െࡅሌࣜ࠶࿐ჽ࿐Бֻ33ज ֻ6௹ 2010୍12ᄅ&Dྐ༏აఒြ൧ӆࡎᆴཌྷܱྟ࣮———ࠎႿۚྍඌఒြ֥ൌᆣٳ༅ਃঞᦵ,ᅵ ଫ(ᇏଲն࿐അ࿐ჽ,ଲӉ೬410083)ᅋ ေ:ၛധᎪᆣࢌ෮ഈ൧֥ۚྍඌఒြູ࣮ؓའ,ၛ2007୍—2009୍ቔູ࣮ࡗ,ॉҳਔR&Dྐ༏ؓۚྍඌఒြ߶࠹ྐ༏ႵႨྟބ൧ӆࡎᆴ֥႕ཙ。ࢲݔіૼ,ਔR&Dྐ༏֥ۚྍඌఒြ֥߶࠹ྐ༏۷ି֤֞ྐ༏Ⴈᆀಪ,R&Dྐ༏აఒြ൧ӆࡎᆴᆭࡗթᄝཁᇷᆞཌྷܱܱ༢,ѩྐ༏֥ܿٓӱ؇აఒြ൧ӆࡎᆴᆭࡗӯཁᇷᆞཌྷܱܱ༢。ܱՍ:R&D;ྐ༏;ఒြ൧ӆࡎᆴᇏٳোݼ: ໓ངѓ്:A ໓ᅣщݼ:1007-6875(2010)06-0072-05ᇏؿགྷ,ھؽᆀᆭࡗऎႵۚ؇ཌྷܱྟ。၂、࣮МࣟHirscher、Weygandtၛಆ౯500఼܄ඳᇏ֥390ऌݓࡅ࠹अ、॓҆、ҍᆟ҆ؿ֥҃܄Бཁ۱ቔູဢЧ,࣮ؿགྷR&Dᆦԛؓ܄ඳ൧ӆࡎᆴ[1]ൕ:2005୍ݓؿࣜٮაGDPᆭбູ%,ऎႵᆞ૫႕ཙ。BublitzބEttedge๙ݖбࢠ൧ӆ2006୍ᅝ%,2008୍ᅝ%。“၂ؓR&Dᆦԛэ߄ބఃٮႨэ߄֥҂ّႋؿགྷ,[2]”ܿ߃ิԛ,2010୍ݓؿೆሹحᅝGDPR&Dᆦԛؓ܄ඳ൧ӆࡎᆴ֥႕ཙ൞Ӊ௹֥。Lev、֥б২ࡼေղ֞2%。ॖ,ݓR&DᆦԛᄝᇯZarowin֥࣮Бۡᇏіૼ:ҍༀБіࡎᆴཌྷܱྟ୍ᄹࡆ,ఒြؓR&Dᇗေྟ֥ಪ്္ᄝᄹ఼。ၹ֥ࡨ۵R&D఼؇֥҂؎ᄹࡆႵޓնܱ༢,ႮՎՎ,R&Dᆦԛ֥߶࠹ԩބྐ༏֥ᇗေྟ҂֝ᇁҍༀྐ༏ႵႨྟ֥҂؎ذ߄,ط“ቌঊࠋ൮”ಸޭ൪,R&Dྐ༏ቔູఒြ߶࠹ྐ༏֥ᇗေቆӮᆭ၂ࣼ൞གྷྛ߶࠹ሙᄵބҍༀБۡᇅ؇ؓྙሧӁ҆ٳ,ႋھᄝҍༀБіᇏ֤֞ԉٳ、བྷ࣐֥。ྐ༏֥ေ҂ିԉٳّ႘ఒြྙሧӁ֥ᆇൌ[3]ಖط,ෛሢఒြR&Dೆ֥ᄹӉ,ҍༀБіᇏؓሑঃ。ᆃུࣜဒ࣮ඪૼR&Dྐ༏ؓሧᆀR&Dྐ༏֥҂ປ,ՖطྙӮਔਸ਼၂ᇕ߶࠹ყҩఒြࡎᆴऎႵޓ఼֥ཌྷܱྟ。ྐ༏҂ؓӫ。2006୍ၛభݓᇶေࠢᇏᄝR&Dᆦԛ߶࠹ԩ2006୍2ᄅ15ರ,ҍᆟ҆ؿ֥҃《ఒြ߶࠹ٚم֥ฐษഈ。ྍ《ఒြ߶࠹ሙᄵ》ϯ҃ၛު,ሙᄵֻ6ݼ———ྙሧӁ》ܿק:ఒြଽ࣮҆ႻႵޓ؟࿐ᆀؓႵ่ࡱሧЧ߄߶࠹ԩٚمᇏ֥ሧषؿཛଢ֥ᆦԛ,ႋ֒ٳ࣮ࢨ؍ᆦԛაषؿࢨЧ߄่ࡱࣉྛٳ༅ປ。ં൞ಆ҆ሧЧ߄、ಆ҆؍ᆦԛ,࣮ࢨ؍֥ᆦԛ࠹ೆ֒௹ၭ;षؿࢨ؍ٮႨ߄ߎ൞Ⴕ่ࡱሧЧ߄֥R&Dᆦԛ߶࠹ԩ֥ٚᆦԛژކ่ࡱ֥ॖಒಪູྙሧӁ。ྍ《ሙᄵ》مႵఃކྟ,္թᄝಌཊ。طᆃུಌཊືؓR&Dྐ༏္֥ቓԛਔေ。൞,ݓሧႵ๙ݖটҀ,ၹՎ,Ֆંٳ༅ഈࢣൕਔЧ൧ӆ҂ປ,ሧᆀᄝࣉྛथҦൈ൞ڎ߶০ႨఒR&Dྐ༏֥ᇗေྟ。ြҍༀ߶࠹Біᇏ֥R&Dྐ༏,R&Dྐ༏ႻݓაఒြR&DᆦԛႵܱ֥ൌᆣ࣮ᇶေࠢ൞ೂޅ႕ཙܢࡎ,Ч໓൫ູᆃུ໙ีᅳུ֞ྸᆣᇏᄝR&Dೆაఒြြ֥ࠛཌྷܱྟഈ。ม,ߛऌބࢳ。ཫᑹ,ӑ֥࣮іૼఒြ॓ೆა႔০ି৯ᆭࡗ֥ܱ༢ѩ҂ૼཁ,ؓఒြӮӉି৯Ⴕཁᇷ֥՜ؽ、໓ང߭ܤࣉቔႨ;ۚؿૡ؇ބིۚੱ֥ದ۽ٮႨೆ,ၛݓ࠽ࣜ࠶࿐ࢸؓR&Dྐ༏აఒြࡎᆴ֥࣮՜ࣉྐ༏ြᇶႏြༀ൬ೆᄹӉି৯ބᆜุ႔০ି৯൬۠ರ௹:2010-09-09ࠎࣁཛଢ:ᇏଲն࿐࣮ളԷྍࠎࣁཛଢ“ఒြR&Dྐ༏ࠣఃࡎᆴཌྷܱྟ࣮”(2009ssxt097)֥ࢨ؍ྟӮݔ。ቔᆀࡥࢺ:ਃঞᦵ(1954—),୯,ଲӉ೬ದ,ᇏଲն࿐࢝൱,࣮ٚཟ൞ҍༀܵބඌԷྍܵ。
·73·ਃঞᦵ֩:R&Dྐ༏აఒြ൧ӆࡎᆴཌྷܱྟ࣮ᄹӉ؇֥ิۚ,ؓᇅᄯြᇶႏြༀ൬ೆ֥ᄹӉିᆷᄝБіڸᇿᇏޅֹٚ(২ೂ“൙߶Бۡ”、[9]৯္Ⴕཁᇷ֥܊ང。बґ,ൾٙؿགྷ,“षؿᆦԛ”、“ᆦڱ֥ఃაࣜႏࠃႵܱ֥གྷࣁݓఒြR&Dೆބఒြြࠛթᄝ҂ཁᇷ֥ᆞཌྷܱᆦԛ”、“ܵٮႨ”)R&Dඔऌ֥ఒြ,ఃܱ༢,൞R&D఼؇ؓఒြြ֥ࠛ႕ཙթᄝᇌުູ“ໃR&Dྐ༏֥ఒြ”。[10]ིႋ。ᆃུ࣮ඪૼR&Dೆؓఒြളթބؿఒြሹ֥R&DᆦԛٳູሧЧ߄ބٮႨ߄ਆ۱ᅚ֥ᇗေྟ,൞ᄝఒြթᄝնਈR&Dೆ,ಏ҆ٳ,οᅶྍ《ఒြ߶࠹ሙᄵ》ֻ6ݼሙᄵֻ6҂ࣉྛఞ֥֒ྐ༏֥౦ঃ༯,ࡼ߶֝ᇁݓሧᅣ֥ܿק,ഈ൧܄ඳႋھᄝБіڸᇿᇏ࠹ೆ֒Ч൧ӆഈሧᆀ֥ᇗྐ༏҂ؓӫ,҂০Ⴟݓሧ௹ၭބಒಪູྙሧӁ֥࣮षؿᆦԛࣁح。ЧЧ൧ӆ֥ؿᅚ໓ࡼਔR&Dᆦԛඔऌ֥ۚྍ॓ఒြٳູ。ݓؓ“ܿٓR&Dྐ༏֥ఒြ”ބ“ໃܿٓR&Dྐ༏ٚ૫֥࣮ᇶေࠢᇏᄝؓR&Dᆦԛགྷሑ֥ٳ༅ഈR&Dྐ༏֥ఒြ”。οၛ༯ᇕ۬ൔᆭ၂。აR&Dྐ༏[11]R&Dྐ༏֥ఒြູ“ܿٓR&Dྐ༏֥ఒြ”:Ⴕܱ֥ൌᆣ࣮ࣼᆺႵ࿏উᄉ、ᆽ֥၂(1)ᄝҍༀБіཛଢڸᇿᇏ֥षؿᆦԛཛଢ༯໓ᅣ,ႮႿ֒ൈR&Dඔऌ֥ಌാ,ૌ္ᆺ൞ҐR&Dᆦԛ௹Ԛح、Ч௹ᄹࡆح、Ч௹ࡨഒح、ႨࡗࢤمᆣૼR&Dྐ༏ؓݓഈ൧܄ඳ߶࠹௹ଌჅح,ၛࠣЧ௹षؿᆦԛᅝЧ௹࣮षؿཛଢྐ༏ႵႨྟթᄝ႕ཙ。୍࣍ট,R&Dྐ༏֥ᆦԛሹح֥б২;(2)ࡼЧ௹R&DᆦԛቔਔሧЧ܄ඳᄀটᄀ؟,ၹՎགྷᄝॖၛҐႨᆰࢤ֥ٚمᆣૼ߄ބٮႨ߄֥߃ٳ;(3)Ч௹R&Dᆦԛο࣮ࢨR&Dྐ༏൞ڎ߶ؓݓሧᆀ֥ሧथҦӁള႕؍ބषؿࢨ؍ٳљ。ఃఒြඋႿ“ໃܿٓཙ,ࣉط࣮R&Dྐ༏൞ڎ߶ؓఒြ֥൧ӆR&Dྐ༏֥ఒြ”,ٳো࠹ࢲݔೂі1。ࡎᆴӁള႕ཙ。Ֆі1ॖၛुԛ,ਔR&Dᆦԛ֥ۚྍ、࣮ഡ࠹ඌఒြඔᄝᇯ୍ᄹࡆ,ൈ္ᄀটᄀ؟֥ఒြିܔοᅶሙᄵ֥ေ֥ܿٓؿྐ༏。൞Ֆ(၂)ဢЧ࿊ᄴࠣඔऌটჷі1ᇏ“ܿٓR&Dྐ༏֥ఒြ֥б২”ඔট҂ྛြؓR&D֥ླႵ෮҂,ଖུྛြु,60%ၛഈႵR&Dᆦԛ֥ఒြ,ѩીႵοᅶܿೂሰྐ༏ඌӁြؓR&D֥ླޓն,طଖུקؿྐ༏。гᆀᄝҰᄇఒြ୍Б֥ݖӱᇏ,ྛြೂؿބਬ൲સၞြ、ࣁವЌགြؓR&D֥[3]ޓ؟ۚྍඌఒြࣇᄝ൙߶БۡᇏਔЧ୍ླࣼޓཬ。SternStewartEuropeLimited๙ݖൌؿᆦԛ֥ሹح,طᄝҍༀБіڸᇿᇏ҂թᄝؓᆣ࣮ؿགྷ:၄ူྛြ,Їও၄ူ、ሰ、చӚؿR&Dᆦԛ֥ఃඪૼ。ሸഈ҂ؿགྷݓഈ൧܄ࠏ֩,ሹ֥টඪࣼ൞ඌݣਈ֥ۚਵთؿᆦԛඳؓR&Dྐ༏֥ᄝರປ,ಯಖթᄝޓ߶ջটܢࡎഈᅨ,ၛՎቔູؓ܄ඳ֥ؿᆦԛ۳Ⴭ؟҂ቀ,ն؟ඔఒြؓR&Dྐ༏֥҂ܿٓ。ࢂৣ。Ч໓ࢲކݓࡅ॓҆2008୍4ᄅ14ರ߃קі1 ۚྍඌఒြR&Dྐ༏౦ঃ࠹і֥ۚྍඌӁြٓຶބധ൧ഈ൧܄ඳ֥ྛြඋྟ,୍؇200720082009T c࿊౼ਔିбࢠݺ؎ູۚྍඌఒြ֥ሰӁᇅఒြሹඔ(ࡅ)93108118 Oᄯြ、ྐ༏ඌြ、ളაྍ၄ူඌြބۚඌਔR&Dྐ༏֥ఒြඔ(ࡅ)414987 Oڛༀြ֥ധ൧ഈ൧܄ඳቔູ࣮ؓའ。ਔR&Dྐ༏֥ఒြ֥б২(%) Oݓྍ《ఒြ߶࠹ሙᄵ》ؓR&Dྐ༏֥ܿٓR&Dྐ༏֥ఒြඔ(ࡅ)212244 Oቔਔྍ֥ܿק,෮ၛЧ໓࿊౼֥ဢЧູ2007୍—ܿٓR&Dྐ༏֥ఒြ֥б২(%) O2009୍؇ᄝധ൧ഈ൧֥ۚྍඌఒြ,ൈัԢPT、STোఒြ,֤֞319۱ဢЧ。໓ᇏട֥ࠣԢ()ଆ֥ܒࡹR&Dᆦԛຓ֥ႵܱඔऌটჷႿWind(ຣ֤)ࣁವ۴ऌགྷႵ֥࣮ࢲݔ,Feltham-Ohlsonଆ[12]ᆣಊඔऌ९,R&Dᆦԛ൬ࠢሱऍӖሧຩ(ht-ؓݓ൧ӆऎႵࢠݺ֥ࢳ৯。২ೂდڂtp://
·74·െࡅሌࣜ࠶࿐ჽ࿐Бֻ33जֻ6௹[13]2ӧ,ᇫޣफؿགྷOhlsonଆᄝᇏݓ൧ӆऎ୍ս֥,20ൗࡀ90୍ս֥～,RႵਅݺ֥ყҩି৯,ܢௐࡎ۬ა൬ၭ(࣪ሧӁބაTimet֥݂߭ٚӱ֥݂߭༢ඔཁᇷູڵ),ඪૼഺჅ൬ၭ)ӯᆞཌྷܱ。ູՎЧ໓္ဢҐႨܢࡎაૄܢ൬ၭ、ૄܢ࣪ሧӁᆭࡗ֥ཌྷܱྟᇯ୍༯[11]Feltham-Ohlsonิԛ֥ഺჅ൬ၭקࡎଆ,টॉࢆ。࿏উᄉ、ᆽҐႨაLev&ZarowinཌྷҳݓۚྍඌఒြR&Dྐ༏აఒြ൧ӆࡎᆴ֥֥࣮ٚم,ؿགྷݓ߶࠹ྐ༏ඔऌ֥ྐ༏ݣਈ္ཌྷܱྟ。ᄝᇯ୍༯ࢆ。ൈૌᄝ࣮ᇏҐႨM/B(࣪ሧFeltham-Ohlsonܢಃܙᆴଆّ႘֥൞,ܢӁПੱࠧૄܢ൧ࡎ/ૄܢ࣪ሧӁ)ቔູဒݓഈಃࡎᆴႮᅬ૫࣪ሧӁބࣜႏྟ߶࠹൬ၭथק。ೂݔ൧܄ඳႵRD֥эਈ,ؿགྷݓഈ൧܄ඳॖିݣႨཌྟ֥ࣜဒྟଆіൕ,ॖၛіൕູ:Ⴕ၂קඔح֥R&Dᆦԛ,طR&Dᆦԛᄝᇯ୍ᄹP=α+αEPS+αBPS+ε(1)ࡆ,Ֆط֤ԛࢲં:ؓR&Dྐ༏֥҂֒൞֝it01it2ititఃᇏ:Pູఒြiᄝֻt୍ҍༀБі܄҃ު֥ᇁݓഈ൧܄ඳ߶࠹ྐ༏ႵႨྟᇯ୍༯ࢆ֥၂۱ᇗitܢࡎ,ູਔّ႘ܢࡎؓ܄ۡቓԛّ֥ႋ,Ч໓࿊ေჰၹᆭ၂。ႮႿඔऌ֥ಌك,࿏উᄉ、ᆽ౼ਔဢЧఒြ୍؇Бۡ܄ۡರభ10฿ބު10฿൬֥࣮ᆺ൞๙ݖࡗࢤ؎֥ٚم֤ԛھࢲં。ᄯӮࡎ(ࣜݖگಃԩ)֥नࡎ;ఒြ߶࠹ྐ༏ႵႨྟ༯ࢆ֥ჰၹႵޓ؟,ၹՎ,ᄝEPSູఒြiֻt୍֥ૄܢ႔Ⴥ,ູਔ࠹ෘࡥॖၛࠆ֤R&Dඔऌ֥౦ঃ༯,ॖၛႨؓб֥ٳ༅itь,Ч໓ҐႨࠎЧૄܢ႔Ⴥ;BPSູఒြiֻt୍ٚم,ᆰࢤ؎R&Dྐ༏൞҂൞ᄯӮఒြ߶࠹ྐit֥ૄܢ࣪ሧӁ。༏ႵႨྟ༯ࢆ֥ჰၹ。Ч໓ࡼဢЧ܄ඳο൞ڎࣜ࠶࿐ބ߶࠹࿐ᇏޓ؟࿐ᆀ๙ݖંބൌᆣR&Dᆦԛٳູਆቆ,ٳљᄎႨଆ(1)ࣉྛ݂࣮߭ᆣૼR&Dࠃಒൌିູఒြջটໃটࣜ࠶০ၭٳ༅,ѩؓᆃਆቆඔऌ݂߭෮֤ԛ֥ཌྷܱ༢ඔ2[5]ੀೆ,၂Ϯ౦ঃ༯,ఒြᄝ࣮षؿཛଢᇏೆᄀ(R)ࣉྛؓб。οᅶBen-Zion,Aboody、[4][6][7]ն,ࡼট൬ၭ္ᄀն。Chan,MartiބKensingerLev,Barth、Clinch֥ܴׄ,ਔR&Dᆦԛ္֥࣮ؿགྷܢࡎؓ95۱ᄹࡆR&Dೆ֥܄ّ֥ۡఒြ֥߶࠹ྐ༏აܢࡎ֥ཌྷܱྟ߶ۚႿໃႋཁᇷູᆞ,ࠧ܄ۡ൞ᄝ૫ਢ႔Ⴥ༯ࢆ֥ൈީБR&Dᆦԛ֥ఒြ。ၹՎ,ૌิԛೂ༯ࡌഡ:ԛ֥。෮ၛඪ,ሧᆀᄝؓఒြࡎᆴܙൈࡼ߶Ϝࡌഡ1:“ਔR&Dྐ༏֥ఒြ”֥߶࠹ྐିູఒြջটໃটॖିൌགྷ০֥R&Dᆦԛॉ੮༏აః൧ӆࡎᆴ֥ཌྷܱྟۚႿ“ໃR&Dྐ༏ࣉಀ,R&Dྐ༏֥ࡼ߶ؓఒြܢࡎӁള႕ཙ。֥ఒြ”。ၹՎ,ૌᄝଆ(1)ᇏࡆೆRDэਈ,Ϝݓຓ࣮іૼ,R&DᆦԛऎႵޓ֥ۚ০ၭཌྷ[8]Feltham-Ohlsonࣜဒྟଆྩᆞູ:ܱྟ。Griliches൮ՑؓR&Dሧა܄ඳ൧ӆࡎP=α+αEPS+αBPS+αRD+ε(2)ᆴᆭࡗ֥ܱ༢ࣉྛਔൌᆣ࣮,ၛૅݓ܄ඳҪ૫it01it2it3ititఃᇏ:RDູఒြiֻt୍֥R&Dᆦԛ,ູਔ֥ඔऌູ࣮ؓའ,ၛ܄ඳყ௹ࣜ࠶ིݔቔູ൧ӆitཨԢఒြܿଆؓଆ֥႕ཙ,ؓႿھэਈЧ໓Ⴈࡎᆴ֥؇ਈᆷѓ,ؿགྷR&Dሧა܄ඳ൧ӆࡎᆴ[2]୍؇ଌఒြR&Dᆦԛሹحა௹ଌཧ൲൬ೆ֥бᆴӯᆞཌྷܱܱ༢。BubiltzބEttedge๙ݖбࢠ൧ӆࠧR&D఼؇ট࠹ෘ。࣮ؓषؿٮႨэ߄ބఃٮႨэ߄֥҂ّႋؿ(ඹ)࣮ࡌഡགྷ,࣮षؿᆦԛؓ܄ඳ൧ӆࡎᆴ֥႕ཙ൞Ӊ௹οᅶҍༀં֥ܴׄ,߶࠹ྐ༏ؓሧದ൞Ⴕ֥。ᆃུࣜဒ࣮ඪૼR&Dྐ༏ؓሧᆀყҩႨ֥,ପહܢࡎࣼႋھᄝหק֥ൈࡗଽؓఒြ܄҃ఒြࡎᆴऎႵޓ఼֥ཌྷܱྟ。طۚ॓ఒြсྶौ֥߶࠹ྐ༏ቓԛّႋ,ܢࡎა߶࠹ྐ༏֥ཌྷܱྟᄀሱᇶؿ౼֤ఃނྏࣩᆚႪ൝,R&Dྐ༏Ⴛ൞ྐۚ,߶࠹ྐ༏ؓሧᆀࣼᄀႵႨ。๙ӈ,࿐ᆀ߶๙༏Ⴈᆀࡎۚ॓ఒြࡎᆴ֥ܱྐ༏。෮ၛ,ݖ࣮ܢࡎა߶࠹ྐ༏֥ཌྷܱྟ,ѩुᆃ۱ཌྷܱྟሧᆀᄝؓۚྍඌఒြࣉྛሧൈ,߶ؓఒြᇯ୍ᄸဢэ߄,Ֆط֤ԛ߶࠹ྐ༏ؓሧᆀ֥ႵႨR&Dྐ༏۳Ⴭۚ؇֥ᇗ൪。ູՎ,ิԛࡌഡೂ༯:ྟ൞ഈശਔߎ൞༯ࢆਔ。ࡌഡ2:൧ӆ߶ؓఒြ֥R&Dᆦԛྐ༏[3]Lev&ZarowinҐႨOhlson࠹ࡎଆטҰ߶ቔԛཁᇷ֥、ᆞཟّ֥ႋ。࠹ྐ༏֥ႵႨྟ,࣮ؿགྷՖ1977୍֞1996୍ܢ๙ݖЌӻࢠ֥ۚR&Dೆ,ఒြऎႵඌ2ࡎა“႔০+ᅬ૫ᆴ”֥ܱ༢(ႨR؇ਈ)ᄝᇯࣩᆚ৯、Էྍି৯ބᄹӉమ৯。൞,R&Dᆦԛ2୍༯ࢆ(RՖ20ൗࡀ70୍սଌ֥ࢆ֞80ೆު,ཛଢିڎषؿӮۿ,ऎႵޓն֥҂ಒק
·75·ਃঞᦵ֩:R&Dྐ༏აఒြ൧ӆࡎᆴཌྷܱྟ࣮ྟ,ఒြࣇࣇิ܂R&Dᆦԛሹحߎ҂ିࡼؿᆃ Ֆі3ॖၛुԛ,R&D֥݂߭༢ඔູ၂ඌԷྍࠃ෮Ӂള֥႕ཙႵֹིԮ־۳ྐ༏>0,tᆴ>2,ѩ๙ݖਔཁᇷྟູ5%֥࠹ဒ。Ⴈᆀ。ၹՎ,ఒြߎႋھิ܂ః၂ུR&Dྐ༏,іૼR&Dྐ༏֥აఒြ൧ӆࡎᆴᆭࡗթᄝཁьႿྐ༏Ⴈᆀਔࢳ֒భؿཛଢ֥ࣉᅚ౦ঃ,ၛᇷ֥ᆞཌྷܱܱ༢,൧ӆؓႿਔR&Dྐ༏֥ఒՎٳ༅ໃটؿཛଢؓఒြॖିӁള֥႕ཙ。ြ۳Ⴭਔᆞ૫、ࠒ֥ࠞࡎ,ࡌഡ2֤֞ड़ק。ھݓᆣಊࡓܵჴ߶ᄝ2007୍ྩרު֥ࢲݔ္ቀၛඪૼሧᆀಪູR&Dೆିູఒြջ《܄षؿྛᆣಊ֥܄ඳྐ༏щБܿקֻ15ݼটყ௹֥ࣜ࠶০ၭ,ିܔູሱ࠭ջটყ௹֥ሧ߭———ҍༀБ֥ۡ၂Ϯܿק》ᇏૼಒေഈ൧܄ඳБ。ෙಖѩ҂൞෮Ⴕ֥R&D֥ೆ၂קିܔູႋھᄝః୍Бᇏႋھၛ༯ܱႿR&D֥ྐ༏:܄ඳջটໃটࣜ࠶০ၭੀೆ,طᆃᇕࣜ࠶০ၭऎᄝҍༀБіཛଢڸᇿᇏषؿᆦԛ௹Ԛح、Ч௹Ⴕࠞն҂ಒקྟ,൞ೂݔ҂ھྐ༏,ࠧଆᄹࡆح、Ч௹ࡨഒح、௹ଌჅح,ၛࠣЧ௹षؿᆦᇏR&Dູ0,܄ඳ֥ࡎᆴᄵ߶ԛགྷФ֮ܙ֥ॖି。ԛᅝЧ௹࣮षؿཛଢᆦԛሹح֥б২;๙ݖі3 ࡌഡ2֥݂߭ࢲݔ܄ඳଽ҆ؿྙӮ֥ྙሧӁᅝྙሧӁ௹ଌᅬ૫݂߭༢ඔtᆴsigࡎᆴ֥б২。ؓႿοᅶഈඍܿקਔR&Dྐ༏ 3q֥܄ඳ,ሧᆀॖၛ๙ݖᆃུྐ༏ٳ༅ఒြؿཛR& 3qଢ֥Ӯۿੱ。ᄝՎࠎԤഈ֥R&Dᆦԛ֥ྐ༏ 3qݣਈࡼᄹࡆ。۴ऌഈඍٳ༅ิԛࡌഡೂ༯: 3qࡌഡ3:“ܿٓR&Dྐ༏֥ఒြ”ః&Dྐ༏ؓఒြ൧ӆࡎᆴ֥႕ཙေۚႿ“R&Dྐ༏҂֥ܿٓఒြ”。ඹ、ൌᆣဒაࢲݔٳ༅ ؓб҂ܿٓR&Dྐ༏ఒြቆބܿٓЧ໓০ႨႵིဢЧ,ࢹᇹؓٳቆުR&Dྐ༏ఒြቆ֥݂߭ࢲݔ(і3),ॖၛؿགྷ֥ඔऌࣉྛ݂߭ٳ༅,ၛьؓၛഈ۱࣮ࡌഡࣉໃοܿקR&Dྐ༏֥ఒြቆ,R&D֥݂߭༢ྛ࣮ٳ༅,ٳ༅ࢲݔೂ༯:ඔູ;ܿٓR&Dྐ༏֥ఒြቆ,R&Dбࢠі2ᇏໃR&Dྐ༏֥ఒြቆބ֥݂߭༢ඔູ。ՖਆဢЧቆR&D֥݂߭༢ਔR&Dྐ༏֥ఒြቆ֥݂߭ٚӱטᆜު֥گཌྷܱඔটु,ܿٓቆR&D֥݂߭༢ඔေჹۚႿໃ༢ඔ,ૌؿགྷໃR&Dྐ༏֥ఒြቆ,ఃטܿٓቆR&D֥݂߭༢ඔ。෮ၛ,ॖၛಪູᆜު֥گཌྷܱ༢ඔູ;ਔR&Dྐ༏֥࣮ࡌഡ3֤֞ਔड़ק,္ࣼ൞ඪࢠᆭႿໃܿٓఒြቆ,ఃטᆜު֥گཌྷܱ༢ඔູ。ਔ֥R&Dྐ༏,֥ܿٓR&Dྐ༏,ᄝሧᆀყR&Dྐ༏֥ఒြቆ֥טᆜު֥گཌྷܱ༢ඔჹնႿҩఒြ֥൧ӆࡎᆴൈႵ۷֥ۚҕॉࡎᆴ,ܿٓໃR&Dྐ༏֥ఒြቆ,ࢠݺ֥ᆦӻਔࡌഡ1,֥R&Dྐ༏აఒြ൧ӆࡎᆴ֥ཌྷܱྟ۷఼。ุགྷਔR&Dྐ༏ؓ߶࠹ྐ༏ႵႨྟ֥႕ཙ,ᄝ߶і4 ࡌഡ3֥݂߭ࢲݔ࠹БіᇏਔR&Dྐ༏֥ۚྍඌఒြ֥߶࠹҂ܿٓR&DܿٓR&Dྐ༏۷ିّ႘ఒြ֥ᆇൌሑঃ。ྐ༏֥ఒြቆྐ༏֥ఒြቆі2 ࡌഡ1֥݂߭ࢲݔ݂߭༢ඔtᆴsig݂߭༢ඔtᆴsigໃR&Dྐ༏֥ఒြቆR&Dྐ༏֥ఒြቆ p݂߭༢ඔ tᆴ sig ݂߭༢ඔ tᆴ sig R& P22 n142177n9087
·76·െࡅሌࣜ࠶࿐ჽ࿐Бֻ33जֻ6௹ӮЧ,ીႵಪ്֞R&Dྐ༏ି۳ఒြ൧ӆק、ࢲંაఓൕࡎջট֥ݺԩ。Ч໓๙ݖؓ2007୍—2009୍؇ᄝധ൧ഈ൧֥ࠎႿЧ໓֥࣮ࢲં,ఒြေᆞಒؓրR&Dۚྍඌఒြ֥R&Dྐ༏აఒြ൧ӆࡎᆴ֥ྐ༏,ᄝؿളਔR&Dᆦԛ֥౦ঃ༯,ႋھࡼཌྷܱྟٳ༅ؿགྷ:ݓۚྍඌఒြ֥߶࠹ྐ༏ႵR&Dྐ༏ᄝ߶࠹Біᇏԛট,ѩ࣐ॖିབྷႨྟ൳൞ڎؿྐ༏֥႕ཙ,ఒြ൧ӆࡎᆴა༥、ֹܿٓཟሧᆀھྐ༏,՜ఃᆞಒࡎR&Dྐ༏ᆭࡗ္թᄝᆞ֥ཌྷܱܱ༢,ѩఒြࡎᆴ。ൈ,ݓႋھࣉ၂҄ປ߶࠹ሙᄵ、R&Dྐ༏֤ᄀܿٓؓఒြ֥൧ӆקࡎ႕ཙᄀ߶࠹ᇅ؇ᇏܱႿR&Dྐ༏֥ཌྷܱܿק,ఒն。ՖۚྍඌఒြR&Dྐ༏౦ঃটु,ြᄝR&Dྐ༏ൈႵمॖ၇,ᆃ൞ิۚݓഈݓఒြؓR&Dྐ༏֥ၩ჻҂఼,ն҆ٳఒြ൧܄ඳ߶࠹ྐ༏ႵႨྟ֥ᇗေࣥ。ܿٓ҂ܿٓ,хᇗࣼ。ᆭ෮ၛᄯӮᆃᇕࢲݔ,၂R&Dྐ༏္൞ࡨഒݓሧЧ൧ӆ֥ྐ༏҂ؓӫ,ٚ૫,ݓؓR&Dྐ༏֥ܿק҂ܔປ;ਸ਼ႄ֝߶࠹ྐ༏Ⴈᆀܱᇿّ႘ఒြໃটؿᅚమ৯֥၂ٚ૫,ఒြᆺ൞၂քྏR&Dྐ༏ᄹࡆ֥R&Dྐ༏,ิۚሧЧ൧ӆིੱ֥ᇗေࣥ。ҕॉ໓ང:〔1〕HIRSCHEYM,-AccountingResearch,1998,36(Supplement):[J].〔7〕MARYBARTH,,JournalofAccountingResearch,1985,23(1):,andIntangibleAssets:AssociationswithShare〔2〕BRUCEBUBLITZ,-PricesandNon-Market-BasedValueEstimates[J].tioninDiscretionaryOutlays:Advertising,Research,andJournalofAccountingResearch,1998,36(Supplement):Development[J].TheAccountingReview,1989,64(1):-124.〔8〕,R&Dandpatents[J].Eco-〔3〕&D:CreatingnomicLetters,(2):&Development[J].Eval-〔9〕ม,ߛཫᑹ,ӑ.ఒြ॓ೆაࣜႏི֥ࠛൌᆣuation,1999,1(3):353-385.࣮[J].॓࿐࿐ა॓࿐ඌܵ,2008(7):170-174.〔4〕SUHANCHAN,JOHNDMARTIN,-〔10〕बґ,ൾٙ.ఒြؿೆაြ֥ࠛཌྷܱྟ[J].ࣜ࠶ܵ,2008(12):[J].JournalofFinancialEconomics,〔11〕࿏ᄉউ,ᆽ.R&D֥ᇗေྟࠣఃྐ༏ٚൔ֥1990,26(2):255-276.ڿࣉ[J].߶࠹࣮,2001(3):20-21.〔5〕〔12〕დڂ.࣪ሧӁПੱބ൧႔ੱ֥ሧथҦႵႨྟ[D].Expenditures:AnEmpiricalTest[J].JournalofEconomicsഈݚ:ഈݚҍࣜն࿐,,1978,30(3):224-229.〔13〕ӧྐჭ,ӧ,ᇫޣफ.࣪ሧӁ、ഺჅ൬ၭა൧ӆק〔6〕ABOODYD,-ࡎ:߶࠹ྐ༏֥ࡎᆴཌྷܱྟ[J].ࣁವ࣮,2002(4):bles:TheCaseofSoftwareCapitalization[J].&DInformationandMarketValue:AnHi-techEnterprise-basedEmpiricalStudyLIANGLai-xin,ZHAONa(ZhongnanUniversity,Changsha,Hunan410083)Abstract:Thisstudytakeshi-techenterprises,whicharelistedintheShenzhenstockexchangeduringtheyearof2007-2009,astheresearchobjecttoexamtheimpactofR&-techenterprisesinwhichtheR&&,thereisasignificantpositiverelationbetweenthenormalizationoftheR&:R&D;informationdisclosure;marketvalue(ᄳщࠠ ౬઼)
