英國的研發(fā)支出對(duì)于會(huì)計(jì)選擇的影響因素和價(jià)值相關(guān)性外文翻譯

1、<p>　　2350漢字，1530中文</p><p><b>　　外文翻譯 </b></p><p>　　The Determinants and Value Relevance of the Choice of Accounting for Research and Development Expenditures in the United

2、Kingdom</p><p>　　Material Source: London Business School Author: Dennis R. Oswald</p><p><b>　　Abstract </b></p><p>　　This paper investigates the determinants and value r

3、elevance implications of the accounting method choice for development expenditures for firms with research and development R&D programs in the United Kingdom UK. Using a sample of 1,780 UK firm-year observations over

4、 1993-1997, of which I classify 231 1,549 firm year observations as Capitalizers Expensers, I find that the decision to expense versus capitalize is influenced by firm size, the intensity of the firm's R&D progra

5、ms, and whether the </p><p>　　Key Words: Research and Development, Accounting choice, Value relevance </p><p>　　Introduction </p><p>　　This paper investigates the determinants and v

6、alue relevance implications of the accounting method choice for development expenditures for firms with research and development R&D programs in the United Kingdom UK. Under UK GAAP certain development expenditures m

7、ay be either capitalized or expensed, with the choice left to the discretion of management. Using the reported disclosures of UK firms including their capitalization and amortization schedules, I examine two questions re

8、lated to the expen</p><p>　　UK GAAP permits, but does not require, the capitalization and subsequent amortization of development expenditures if five conditions are met: 1 There is a clearly defined project;

9、 2 The related expenditure is separately identifiable; 3 The outcome of the project is examined for its technical feasibility and its ultimate commercial viability considered in the light of factors such as likely market

10、 conditions including competing products, public opinion, and consumer and environmental legislation;</p><p>　　My study is related to three areas of research. The first is research on the determinants of cho

11、ices among generally accepted accounting rules. In particular, the first part of my analysis examines UK firms’ elections to capitalize versus expense qualifying development expenditures. The second set of studies to whi

12、ch my paper contributes is research investigating whether and how the choice of accounting method influences the informativeness or value relevance of intangibles. Finally, is research</p><p>　　My first set

13、of tests examines factors that I hypothesize influence the choice of accounting for development expenditures. Based on prior research, I posit that both an industry-specific factor product life cycle and firm-specific fa

14、ctors profitability, leverage, R&D intensity, R&D steady-state, systematic risk and firm size influence this choice. Using a sample of 1,780 UK firm-year observations over 1993-1997, of which I classify 231 1,549

15、 firm-year observations as Capitalizers Expensers2, I f</p><p>　　My second set of tests compare the value relevance of both reported earnings and book values of equity versus adjusted values of these variabl

16、es where the adjustments restate the reported financial information to the alternative accounting method3. The results indicate that Expensers have little to gain, if anything, in terms of value relevance from adjusting

17、their reported numbers to reflect as-if-capitalized numbers. For the Capitalizers, the value relevance of as-if-expensed earnings and book</p><p>　　The rest of the paper is organized as follows. The related

18、literature and motivation for this study are provided in section 2. Section 3 develops the hypotheses and research design. The sample and data requirements are discussed in section 4. Section 5 presents the analysis of t

19、he determinants of the expense versus capitalization decision, and Section 6 reports results on the value relevance of earnings and book value of equity under each accounting method. Section 7 summarizes the results and

20、c</p><p>　　Summary and Conclusion </p><p>　　Using the reported disclosures relating to development expenditures of 1,780 UK firm-year observations over 1993-1997, I investigate two specific ques

21、tions relating to the capitalize versus expense decision: 1 What factors distinguish expensing firms from capitalizing firms?; and 2 Conditional on the choice to expense or to capitalize, does the accounting treatment of

22、 development expenditures affect the value relevance of these firms' earnings and book value of equity? </p><p>　　My first set of tests examines factors that I hypothesize influence the choice of account

23、ing for qualifying development expenditures. Specifically, I use a log it regression of the decision to expense qualifying development expenditures on industry indicator variables to proxy for product life cycle, profita

24、bility, leverage, systematic risk, firm size, R&D intensity and R&D steady-state. The results indicate that larger firms, firms in steady-state and firms with lower R&D intensity are more lik</p><p

25、>　　My second set of tests compares the value relevance of reported earnings and book value of equity to the value relevance of the adjusted values of these variables where the adjustments restate earnings and book val

26、ue of equity to the alternative accounting method. The results conditional on the choice of accounting method for qualifying development expenditures are mixed regarding which method generates the higher value relevant e

27、arnings and book value of equity. Specifically, in some instances,</p><p><b>　　譯文 </b></p><p>　　英國的研發(fā)支出對(duì)于會(huì)計(jì)選擇的影響因素和價(jià)值相關(guān)性</p><p>　　資料來源: London Business School 作者

28、:Dennis R. Oswald </p><p><b>　　摘要 </b></p><p>　　本文探討了英國的研究與開發(fā)支出R&D對(duì)于公司會(huì)計(jì)選擇的影響因素和價(jià)值相關(guān)性。我選取了1993年-1997年中研究的1780個(gè)公司作為樣本,將其231個(gè)分門別類的進(jìn)行研發(fā)費(fèi)用的計(jì)算,從而我發(fā)現(xiàn)這個(gè)決定對(duì)于公司研發(fā)費(fèi)用的強(qiáng)度和對(duì)于公司研發(fā)費(fèi)用的是否穩(wěn)定具有嚴(yán)重的影

29、響。其實(shí)驗(yàn)表明與價(jià)值具有相關(guān)性的費(fèi)用幾乎沒有什么利益可言,如果有什么區(qū)別的話,在從價(jià)值相關(guān)性方面重新調(diào)整他們的報(bào)告收入或者從股權(quán)賬面價(jià)值來核定其資本額。作為資本,如果用支出來作為其收益的價(jià)值是不公平的,因?yàn)樗蟠蟾哂趫?bào)告收入上的價(jià)值而較低于資產(chǎn)的賬面價(jià)值。從額外的分析表明,研發(fā)費(fèi)用的穩(wěn)定和強(qiáng)度對(duì)于財(cái)務(wù)信息的價(jià)值具有輕微的影響,這些結(jié)果都是從美國學(xué)者的研究成果發(fā)現(xiàn)的,研發(fā)支出的資本化將大大提高企業(yè)的財(cái)務(wù)報(bào)表價(jià)值相關(guān)性。 </p>

30、;<p>　　關(guān)鍵詞:研發(fā)費(fèi)用,賬戶分類,價(jià)值相關(guān)性 </p><p><b>　　引言 </b></p><p>　　本文探討了英國在研究開發(fā)支出在會(huì)計(jì)方法的選擇和對(duì)價(jià)值相關(guān)性的影響因素。根據(jù)英國的會(huì)計(jì)準(zhǔn)則關(guān)于管理的謹(jǐn)慎性原則,要合理的劃分資本化支出還是費(fèi)用化支出。利用英國會(huì)計(jì)事務(wù)所對(duì)報(bào)告的披露(包括他們的資本化和攤銷時(shí)間表),我檢查了兩個(gè)關(guān)于小企業(yè)的

31、會(huì)計(jì)問題:1,小企業(yè)是用什么因素來區(qū)分資本化支出還是費(fèi)用化支出?2,這些企業(yè)的財(cái)務(wù)報(bào)表信息對(duì)于資本化支出還是費(fèi)用化支出有什么影響價(jià)值,是作為公允價(jià)值還是作為股權(quán)賬面價(jià)值? </p><p>　　在英國的會(huì)計(jì)準(zhǔn)則規(guī)定,如果需要進(jìn)行資本化以及符合隨后的攤銷必須符合以下五個(gè)條件:1,要有一個(gè)明確定義的項(xiàng)目;2,要有獨(dú)立開支證明;3,該項(xiàng)目在技術(shù)可行性上的研究,即其最終在商業(yè)上的可行性,要考慮一下因素,如可能的市場(chǎng)條件(

32、包括產(chǎn)品競爭性),公眾和消費(fèi)者的意見,對(duì)于環(huán)境的影響;4,要有遞延開發(fā)成本,相關(guān)生產(chǎn),未來的銷售及行政費(fèi)用,以后獲得的其他相關(guān)收入的合理預(yù)計(jì);5,具有充足的資源存在,在合理預(yù)期內(nèi)擁有完成這一項(xiàng)目的充足營運(yùn)資金(1989年會(huì)計(jì)實(shí)務(wù)準(zhǔn)則第十三條)。本文中,我指出的研究開發(fā)支出是符合1-5條的開發(fā)支出,如果符合條件1-5,英國工人的會(huì)計(jì)準(zhǔn)則則不要求其資本化,企業(yè)可以選擇這些費(fèi)用作為費(fèi)用化支出。因此,我研究的假設(shè)是英國費(fèi)用化的公司符合一定條件,

33、并有相應(yīng)的研究開發(fā)支出,而不選擇費(fèi)用化支出(兩者的決定會(huì)對(duì)另外一個(gè)的方法或者估計(jì)有可能產(chǎn)生影響)。 </p><p>　　我的研究有以下三個(gè)領(lǐng)域,第一個(gè)是在公認(rèn)的會(huì)計(jì)準(zhǔn)則下對(duì)選擇的決定因素研究,特別是,我分析的第一部分關(guān)于英國的公司利用選舉資格對(duì)于研究開發(fā)費(fèi)用的利用的探討。我的第二個(gè)論文文獻(xiàn)研究是會(huì)計(jì)核算方法的選擇如何影響信息的相關(guān)性或無形資產(chǎn)價(jià)值。最后一個(gè),是研究相關(guān)的財(cái)務(wù)價(jià)值信息時(shí)對(duì)研究開發(fā)支出的會(huì)計(jì)處理。我

34、的論文也增加了關(guān)于這些處理的兩種方式。第一個(gè)是決定資本化與小企業(yè)樣本的英國公司,要檢查實(shí)際價(jià)值相關(guān)性的影響(不是假象)和對(duì)攤銷規(guī)則的影響。第二個(gè)是我分析了對(duì)于價(jià)值的相關(guān)報(bào)道,于是會(huì)計(jì)師事務(wù)所允許我使用另外一種會(huì)計(jì)處理方式來分析公司價(jià)值之間的關(guān)系和對(duì)財(cái)務(wù)報(bào)表的影響。 </p><p>　　對(duì)于第一組檢驗(yàn)其假設(shè)的影響因素,我選擇了會(huì)計(jì)的發(fā)展支出假設(shè),基于以前的研究,我認(rèn)為這是一種特定的行業(yè)因素產(chǎn)品生命周期和特定的穩(wěn)固

35、因素(盈利能力,杠桿,研發(fā)費(fèi)用強(qiáng)度,研發(fā)的穩(wěn)定遷都,系統(tǒng)的風(fēng)險(xiǎn)性,公司規(guī)模)來影響這一選擇。我用1993年-1997年中研究的1780個(gè)公司作為樣本,將其231個(gè)分門別類的來觀察,我發(fā)現(xiàn)對(duì)于費(fèi)用化和資本化是受到公司規(guī)模(小公司更容易利用),公司的研發(fā)計(jì)劃強(qiáng)度(公司對(duì)于研發(fā)費(fèi)用的利用強(qiáng)度),以及該公司是否相對(duì)于它的研發(fā)項(xiàng)目處于穩(wěn)定狀態(tài)的影響(在穩(wěn)定狀態(tài)下的企業(yè)利用度更高)。 </p><p>　　我的第二種測(cè)試主要

36、是對(duì)賬面價(jià)值的收入和資產(chǎn)的調(diào)整變量的報(bào)道(調(diào)整報(bào)告的金融信息以替代會(huì)計(jì)方法)。結(jié)果表明,費(fèi)用化幾乎沒用利益,如果有,也是價(jià)值相關(guān)性來調(diào)整報(bào)告數(shù)字從而反映資本化的數(shù)字。對(duì)于資本化,如果價(jià)值相關(guān)性的收入和開支賬面價(jià)值不符合股權(quán)則,其低于價(jià)值相關(guān)報(bào)告的財(cái)務(wù)數(shù)據(jù);而差異的大小變化解釋為小,而附加分析的公司穩(wěn)度狀態(tài)和研發(fā)強(qiáng)度水平對(duì)賬面價(jià)值的收入和資產(chǎn)的影響,其結(jié)果表明,穩(wěn)度狀態(tài)和研發(fā)活動(dòng)對(duì)于賬面價(jià)值的收入和資產(chǎn)相關(guān)性只有很小的強(qiáng)度影響。具體來說,

37、其顯著的變化是受到本化和費(fèi)用化的政策影響,與其有較大的區(qū)別在于企業(yè)無論是否有穩(wěn)定狀態(tài)或其研發(fā)費(fèi)用強(qiáng)度高,但對(duì)其規(guī)模還是相對(duì)較小。 </p><p>　　本文的其余本分如下:相關(guān)文獻(xiàn)與本研究目標(biāo)的動(dòng)機(jī)是在第二節(jié)和第三節(jié)的假設(shè)和研究開發(fā)動(dòng)機(jī),樣品和數(shù)據(jù)要求在第4節(jié)討論,第五節(jié)介紹了費(fèi)用化和資本化的決定因素,第六節(jié)是對(duì)會(huì)計(jì)發(fā)權(quán)益中盈余價(jià)值和賬面價(jià)值的研究,第7節(jié)是總結(jié)結(jié)果,并得到結(jié)論。 </p><

38、p><b>　　總結(jié)和結(jié)論 </b></p><p>　　在選取了1993年-1997年中研究的1780個(gè)公司作為樣本,我解決了兩項(xiàng)關(guān)于費(fèi)用的具體問題:1,是什么因素來區(qū)分資本化還是費(fèi)用化? 2, 這些企業(yè)的財(cái)務(wù)報(bào)表信息對(duì)于資本化支出還是費(fèi)用化支出有什么影響價(jià)值,是作為公允價(jià)值還是作為股權(quán)賬面價(jià)值? </p><p>　　在第一組測(cè)試檢驗(yàn)假設(shè)的影響因素,我選擇的

39、是會(huì)計(jì)資格發(fā)展支出,具體來說我使用了羅吉特回歸模式來對(duì)產(chǎn)業(yè)發(fā)展支出進(jìn)行指標(biāo)變量測(cè)試(以產(chǎn)品生命周期為主),其中的指標(biāo)包括盈利能力,杠桿效應(yīng),系統(tǒng)性風(fēng)險(xiǎn),企業(yè)規(guī)模,研究費(fèi)用的穩(wěn)定和強(qiáng)度。其結(jié)果表明,大公司在研究費(fèi)用穩(wěn)態(tài)和強(qiáng)度上更能產(chǎn)生發(fā)展效應(yīng)。 </p><p>　　我的第二組測(cè)試比較了盈余價(jià)值相關(guān)性的股票和賬面價(jià)值對(duì)這些變量的價(jià)值調(diào)整的相關(guān)性(公允價(jià)值對(duì)收入調(diào)整的選擇)。其結(jié)果是有關(guān)收入的賬面權(quán)益價(jià)值符合研究開發(fā)