Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/231688
Authors: 
Chen, Guan-Chih
Li, Hexuan
Tsao, Shuling
Year of Publication: 
2019
Citation: 
[Journal:] Financial Studies [ISSN:] 2066-6071 [Volume:] 23 [Year:] 2019 [Issue:] 4 (86) [Pages:] 39-51
Abstract: 
This paper examines the impact of research and development (R&D) expenditure, R&D capitalized expenditure and expensed expenditure on the corporate value. Through the exposition of R&D expenditure affect relevance of corporate value after the Chinese New Accounting Standards, it can be found that R&D expenditure information has a positive effect on share price. The disclosure of information on R&D expenditure has a positive relevance to corporate value means that the disclosure of R&D expenditure information can improve the value relevance of accounting information. Investors give positive value to the R&D capitalized and expensed expenditure, but R&D capitalized expenditure has a greater effect on investors than R&D expensed expenditure. At the same time, the normative degree of R&D expenditure disclosure has a significant positive effect on the stock price, which shows that the disclosure of R&D expenditure information can improve the value relevance of accounting information.
Subjects: 
Chinese High-tech industry
R&D capitalized expenditure
corporate value
JEL: 
C33
G30
M41
O14
Creative Commons License: 
https://creativecommons.org/licenses/by-nc-nd/4.0/
Document Type: 
Article

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