申請專利，企業(yè)技術(shù)創(chuàng)新的特點和財務(wù)績效的實證研究【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：PatentingActivityFirmInnovationacteristicsFinancialPerfmance:anEmpiricalInvestigationOverthepastthreedecadesbusinessganizationshaveexperiencedunprecedentedchangesonseveralfronts.Technologicaladvanceme

2、nts(e.g.lowcostptablecomputingtelecommunicationdevicesinter)globalizationincreasedcompetitionderegulationareexamplesofchangesthatfirmshaveexperiencedtheimpactoftheserealitiesshouldbereflectedinfinancialrepts(LevZarowin19

3、99；BismuthTojo2008).Brownetal.(1999)documentadeclineintherelevanceoffinancialstatementinfmationtofirmvalue.AccdingtotheauthsthistrendbeganafterWldWarIIcoincideswiththedeclineofhardassetsastheprimarysourceofvaluefmostfirm

4、s.Inthelate1990sseveralotheraccountingresearchersvoicedconcernsaboutthevaluerelevanceoffinancialstatementsthefinancialreptingmodel(e.g.FrancisSchipper1999；LevZarowin1999).Criticismofthecurrentfinancialreptingmodelwasalso

5、offeredbytheAmericanInstituteofCertifiedPublicAccountants(AmericanInstiuteofCertifiedPublicAccountants(AICPA))theFinancialAccountingStardBoard(FASB).DuetosimilarconcernstheSecuritiesExchangeCommission(SEC)hasbeguntorequi

6、retheinclusionofkeyperfmancemetricsincludingnonfinancialperfmancemeasuresthatarematerialusedtomanagebusinessinthesectionoftheSEC10Kfilingscontainingmanagement’sdiscussionanalysis(SEC2003).Oneofthecritiquesthatseveralauth

7、smakeagainstthecurrentfinancialreptingmodelisitsfailuretoreflectthetransfmationfromtheindustrialeratothenewinfmationtechnologyera(ElliottJacobson1991).FrancisSchipperinfmationcontentwhichis“whetheronmeasureprovidesgreate

8、rinfmationcontentthananother”(p.3).WhileBiddleetal.acknowledgethatmostanalysesattempttoidentifyanincrementalcontributionofalternativeinfmationsourcestheauthspointoutthatbothapproachesareappropriateinawldwhereaccountingin

9、fmationiscostlyresourcesarelimited.Sundarametal.(1996)studytheannouncementeffectsofR&Dexpenditureameasureofcompetitivestrategyonfirm’sstockprices.ThestudyshowsthepositiveinfluenceofR&Dspendingannouncementsonstockpricesan

10、egativeassociationbetweencompetitivestrategymeasurestockprice.Theauths’findingssuppttheideathatinvestsvalueR&Dexpenditurebecauseitprovidesfirmswithanadvantageovertheircompetits.Inanattempttodocumentthepredictivevalueofno

11、nfinancialperfmancemeasuresinffinancialperfmance(whetherthosemeasuresbenefitinvests)researchersstudiedseveralindustriesnonfinancialperfmancemeasurescommonlyusedwithineachspecificindustry.ThreestudiesbyAmirLevBehnRileyBan

12、keretal.documenttheassociationofnonfinancialmeasureswithfirmperfmanceindifferentindustries.AmirLev(1996)examinethevaluerelevanceofnonfinancialperfmancemeasures(e.g.rightsacquiredbypotentialsubscribersperationofmarkets)in

13、thewirelesscommunicationsindustry.Theauthsargueinvestscannotrelyonfinancialinfmation(e.g.earningsbookvalues)alonefhightechindustriesbecausetheseindustriesexperiencerapidchange.Thestudyshowsthattraditionalfinancialstateme

14、ntinfmationisinadequatetomeettheinfmationneedsofinvestsinthewirelesscommunicationsindustrythatnonfinancialperfmanceisastrongindicatofthevalueofwirelessfirms.AmirLevcontendthatresultsobtainedfromstudyingthewirelessindustr

15、ycanbegeneralizedtootherhightechhighgrowthsciencebasedindustries.InasimilarstudyBehnRiley(1999)evaluatedtheassociationbetweennonfinancialinfmationfinancialperfmanceintheU.S.airlineindustryfindsimilarresults.FinallyBanker