【作者】 董媛；

【导师】 程小可；

【作者基本信息】 北京化工大学 ， 技术经济及管理， 2011， 硕士

【摘要】 在“十二五”期间,新一代信息技术业作为七大战略新兴产业之一,将成为国家重点发展扶持对象。“十二五”规划指出：信息技术业作为重点发展方向,在未来的发展中特别要强调提高自主创新能力,提升产业核心竞争力。毋庸置疑,研发活动对企业提高自主创新能力发挥着不可替代的作用,企业在研发活动中的投入一定程度上代表着企业的自主创新能力,代表了企业的核心竞争力。鉴于此,研发活动在信息技术业提高自主创新能力,提升产业核心竞争力中起着至关重要的作用,企业研发支出(R&D)也成为了评价与衡量信息技术业企业价值的重要标准之一。另外,2006年财政部颁布了新的企业会计准则并规定上市公司于2007年1月1日起实施。新准则规定对企业研发支出进行有条件的资本化,支持企业加大自主研发力度,并鼓励企业内部研发成果向实际生产力转化。基于以上背景,本文在理论研究部分国内外企业会计准则与披露现状进行了梳理与比较；在实证研究部分,本文选取了中国资本市场A股信息技术业上市公司为研究样本,研究了中国资本市场A股信息技术业上市公司确认和披露的开发支出项目、费用化的研发支出与公司价值之间的相关性,并将开发支出与扣除开发支出后净资产项目的价值相关性进行了比‘较分析；最后本文得出了开发支出与企业价值呈正相关关系并且较扣除开发支出后的净资产具有更高的价值相关性,而费用化的研发支出与企业价值呈负相关关系的结论。本文的研究一方面从理论上为研发支出的经济效应提供经验证据,另一方面也为后续研发投入政策的制定提供有益的参考建议,为企业管理者的研发投入指引方向,为投资者提供决策依据。更多还原

【Abstract】 Research and development always play an important role in the development of enterprise. R & D level reflects the overall strength of the enterprise and Research and development is an important prerequisite for sustainable development of enterprises. This dissertation focuses on the relationship between R&D expense and market valuation, discusses whether the development expenditure and R&D cost based on the new standard have the value relevance of financial report.This paper points for the following several aspects:The first chapter is an introduction, which introduces the research background and significance, study methods, the main research contents, the innovations and the ideas made, and the framework. The second chapter is the comparative study of accounting treatment of R&D costs in different countries, we also introduced the mainstream empirical research methods about value relevance. The third chapter is the literature review section, both domestic and foreign capital markets are reviewed, which concludes that the research ideas are from the value relevance of accounting information to the value relevance of Intangible assets and R&D cost. In chapter four which is the core section in the empirical research, we investigate how R&D influences the market value of companies, using regression price model. First proposed hypothesis, and then establish a price model based on assumptions. On this basis, author selects the samples and makes descriptive statistics, then makes the regression analysis in the Chapter 5. At the end of the text, through the Analysis of Chinese capital market experience in the information technology industry research data, the author can include:There is a positive correlation between stock price and development expenditure. There is a negative correction between stock price and R&D cost which is Included in the cost. The sixth chapter is the conclusion and outlook, presents the existing shortcomings and the further research direction.更多还原