研发投入强度和未来市场回报的关系外文翻译（可编辑）

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1、研发投入强度和未来市场回报的关系外文翻译外文翻译TherelationbetweenR&DintensityandfuturemarketreturnsMaterialSource:////0>.Author:HowardW.H.Chan?RobertW.FaffPhilipGharghori?YewKeeHoTheAustralianaccountingenvironmentprovidesanidealsettingforexaminingtheimpactofdifferentaccountingtre

2、atmentsoffirms’R&Dactivitiesontheirsubsequentreturns.UnlikeUSfirms,whichcanonlyexpenseR&D,AustralianGAAPpermitsfirmstoeitherexpenseorcapitalizetheirR&Dexpenditure.WeexamineseparatelythemarketimpactoftheR&DintensityofallR&Dactivefirms,‘capitalizers’and‘expen

3、sers’.OurresultssuggestthatfirmswithhigherR&Dintensityperformbetter,regardlessoftheaccountingmethodused,consistentwiththeresource-basedviewofthefirm.WealsofindsomeevidencethatfirmswhichexpenseR&DoutperformthosewhichcapitalizeR&DaftercontrollingforR&Dintensi

4、ty.TherehasbeenconsiderableresearchinterestonthemarketresponsestofirmsengaginginR&Dactivity.ThefindingsfromUSstudiesaresomewhatconclusive?firmsthatareR&Dintensiveearnsubsequentpositiverisk-adjustedreturns.Acommonlycitedreasonofferedforthisfindingofpositivee

5、xcessreturnsrelatestotheexistenceofaconservativeUSaccountingstandardonresearchanddevelopmentStatementofFinancialAccountingStandardsNo.2whichrequiresR&Dexpenditureberecognizedasanexpense.Asaresult,therehasbeenagrowingchorusfromtheaccountingacademiccommunitys

6、eekingareconsiderationofSFAS2,andthepossibilityofallowingselectivecapitalizationasareplacementforthecurrentoverlyconservativeaccountingmethod.EmployingalargesampleofAustralianfirms,ourstudyaugmentsthisliteraturebyexaminingthelong-termfuturereturnsoffirmstha

7、tchoosetoadoptdifferentaccountingtreatmentsforR&Dexpenditure.Specifically,weinvestigatethisquestionfocusingontheintensityofR&D,applyingtwoalternativeresearchmethods:1buy-holdreturnsinageneralizedmethodofmomentsregressionsetup;and2calendartimeabnormalreturnC

8、TARregressionsMitchellandStafford2000.Assuch,wecontributetothecurrentliteratureinfourmajorrespects.First,ourworkprovidesanalternative,richenvironmentinwhichtoperformapowerfulout-of-samplerobustnesschec