外文翻译无形资产管理计量和呈报.docx
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外文翻译无形资产管理计量和呈报.docx
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外文翻译无形资产管理计量和呈报
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TheBrookingsInstitution
外文作者BaruchLev
原文:
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,andameasurebasedonthenumberofcitationina
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