无形资产管理计量和呈报外文翻译Word格式.docx
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无形资产管理计量和呈报外文翻译Word格式.docx
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Intangibles:
Management,Measurement,andReporting
R&
DandtheGrowthofBusinessEnterprises
ThecontributionofR&
Dtotheperformancemeasure(profits,sales)statisticallytoR&
Dexpenditures–inthecurrentandpreviousperiodstoallowforthedelayedeffectofR&
Donbusinessperformance–andbycontrollingfortheeffectofotherinvestments(physicalassets)onbusinessperformance.Thisstatisticalapproachtoempiricallyaddressissuesconcerningintangiblesandtheirprivateandsocialimpactwasfrequentlyusedbyeconomistsandresearchersinrelatedareas.Theempiricalworkedstartedwithextensivehistoricalcasestudiesandproceededtolargesample(cross-sectional)analysesofR&
Donfirms’productivityandgrowth.Theresearcheffortyieldedseveralimportantfindings:
---R&
Dexpenditurescontributesignificantlytotheproductivity(valueadded)andoutputoffirms,andtheestimatedratesofreturnonR&
Dinvestmentarequitehigh—asmuchas—20-35percentannually–withtheestimatesvaryingwidelyacrossindustriesandovertime.
---Thecontributionofbasicresearch(workaimedatdevelopingnewscienceandtechnology)tocorporateproductivityandgrowthissubstantiallylargerthanthecontributionofothertypesofR&
D,suchasproductdevelopmentandprocessR&
D(wherethelatterisaimedatenhancingtheefficiencyofproductionprocesses).Theestimatedcontributiondifferentialofapproximatelythreetooneinfavorofbasicresearchisparticularlyintriguing,giventhewidespreadbeliefthatpubliccompanieshavebeenrecentlycurtailingexpendituresonbasicresearch,inpartasaresponsetotheskepticismofmanyfinancialanalystsandinstitutionalinvestorsaboutthecommercializationprospectsofbasicresearch.Basicresearchis,ofcourse,moreriskythanappliedR&
D(seechapter2),butitisinconceivablethatriskdifferentialsbythemselvesaccountforathree-to-oneproductivityofbasicresearch.
---Thecontributionofcorporate-financedR&
Dtoproductivitygrowthislargerthancorporate-based–butgovernment-financed—R&
D(grantedprimarilytogovernmentcontractors).Thefactthatmostcontractswiththegovernmentarebasedoncost-plustermsmaypartiallyexplainthisfindings.Thisresultshouldnotdetractfromthesignificantcontributiontotheindustrialandtechnologicalinfrastructureofpubliclyfundedresearchconductedbygovernmentagenciesandinfederallaboratories(suchasthecontributionbytheNationalInstitutesofHealthtopharmaceuticalandbiotechcompanies)aswellasthesubstantialcontributionofuniversityresearchtotechnology.
Itshouldbenotedthatmuchoftheresearchsummarizedabovewasbasedonsurveydataandindustryaggregates,duetoseverelimitationsincorporatepublisheddata.Infact,mostoftheexaminedvariablesandattributes—suchasbasicversusappliedresearchandcompanyversusgovernment-sponsoredR&
D—cannotbedirectlyestimatedfrominformationpubliclydisclosedtoinvestors.Thusanimportantimplicationoftheseandsimilarfindingsistosuggestwhichkindsofcurrentlyunavailableinformationanddatawouldbeusefultomanagers,investors,andpolicymakers.
AlternativeOutputMeasures:
MarketValueandPatent
TheresearchpresentedaboverelatesR&
Dinputs(intensity,capital)tofirms’productivity,sales,orprofitgrowth,inanattempttoestimatethereturnoncorporateinvestmentininnovationaswellastoexaminemacro-economicissues,suchastheproductivitydeclineintheUnitedStatesinthe1970sandearly1980s.Thismethodologicalapproachencountersvariousproblems;
inparticularthetimelagbetweentheinvestmentinR&
Dandtherealizationofbenefits(suchassales)isoftenlong(particularlyforbasicresearch)andgenerallyunknown,increasingtheuncertaintyabouttheestimatedR&
Dcontribution.Furthermore,biasesanddistortionsinreportedprofits—arisingfromfirms’attemptsto“manage”investors’perceptions(seechapter4)—mightcloudtheintrinsicrelationshipbetweenR&
Danditssubsequentbenefits.
ThesemeasurementdifficultieshavepromptedasearchforalternativeandmorereliableindicatorsofR&
Doutputthanreportedsalesandprofitabilitymeasures.Twooutputindicatorshavereceivedconsiderableinattention:
capitalmarketvaluesofcorporationsandpatents.Believersinefficientcapitalmarketsarguethatstockpriceandreturnsprovidereliablesignalsofenterprisevalueandperformance;
henceR&
Dcontributioncanbeevaluatedusingmarketvalues.Patents,andparticularlycitationsinpatentapplications,provideanadditionalofthevalueofR&
Dandfirms’technology.
Concerningcapitalmarketstudies,theresearchpersuasivelyindicatesthatinvestorsregardR&
Dasasignificantvalue-increasingactivity.Forexample,anumberofeventstudiesregisterasignificantlypositiveinvestorreaction(stockpriceincreases)tocorporateannouncementsofnewR&
Dinitiatives,particularlyoffirmsoperatinginhigh-technologysectorsandusingcuttingedgetechnology.Wheninformationisavailable,investorsdistinguishamongdifferentstagesoftheR&
Dprocess—suchasprograminitiationandultimatecommercialization—mostsignificantlyrewardingmatureR&
Dprojectsthatareclosetocommercialization.Furthermore,econometricstudiesthatrelatecorporatemarketvaluesormarket-to-bookratiostoR&
Dintensitiesconsistentlyyieldpositiveandstatisticallysignificantassociationestimates.FurtherprobingofthedatasuggeststhatinvestorsvalueanR&
Ddollarspentbylargefirmsmorehighlythanthatspentbysmallfirms,probablyareflectionofeconomiesofscaleinR&
D.Forexample,largecompaniesmaybenefitfromlessonsoffailedR&
Dprojectsastheypursuethedevelopmentofotherproject.
TheevidencethusindicatesunequivocallythatinvestorsviewR&
DexpendituresasonaverageenhancingthevalueoffirmsandthatthatalsodemonstratesomeabilitytodifferentiatethecontributionofR&
Dacrossindustries,firmsizes,andstagesofR&
Dmaturity.Investors’abilitytofine-tuneR&
Dvaluationsisobviouslyhamperedbytheabsenceofdetailedinformationontheseattributesincorporatefinancialreports.
DataonR&
DexpendituresavailableinfinancialstatementsarecrudeindicatorsofR&
Dcontributionandvaluecreation:
thereisproductiveR&
DandwastefulR&
D(Motorolaandpartners’$5billioninvestmentintheIridiumsatellitecommunicationsproject,currentlyinbankruptcy,isanexampleofthelatter).TheR&
Dproductivityestimatesdiscussedaboveobviouslyaveragedthegoodandthebad,missingconsiderableinformationintheprocess.InanattempttoimprovetheestimationofR&
Dcontribution,researchersexperimentedwithpatents,whichcanbeconsideredanintermediateoutputmeasureofR&
D(thefinaloutputmeasureis,ofcourse,thebenefit—sales,costsavings—generatedbytheR&
Dexpenditure).PatentsareonlypartialindicatorsofR&
Doutput,sincenoteveryR&
Dprojectidpatented.Yetpatentresearchprovidesinterestinginsights.
TheFindingsofPatentResearch
Variousattributesofpatents,suchasthenumberofpatentsregisteredbyacompany(patentcounts),patentrenewalandfeedata,andcitationsofandtopatentswereexaminedbyresearchers.Bothpatentcountsandthenumberofinnovationsemergingfromacompany’sR&
DprogramwerefoundtobeassociatedwiththelevelofcorporateinvestmentinR&
D(thehighertheR&
Dexpenditures,thelarger,onaverage,thenumberofconsequentpatentsandinnovations)aswellaswithfirms’marketvalues(thelargerthenumberofpatentsandinnovations,thehigherthemarketvalue,onaverage).Patentsarethusrelatedtobothinputs(R&
D)andoutputs(marketvalues)oftheinnovationprocessand,therefore,aremeaningfulintermediatevaluemeasures.
Itisclear,however,thatpatentandinnovationsarenoisymeasuresofR&
Dcontribution,duetotheskewnessoftheirvaluedistributions—thatis,thetendencyofafewpatentsorinnovationstogeneratesubstantialreturns(blockbusters),whilethemajorityturnouttobevirtuallyworthless.Citations(references)toafirm’spatentsincludedinsubsequentpatentapplications(forwardcitations)offeramorereliablemeasureofR&
Dvalue,sincesuchcitationsareanobjectiveindicatorofthefirm’sresearchcapabilitiesandtheimpactofitsinnovationactivitiesonthesubsequentdevelopmentofscienceandtechnology.
VariousstudiesshowthatpatentcitationscaptureimportantaspectsofR&
Dvalue.Forexample,ManuelTrajtenbergreportsapositiveassociationbetweencitationcountsandconsumerwelfaremeasuresforCATscanners;
HilaryShanefindsthatpatentcountsweightedbycitations(thefirm’snumberofregisteredpatentsdividedbythenumberofcitationsbyotherstothesepatents)contributetotheexplanationofdifferencesinTobin’sqmeasures(marketvalueoverreplacementcostofassets)acrosssemiconductorcompanies;
andBronwynHallandcolleaguesreportthatcitation-weightedpatentcountsarepositivelyassociatedwithfirms’marketvalues(aftercontrollingforR&
Dcapital).Patentsandtheirattributesthusreflecttechnologicalelementsusedbyinvestorstovaluecompanies.
Inadirecttestoftheusefulnessofpatentcitationmeasuresasindicatorsofvalue,studieshavebeenconductedtoexaminetheabilityofvariouscitation-basedmeasurestopredictsubsequentstockreturnsandmarket-to-bookvaluespossesssuchpredictiveability:
thenumberofpatentsgrantedtothefirminagivenyear,theintensityofcitationstoafirm’spatentportfoliobysubsequentpatents,andameasurebasedonthenumberofcitationinafirm’spatents(
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