無形資產(chǎn)——管理、計量和呈報【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外 文 翻 譯外文題目 intangibles: management, measurement, and reporting 外文出處 the brookings institution 外文作者 baruch lev 原文：intangibles: management, measurement, and reportingr&d and the growth of business enterprisesthe contribution of r&d to the performance measure (profits ,sales) statistically t

2、o r&d expenditures in the current and previous periods to allow for the delayed effect of r&d on business performance and by controlling for the effect of other investments (physical assets ) on business performance. this statistical approach to empirically address issues concerning intangibles and

3、their private and social impact was frequently used by economists and researchers in related areas. the empirical worked started with extensive historical case studies and proceeded to large sample (cross-sectional) analyses of r&d on firms productivity and growth .the research effort yielded severa

4、l important findings: -r&d expenditures contribute significantly to the productivity(value added) and output of firms ,and the estimated rates of return on r&d investment are quite high as much as20-35 percent annually with the estimates varying widely across industries and over time.- the contribut

5、ion of basic research (work aimed at developing new science and technology) to corporate productivity and growth is substantially larger than the contribution of other types of r&d ,such as product development and process r&d(where the latter is aimed at enhancing the efficiency of production proces

6、ses).the estimated contribution differential of approximately three to one in favor of basic research is particularly intriguing ,given the widespread belief that public companies have been recently curtailing expenditures on basic research, in part as a response to the skepticism of many financial

7、analysts and institutional investors about the commercialization prospects of basic research. basic research is, of course, more risky than applied r&d (see chapter 2), but it is inconceivable that risk differentials by themselves account for a three-to-one productivity of basic research.-the contri

8、bution of corporate-financed r&d to productivity growth is larger than corporate-based but government-financed r&d (granted primarily to government contractors).the fact that most contracts with the government are based on cost-plus terms may partially explain this findings. this result should not d

9、etract from the significant contribution to the industrial and technological infrastructure of publicly funded research conducted by government agencies and in federal laboratories (such as the contribution by the national institutes of health to pharmaceutical and biotech companies) as well as the

10、substantial contribution of university research to technology.it should be noted that much of the research summarized above was based on survey data and industry aggregates, due to severe limitations in corporate published data. in fact, most of the examined variables and attributessuch as basic ver

11、sus applied research and company versus government-sponsored r&dcannot be directly estimated from information publicly disclosed to investors. thus an important implication of these and similar findings is to suggest which kinds of currently unavailable information and data would be useful to manage

12、rs, investors, and policymakers.alternative output measures: market value and patentthe research presented above relates r&d inputs (intensity, capital) to firms productivity, sales, or profit growth, in an attempt to estimate the return on corporate investment in innovation as well as to examine ma

13、cro-economic issues, such as the productivity decline in the united states in the 1970s and early 1980s. this methodological approach encounters various problems; in particular the time lag between the investment in r&d and the realization of benefits (such as sales) is often long (particularly for

14、basic research) and generally unknown, increasing the uncertainty about the estimated r&d contribution. furthermore, biases and distortions in reported profitsarising from firms attempts to “manage” investors perceptions (see chapter 4)might cloud the intrinsic relationship between r&d and its subse

15、quent benefits.these measurement difficulties have prompted a search for alternative and more reliable indicators of r&d output than reported sales and profitability measures. two output indicators have received considerable in attention: capital market values of corporations and patents. believers

16、in efficient capital markets argue that stock price and returns provide reliable signals of enterprise value and performance; hence r&d contribution can be evaluated using market values. patents, and particularly citations in patent applications, provide an additional of the value of r&d and firms t

17、echnology.concerning capital market studies, the research persuasively indicates that investors regard r&d as a significant value-increasing activity. for example, a number of event studies register a significantly positive investor reaction (stock price increases) to corporate announcements of new

18、r&d initiatives, particularly of firms operating in high-technology sectors and using cutting edge technology. when information is available, investors distinguish among different stages of the r&d processsuch as program initiation and ultimate commercialization most significantly rewarding mature r

19、&d projects that are close to commercialization. furthermore, econometric studies that relate corporate market values or market-to-book ratios to r&d intensities consistently yield positive and statistically significant association estimates. further probing of the data suggests that investors value

20、 an r&d dollar spent by large firms more highly than that spent by small firms, probably a reflection of economies of scale in r&d. for example, large companies may benefit from lessons of failed r&d projects as they pursue the development of other project.the evidence thus indicates unequivocally t

21、hat investors view r&d expenditures as on average enhancing the value of firms and that that also demonstrate some ability to differentiate the contribution of r&d across industries, firm sizes, and stages of r&d maturity. investors ability to fine-tune r&d valuations is obviously hampered by the ab

22、sence of detailed information on these attributes in corporate financial reports.data on r&d expenditures available in financial statements are crude indicators of r&d contribution and value creation: there is productive r&d and wasteful r&d (motorola and partners$5 billion investment in the iridium

23、 satellite communications project, currently in bankruptcy, is an example of the latter). the r&d productivity estimates discussed above obviously averaged the good and the bad, missing considerable information in the process. in an attempt to improve the estimation of r&d contribution, researchers

24、experimented with patents, which can be considered an intermediate output measure of r&d (the final output measure is, of course, the benefitsales, cost savingsgenerated by the r&d expenditure). patents are only partial indicators of r&d output, since not every r&d project id patented. yet patent re

25、search provides interesting insights.the findings of patent researchvarious attributes of patents, such as the number of patents registered by a company (patent counts), patent renewal and fee data, and citations of and to patents were examined by researchers. both patent counts and the number of in

26、novations emerging from a companys r&d program were found to be associated with the level of corporate investment in r&d (the higher the r&d expenditures, the larger, on average, the number of consequent patents and innovations) as well as with firms market values (the larger the number of patents a

27、nd innovations, the higher the market value, on average). patents are thus related to both inputs (r&d) and outputs (market values) of the innovation process and, therefore, are meaningful intermediate value measures.it is clear, however, that patent and innovations are noisy measures of r&d contrib

28、ution, due to the skewness of their value distributionsthat is, the tendency of a few patents or innovations to generate substantial returns (blockbusters), while the majority turn out to be virtually worthless. citations (references) to a firms patents included in subsequent patent applications (fo

29、rward citations) offer a more reliable measure of r&d value, since such citations are an objective indicator of the firms research capabilities and the impact of its innovation activities on the subsequent development of science and technology.various studies show that patent citations capture impor

30、tant aspects of r&d value. for example, manuel trajtenberg reports a positive association between citation counts and consumer welfare measures for cat scanners; hilary shane finds that patent counts weighted by citations (the firms number of registered patents divided by the number of citations by

31、others to these patents) contribute to the explanation of differences in tobins q measures (market value over replacement cost of assets) across semiconductor companies; and bronwyn hall and colleagues report that citation-weighted patent counts are positively associated with firms market values (af

32、ter controlling for r&d capital). patents and their attributes thus reflect technological elements used by investors to value companies.in a direct test of the usefulness of patent citation measures as indicators of value, studies have been conducted to examine the ability of various citation-based

33、measures to predict subsequent stock returns and market-to-book values possess such predictive ability: the number of patents granted to the firm in a given year, the intensity of citations to a firms patent portfolio by subsequent patents, and a measure based on the number of citation in a firms pa

34、tents (backward citations) to scientific papers (in contrast with citations to previous patents).the third measure reflects the scientific intensity of a patent and may provide a proxy for the extent of basic research conducted by the company. the fact that patent indicators are associated with subs

35、equent stock prices and returns suggests that investors are not fully aware of the ability of these measures to convey useful information about firms innovation processes and capabilities. this is of course not surprising, given the novelty of patent-related measures as indicators of enterprise valu

36、e.patents are the intangible assets actively traded in markets (see chapter 2), in the form of licensing and sale of patents. an examination of firms royalties from the licensing of patents indicates that the volume of royalty income is swiftly increasing and that investors value a dollar of patent

37、royalties (the implicit, market multiplier of royalty income) two to three times higher than a dollar of regular income. the reason for the high valuation of patent royalties probably lies in the stability of this income source (patents are usually licensed for several years) relative to other more

38、transitory components of income. patent royalties also impact investors valuation of r&d, namely the market value they assign to a dollar of r&d expenditures. the valuation of the r&d of firms with royalty income is higher than the valuation of the r&d of firms that do not license patents, probably

39、due to investors belief that the quality and prospects of the r&d of firms able to license patents is relatively high.summerr&d, a major form of corporate intangible investment, is found to be an important contributor to firms productivity, growth, and capital market value. the magnitude of this con

40、tributionreturn on r&d investment varies across industries and over time but is, by and large, considerably higher than firms cost of capital; hence the value creation capability of r&d. the research record, therefore, strongly supports the assertions made in chapter 2 concerning the scalability of

41、intangibles due to their nonrivalry and increasing returns properties as well as the existence of positive network effects (externalities) of many intangibles.in addition to the general findings about the positive contribution of r&d to corporate value and growth, the empirical record indicates the

42、following:-the return on basic (fundamental) research is substantially higher than that of applied or process r&d.-despite the expensing of r&d outlays in financial reports, investors consider r&d an important asset.-even for internet companies, where the uncertainty regarding future benefits is cur

43、rently considerable, investors value much of the r&d(product development) as an investment (asset) rather than an expense .-patents and their attributes (for example, citations) constitute useful intermediate output measures of r&d value.-in recent years, internal r&d has been complemented by acquir

44、ed r&d and technology under development, where the latter often surpasses the former in volume of expenditure.-royalties from patent licensing are a potent (in terms of creating market value) source of corporate income.organizational capitalthe extensive research focusing on r&d provides important i

45、nsights about the organization of r&d activities (such as economies of scale), the private and social returns on r&d, the appropriation of r&d benefits (such as the effectiveness of patent protection), and investors valuation of innovation activities. r&d, however, is but one component of firms inta

46、ngible capital (knowledge assets), which is of course particularly pronounced in the technology-and science-based sectors. other components of intangibleshuman and organizational capitalhave received substantially less research attention than r&d. consequently, our knowledge concerning important int

47、angibles is rudimentary at best.resource：baruch lev. intangibles: management, measurement and reporting m. the brookings institution,2001.55-62.譯文：無形資產(chǎn)管理、計量和呈報研究開發(fā)與企業(yè)成長通過將工作指標(biāo)（利潤、銷售收入）系統(tǒng)地與研究開發(fā)支出（在當(dāng)期和以前各期中允許在經(jīng)營業(yè)績上的遞延效應(yīng)）相聯(lián)系可以得出研究開發(fā)的貢獻(xiàn)，同時控制其他投資形式對經(jīng)營業(yè)績的影響。這種統(tǒng)計方法實證了關(guān)于無形資產(chǎn)和它們的私人和社會影響，被相關(guān)領(lǐng)域的經(jīng)濟學(xué)家和研究者廣泛地應(yīng)用。實

48、證工作開始于廣泛的歷史案例研究分析，大量樣本（具代表性的）分析產(chǎn)生了研究開發(fā)對生產(chǎn)率和增長率的數(shù)據(jù)。這些研究取得了一些重要發(fā)現(xiàn)：研究開發(fā)支出對于生產(chǎn)率（價值增長）和產(chǎn)出數(shù)據(jù)具有重大貢獻(xiàn)，而且估計的研究開發(fā)投資回報率非常高，相當(dāng)于每年20%-35%，但在不同行業(yè)和不同時期估計值的變化較大?；A(chǔ)研究（旨在開發(fā)新科學(xué)和新技術(shù)）對于公司生產(chǎn)率和增長率的貢獻(xiàn),本質(zhì)上大于其他形式的研究開發(fā)，如產(chǎn)品開發(fā)和加工研究開發(fā)（后者目的在于提高產(chǎn)品加工效率）?；A(chǔ)研究相對與應(yīng)用研究的貢獻(xiàn)的差異比是3：1，這個差額非常具有吸引力。使得大眾普遍認(rèn)為上市公司最近已經(jīng)削減了對基礎(chǔ)研究的支出，部分原因在于許多財務(wù)分析師和機構(gòu)投

49、資者對商業(yè)化的基礎(chǔ)研究的懷疑?；A(chǔ)研究當(dāng)然比應(yīng)用研究開發(fā)（見第二章）更具風(fēng)險，但風(fēng)險差異并不足以解釋基礎(chǔ)研究3：1的生產(chǎn)率優(yōu)勢。公司融資的研究開發(fā)對于生產(chǎn)率增長的貢獻(xiàn)要高于一公司為基礎(chǔ)的政府融資的研究開發(fā)（政府許可）。事實上，大多數(shù)與政府簽訂的合同都是基于成本加成條款，也許可以部分解釋這些發(fā)現(xiàn)。這結(jié)果不能減損政府部門在聯(lián)邦實驗室進(jìn)行的公共研究對于工業(yè)和技術(shù)的基礎(chǔ)設(shè)施的重大貢獻(xiàn)，以及大學(xué)研究對于技術(shù)的巨大貢獻(xiàn)。需要指出的是鑒于公司公布的數(shù)據(jù)具有嚴(yán)重的局限性，以上概述的很多研究總結(jié)以調(diào)查數(shù)據(jù)和工業(yè)聯(lián)合體為基礎(chǔ)。事實上，大多數(shù)檢驗變量和特征（如基礎(chǔ)與應(yīng)用研究、公司發(fā)起與政府發(fā)起研究開發(fā)）不能直接由向

50、投資者公布的信息中獲得。因此這些發(fā)現(xiàn)和類似發(fā)現(xiàn)的一個重要啟示就是那些現(xiàn)在未公布的信息是對經(jīng)理人員、投資者和政策制定者有用的信息。產(chǎn)出計量指標(biāo)的選擇：市場價值和專利上述研究將研發(fā)投入（強度、資本）與公司生產(chǎn)率、銷售收入和利潤增長相聯(lián)系，試圖估計公司在創(chuàng)新上的投資回報和檢驗宏觀經(jīng)濟問題，如20世紀(jì)70年代和80年代早期美國生產(chǎn)率的下降。這些方法遇到許多問題；特別是研究開發(fā)的投入和收益（如銷售收入）的實現(xiàn)過程中存在的時滯，時間長且不被知道，增加了估計研究開發(fā)貢獻(xiàn)的不確定性。而且有偏見和歪曲的利潤報告產(chǎn)生于企業(yè)操縱利潤的企圖（見第4章）可能會模糊研發(fā)與其帶來的收益的關(guān)系。這些計量上的難點促使人們?nèi)ふ?/p>

51、可替代的和較銷售收入、盈利水平更可信的研究開發(fā)產(chǎn)出指標(biāo)。研究人員開始關(guān)注兩個產(chǎn)出指標(biāo)：公司的資本市場價值和專利。有效市場的信奉者認(rèn)為股票價值和回報為企業(yè)和業(yè)績提供了可靠的指標(biāo)，所以研究開發(fā)貢獻(xiàn)可以用市場價值評價。專利（特別是專利的引用）為研究開發(fā)和公司技術(shù)提供了另一個價值指標(biāo)。資本市場的研究普遍說明了投資者認(rèn)為研究開發(fā)是一項重要的價值增值活動。例如，許多事件研究表明投資者對于公司（尤其是高新技術(shù)和邊緣技術(shù)公司）宣布研究開發(fā)活動的啟動作出了積極反應(yīng)（股價上漲）。如果投資者可以獲得相關(guān)的信息，他們就會區(qū)分研究開發(fā)過程中的不同階段（例如方案的啟動階段還是最終的商業(yè)化階段），并且給予接近商業(yè)化的成熟的

52、研究開發(fā)最高的報酬。同時，計量經(jīng)濟學(xué)研究將公司的市場價值同研究開發(fā)強度、市場價值與賬面價值比同研究開發(fā)強度相聯(lián)系，得出了正向的具有統(tǒng)計意義的相關(guān)估計值。進(jìn)一步探索這些數(shù)據(jù)，我們發(fā)現(xiàn)投資者對于大公司的每一美元的研究開發(fā)投資的估價要高于小公司，這可能反映了研究開發(fā)的規(guī)模經(jīng)濟。例如，當(dāng)大公司進(jìn)行其他項目研究時，可能會吸取以往研發(fā)失敗的教訓(xùn)并從中獲益。有明顯的證據(jù)表明，投資者認(rèn)為研究開發(fā)將提高公司的價值，并且投資者表現(xiàn)出了區(qū)分不同行業(yè)、公司規(guī)模和成熟階段的研究開發(fā)貢獻(xiàn)一定的能力。然而，財務(wù)報表中沒有披露有關(guān)這些特征的信息，從而阻礙了投資者調(diào)整研究開發(fā)評價的能力。從財務(wù)報表中得到的研究開發(fā)數(shù)據(jù)是研究開發(fā)貢獻(xiàn)和價值創(chuàng)造的粗糙的指標(biāo)：其中既有高效率的研究開發(fā)也有無效的研究開發(fā)（摩托羅拉公司及其合作者投資50億美元用于銥衛(wèi)星通訊工程，這項工程現(xiàn)已破產(chǎn)，該事件就是后者的例證）。研究開發(fā)生產(chǎn)率的估計將成功的和失敗的研究開發(fā)平均計量，丟失了該過程中的大量信息。為了優(yōu)化研究開發(fā)貢獻(xiàn)的估價，研究人員嘗試運用專利，認(rèn)為專利是研究開發(fā)的中間產(chǎn)出估價（當(dāng)然最終的研究開發(fā)產(chǎn)出估價是研究開發(fā)投資帶來的收益，如銷售收入和成本的節(jié)約）。專利只是部分的研究開發(fā)產(chǎn)出指標(biāo)，因為并非所有的研究開發(fā)項目都獲得專利。然而，專利研究提供了一個引人注意的