形資產(chǎn)投資，對(duì)企業(yè)生

69、產(chǎn)率、成長(zhǎng)率和資本市場(chǎng)價(jià)值具有重大的貢獻(xiàn)。雖然不同產(chǎn)業(yè)化不同時(shí)期的貢獻(xiàn)——研究開(kāi)發(fā)投資回報(bào)——不同，但是總體來(lái)說(shuō)其貢獻(xiàn)要遠(yuǎn)遠(yuǎn)高于企業(yè)的資本成本，所以研究開(kāi)發(fā)具有價(jià)值創(chuàng)造能力。研究報(bào)告強(qiáng)烈地支持了第2 章中提出的以下論斷：研究開(kāi)發(fā)的非獨(dú)占性導(dǎo)致了研究開(kāi)發(fā)可計(jì)量性，研究開(kāi)發(fā)回報(bào)遞增，以及許多無(wú)形資產(chǎn)具有正網(wǎng)狀效應(yīng)（外部性）。</p><p>　　除了關(guān)于研究開(kāi)發(fā)對(duì)公司價(jià)值和成長(zhǎng)性積極貢獻(xiàn)的普遍的發(fā)現(xiàn)外，實(shí)證研究還表明

70、：</p><p>　　——基礎(chǔ)研究遠(yuǎn)遠(yuǎn)高于應(yīng)用性或加工性研究開(kāi)發(fā)的投資回報(bào)。</p><p>　　——盡管研究開(kāi)發(fā)支出在財(cái)務(wù)報(bào)表中費(fèi)用化，投資者仍認(rèn)為研究開(kāi)發(fā)是一項(xiàng)重要的資產(chǎn)。</p><p>　　——即使是未來(lái)收益具有極大不確定性的網(wǎng)絡(luò)公司，投資者將研究開(kāi)發(fā)（產(chǎn)品開(kāi)發(fā)）視為投資（資產(chǎn)）而不是支出。</p><p>　　——專利及其特征（如

71、引用）構(gòu)成了研究開(kāi)發(fā)價(jià)值的中介產(chǎn)出計(jì)量。</p><p>　　——近幾年，外購(gòu)的研究開(kāi)發(fā)和技術(shù)補(bǔ)充了內(nèi)部研究開(kāi)發(fā)，其中前者的支出要高于后者。</p><p>　　——專利的特許權(quán)使用費(fèi)是公司（按照創(chuàng)造的市場(chǎng)價(jià)值）收入的一個(gè)潛在來(lái)源。</p><p><b>　　組織資本</b></p><p>　　以研究開(kāi)發(fā)為中心的深入

72、研究提供了重要的見(jiàn)解，關(guān)于：研究開(kāi)發(fā)活動(dòng)結(jié)構(gòu)（如規(guī)模經(jīng)濟(jì)）、研究開(kāi)發(fā)的私人和社會(huì)回報(bào)、研究開(kāi)發(fā)收益的分配（如專利保護(hù)的效用）、投資者對(duì)研究開(kāi)發(fā)活動(dòng)的評(píng)價(jià)。然而，研究開(kāi)發(fā)只是公司無(wú)形資產(chǎn)（知識(shí)資產(chǎn)）的一個(gè)組成部分，而在科技部門(mén)無(wú)形資產(chǎn)的作用是顯而易見(jiàn)的。無(wú)形資產(chǎn)的其他部分（人力資源與組織資本）受到的關(guān)注程度要少于研究開(kāi)發(fā)。因此，我們對(duì)這些重要的無(wú)形資產(chǎn)的有關(guān)知識(shí)至多只是基本的。</p><p>　　資料來(lái)源：巴魯.