1、11 本科毕业 论文 （ 设计 ） 外 文 翻 译 外文题 目 Intangibles: Management, Measurement, and Reporting 外文出处 The Brookings Institution 外文 作者 Baruch Lev 原文 ： Intangibles: Management, Measurement, and Reporting R&D and the Growth of Business Enterprises The contribution of R&D to the performance measure (profits ,sales)
2、statistically to 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 i
3、ntangibles and 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
4、 yielded several 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.
5、 - The contribution 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 p
6、roduction processes).The estimated contribution differential of approximately three to one in 12 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
7、 of many financial 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 r
8、esearch. -The contribution 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
9、 result should not detract 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 compan
10、ies) as well as the 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 attrib
11、utessuch as basic versus 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 woul
12、d be useful to managers, investors, and policymakers. Alternative Output Measures: Market Value and Patent The 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 a
13、s well as to examine macro-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
14、13 long (particularly for 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 b
15、etween R&D and its subsequent 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 corporation
16、s and patents. Believers 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
17、 value of R&D and firms technology. 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 corpo
18、rate announcements of new 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 signif
19、icantly rewarding mature R&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 sug
20、gests that investors value 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 that investors view R&D expenditures as on average enhancing the value of firms and that that also demonstrate some ability
