英國的研發(fā)支出對于會計選擇的影響因素和價值相關性外文翻譯

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)支出對于會計選擇的影響因素和價值相關性</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對于公司會計選擇的影響因素和價值相關性。我選取了1993年-1997年中研究的1780個公司作為樣本,將其231個分門別類的進行研發(fā)費用的計算,從而我發(fā)現這個決定對于公司研發(fā)費用的強度和對于公司研發(fā)費用的是否穩(wěn)定具有嚴重的影

29、響。其實驗表明與價值具有相關性的費用幾乎沒有什么利益可言,如果有什么區(qū)別的話,在從價值相關性方面重新調整他們的報告收入或者從股權賬面價值來核定其資本額。作為資本,如果用支出來作為其收益的價值是不公平的,因為它大大高于報告收入上的價值而較低于資產的賬面價值。從額外的分析表明,研發(fā)費用的穩(wěn)定和強度對于財務信息的價值具有輕微的影響,這些結果都是從美國學者的研究成果發(fā)現的,研發(fā)支出的資本化將大大提高企業(yè)的財務報表價值相關性。 </p>

30、;<p>　　關鍵詞:研發(fā)費用,賬戶分類,價值相關性 </p><p><b>　　引言 </b></p><p>　　本文探討了英國在研究開發(fā)支出在會計方法的選擇和對價值相關性的影響因素。根據英國的會計準則關于管理的謹慎性原則,要合理的劃分資本化支出還是費用化支出。利用英國會計事務所對報告的披露(包括他們的資本化和攤銷時間表),我檢查了兩個關于小企業(yè)的

31、會計問題:1,小企業(yè)是用什么因素來區(qū)分資本化支出還是費用化支出?2,這些企業(yè)的財務報表信息對于資本化支出還是費用化支出有什么影響價值,是作為公允價值還是作為股權賬面價值? </p><p>　　在英國的會計準則規(guī)定,如果需要進行資本化以及符合隨后的攤銷必須符合以下五個條件:1,要有一個明確定義的項目;2,要有獨立開支證明;3,該項目在技術可行性上的研究,即其最終在商業(yè)上的可行性,要考慮一下因素,如可能的市場條件(

32、包括產品競爭性),公眾和消費者的意見,對于環(huán)境的影響;4,要有遞延開發(fā)成本,相關生產,未來的銷售及行政費用,以后獲得的其他相關收入的合理預計;5,具有充足的資源存在,在合理預期內擁有完成這一項目的充足營運資金(1989年會計實務準則第十三條)。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,英國工人的會計準則則不要求其資本化,企業(yè)可以選擇這些費用作為費用化支出。因此,我研究的假設是英國費用化的公司符合一定條件,

33、并有相應的研究開發(fā)支出,而不選擇費用化支出(兩者的決定會對另外一個的方法或者估計有可能產生影響)。 </p><p>　　我的研究有以下三個領域,第一個是在公認的會計準則下對選擇的決定因素研究,特別是,我分析的第一部分關于英國的公司利用選舉資格對于研究開發(fā)費用的利用的探討。我的第二個論文文獻研究是會計核算方法的選擇如何影響信息的相關性或無形資產價值。最后一個,是研究相關的財務價值信息時對研究開發(fā)支出的會計處理。我

34、的論文也增加了關于這些處理的兩種方式。第一個是決定資本化與小企業(yè)樣本的英國公司,要檢查實際價值相關性的影響(不是假象)和對攤銷規(guī)則的影響。第二個是我分析了對于價值的相關報道,于是會計師事務所允許我使用另外一種會計處理方式來分析公司價值之間的關系和對財務報表的影響。 </p><p>　　對于第一組檢驗其假設的影響因素,我選擇了會計的發(fā)展支出假設,基于以前的研究,我認為這是一種特定的行業(yè)因素產品生命周期和特定的穩(wěn)固

35、因素(盈利能力,杠桿,研發(fā)費用強度,研發(fā)的穩(wěn)定遷都,系統(tǒng)的風險性,公司規(guī)模)來影響這一選擇。我用1993年-1997年中研究的1780個公司作為樣本,將其231個分門別類的來觀察,我發(fā)現對于費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)計劃強度(公司對于研發(fā)費用的利用強度),以及該公司是否相對于它的研發(fā)項目處于穩(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>　　我的第二種測試主要

36、是對賬面價值的收入和資產的調整變量的報道(調整報告的金融信息以替代會計方法)。結果表明,費用化幾乎沒用利益,如果有,也是價值相關性來調整報告數字從而反映資本化的數字。對于資本化,如果價值相關性的收入和開支賬面價值不符合股權則,其低于價值相關報告的財務數據;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)強度水平對賬面價值的收入和資產的影響,其結果表明,穩(wěn)度狀態(tài)和研發(fā)活動對于賬面價值的收入和資產相關性只有很小的強度影響。具體來說,

37、其顯著的變化是受到本化和費用化的政策影響,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)費用強度高,但對其規(guī)模還是相對較小。 </p><p>　　本文的其余本分如下:相關文獻與本研究目標的動機是在第二節(jié)和第三節(jié)的假設和研究開發(fā)動機,樣品和數據要求在第4節(jié)討論,第五節(jié)介紹了費用化和資本化的決定因素,第六節(jié)是對會計發(fā)權益中盈余價值和賬面價值的研究,第7節(jié)是總結結果,并得到結論。 </p><

38、p><b>　　總結和結論 </b></p><p>　　在選取了1993年-1997年中研究的1780個公司作為樣本,我解決了兩項關于費用的具體問題:1,是什么因素來區(qū)分資本化還是費用化? 2, 這些企業(yè)的財務報表信息對于資本化支出還是費用化支出有什么影響價值,是作為公允價值還是作為股權賬面價值? </p><p>　　在第一組測試檢驗假設的影響因素,我選擇的

39、是會計資格發(fā)展支出,具體來說我使用了羅吉特回歸模式來對產業(yè)發(fā)展支出進行指標變量測試(以產品生命周期為主),其中的指標包括盈利能力,杠桿效應,系統(tǒng)性風險,企業(yè)規(guī)模,研究費用的穩(wěn)定和強度。其結果表明,大公司在研究費用穩(wěn)態(tài)和強度上更能產生發(fā)展效應。 </p><p>　　我的第二組測試比較了盈余價值相關性的股票和賬面價值對這些變量的價值調整的相關性(公允價值對收入調整的選擇)。其結果是有關收入的賬面權益價值符合研究開發(fā)