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系統識別號 U0026-0812200915175229
論文名稱(中文) 制度因素與公司治理對研發資本化之價值攸關性的影響:跨國分析
論文名稱(英文) The Effects of Institutional Factors and Corporate Governance on the Value Relevance of Capitalized R&D: A Cross-Country Analysis
校院名稱 成功大學
系所名稱(中) 會計學系碩博士班
系所名稱(英) Department of Accountancy
學年度 97
學期 2
出版年 98
研究生(中文) 吳幸蓁
研究生(英文) Shing-jen Wu
學號 R1893101
學位類別 博士
語文別 英文
論文頁數 90頁
口試委員 召集委員-陳光谷
口試委員-賴秀卿
指導教授-黃炳勳
口試委員-陳育成
指導教授-楊朝旭
中文關鍵字 國家層級制度因素  公司層級治理機制  研發資本化  價值攸關性 
英文關鍵字 Country-level institutional factors  Value relevance  R&D capitalization  Firm-level corporate governance 
學科別分類
中文摘要 鑑於目前世界各國紛紛朝公平價值會計邁進,並積極與國際會計準則接軌。本研究以「IAS 38無形資產」公報為根基,並著眼於其中所規範允許公司管理當局可資本化「發展成本」(development costs)為主要研究議題,探討國家層級制度因素 (country-level institutional factors)與公司層級之公司治理機制 (firm-level corporate governance)對研發資本化之價值攸關性的影響。此外,本研究亦進一步分析這兩個不同層級的治理機制間所存在的互動關係。本研究自Institutional Shareholder Services (ISS)所發行的Corporate Governance Quotient資料庫取得2005至2008年之跨國性公司別治理分數(CG score),並分別自Worldscope及Datastream等資料庫取得相關的財務資料及市場股價資訊。實證結果顯示,國家層級之制度因素及公司層級之治理機制對研發資本化之價值攸關性均具顯著為正的影響效果。同時,本研究更進一步發現,當國家具有較為嚴謹的制度因素時(即公司有誘因提高其財報資訊的透明度或有較強的法律執行力),公司層級治理機制對研發資本化之價值攸關性的正向影響效果將更為顯著,據此推論此兩者是為互補關係 (complements)。整體而言,在各國之會計實務欲朝向國際會計準則整合為一時,國家之制度環境實扮演了一個相當重要的角色。
英文摘要 This study investigates the effects of country-level institutional factors and firm-level corporate governance on the value relevance of capitalized R&D around the world. Moreover, I provide evidence regarding the interactive effects of the aforementioned two mechanisms. I obtain the firm-specific governance index (CG score) from Corporate Governance Quotient database issued by Institutional Shareholder Services (ISS). Financial data are retrieved from the Worldscope Database, and market price and dividends payout data are from the Datastream Database. Using 3,586 firm-year observations from 24 countries in the period of 2005-2008, I find that both country-level institutional factors and firm-level corporate governance have significantly positive effects on the value relevance of capitalized R&D. In addition, the positive effect of firm-level corporate governance on the value relevance of capitalized R&D is more pronounced in countries where firms have stricter institutional factors (i.e., firms have incentives to be transparent or their legal enforcement is strong). Thus, firm-level corporate governance and country-level institutional factors seem to be complements for each other in enhancing the value relevance of capitalized R&D. Taken together, the analyses show that the valuation usefulness of capitalized intangible assets is heterogeneous across countries in a way that is consistent with the reporting incentives view in the international accounting literature.
論文目次 ABSTRACT i-ii
ACKNOWLEDGMENTS iii
TABLE OF CONTENTS iv
LIST OF TABLES v
1. Introduction 1
2. Literature Review and Hypothesis Development 6
2.1. The Trade-off between Relevance and Reliability of R&D Capitalization 6
2.2. Evidence on the Value Relevance of Capitalized R&D: Opportunism vs. Signaling 8
2.3. The Reporting Incentives Perspective 11
2.4. Country-level Legal Protection and the Value Relevance of Capitalized R&D 12
2.5. Firm-level Corporate Governance and the Value Relevance of Capitalized R&D 13
2.6. Country-level Institutional Factors, Firm-level Corporate Governance, and the Value Relevance of Capitalized R&D 15
3. Data and Methodology 18
3.1. Data 18
3.2. Sample Selection 20
3.3. Methodology 27
4. Empirical Analysis 38
4.1. Descriptive Statistics 38
4.2. Regression Results 43
5. Extensions and Robustness Checks 54
5.1. Alternative Measures of the Value Relevance 54
5.2. Another Measure of Country-level Institutional Factors 62
5.3. Value Relevance of Accounting Information: Comparison between IFRS and SFAS for R&D Accounting Treatment 64
6. Summary and Concluding Remarks 67
References 70
Appendix A. Accounting Treatments and the Adoption Year of R&D Capitalization 81
Appendix B. Institutional Shareholder Service (ISS) Corporate Governance 86
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