無(wú)形資產(chǎn)管理、計(jì)量和呈報(bào)外文翻譯-免費(fèi)閱讀
【正文】 然而，研究開(kāi)發(fā)只是公司無(wú)形資產(chǎn)（知識(shí)資產(chǎn)）的一個(gè)組成部分，而在科技部門(mén)無(wú)形資產(chǎn)的作用是顯而易見(jiàn)的。研究報(bào)告強(qiáng)烈地支持了第 2 章中提出的以下論斷：研究開(kāi)發(fā)的非獨(dú)占性導(dǎo)致了研究開(kāi)發(fā)可計(jì)量性，研究開(kāi)發(fā)回報(bào)遞 增，以及許多無(wú)形資產(chǎn)具有正網(wǎng)狀效應(yīng)（外部性）。專利指標(biāo)與股票價(jià)格和回報(bào)相關(guān)的事實(shí)說(shuō)明投資者并非完全沒(méi)有意識(shí)到這些指標(biāo)具有提供有關(guān)公司創(chuàng)新過(guò)程的有用信息的能力。例如，曼紐爾專利只是部分的研究開(kāi)發(fā)產(chǎn)出指標(biāo)，因?yàn)椴⒎撬械难芯块_(kāi)發(fā)項(xiàng)目都 獲得專利。同時(shí)，計(jì)量經(jīng)濟(jì)學(xué)研究將公司的市場(chǎng)價(jià)值同研究開(kāi)發(fā) 強(qiáng)度、市場(chǎng)價(jià)值與賬面價(jià)值比同研究開(kāi)發(fā)強(qiáng)度相聯(lián)系，得出了正向的具有統(tǒng)計(jì)意義的相關(guān)估計(jì)值。而且有偏見(jiàn)和歪曲的利潤(rùn)報(bào)告 —— 產(chǎn)生于企業(yè)操縱利潤(rùn)的企圖（見(jiàn)第 4 章） —— 可能會(huì)模糊研發(fā)與其帶來(lái)的收益的關(guān)系。 —— 公司融資的研究開(kāi)發(fā)對(duì)于生產(chǎn)率增長(zhǎng)的貢獻(xiàn)要高于 一 公司為基礎(chǔ)的政府融資的研究開(kāi)發(fā)（政府許可）。D. Consequently, our knowledge concerning important intangibles is rudimentary at best. Resource： Baruch Lev. Intangibles: Management, Measurement and Reporting [M]. The Brookings Institution,. 18 譯文 ： 無(wú)形資產(chǎn) —— 管理、計(jì)量和呈報(bào) 研究開(kāi)發(fā)與企業(yè)成長(zhǎng) 通過(guò)將工作指標(biāo)（利潤(rùn)、銷(xiāo)售收入）系統(tǒng)地與研究開(kāi)發(fā)支出（在當(dāng)期和以前各期中允許在經(jīng)營(yíng)業(yè)績(jī)上的遞延效應(yīng)）相聯(lián)系可以得出研究開(kāi)發(fā)的貢獻(xiàn)，同時(shí)控制其他投資形式對(duì)經(jīng)營(yíng)業(yè)績(jī)的影響。D value. 17 In recent years, Internal Ramp。D investment — varies across industries and over time but is, by and large, considerably higher than firms’ cost of capital。 and Bronwyn Hall and colleagues report that citationweighted patent counts are positively associated with firms’ market values (after controlling for Ramp。D program were found to be associated with the level of corporate investment in Ramp。D and wasteful Ramp。D. For example, large panies may benefit from lessons of failed Ramp。D contribution can be evaluated using market values. Patents, and particularly citations in patent applications, provide an additional of the value of Ramp。D—cannot 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 managers, investors, and policymakers. Alternative Output Measures: Market Value and Patent The research presented above relates Ramp。D on firms’ productivity and growth .The research effort yielded several important findings: Ramp。D to the performance measure (profits ,sales) statistically to Ramp。D (see chapter 2), but it is inconceivable that risk differentials by themselves account for a threetoone productivity of basic research. The contribution of corporatefinanced Ramp。D and its subsequent benefits. These measurement difficulties have prompted a search for alternative and more reliable indicators of Ramp。D projects that are close to mercialization. Furthermore, econometric studies that relate corporate market values or markettobook ratios to Ramp。D valuations is obviously hampered by the absence of detailed information on these attributes in corporate financial reports. Data on Ramp。D expenditure). Patents are only partial indicators of Ramp。D value, since such citations are an objective indicator of the firm’s research capabilities and the impact of its innovation activities on the subsequent development of science and technology. Various studies show that patent citations capture important aspects of Ramp。D of firms that do not license patents, probably due to investors’ belief that the quality and prospects of the Ramp。D outlays in financial reports, investors consider Ramp。D, the appropriation of Ramp?；?礎(chǔ)研究相對(duì)與應(yīng)用研究的貢獻(xiàn)的差異比是 3： 1，這個(gè)差額非常具有吸引力 。因此這些發(fā)現(xiàn)和類(lèi)似發(fā)現(xiàn)的一個(gè)重要啟示就是那些現(xiàn)在未公布的信息是對(duì)經(jīng)理人員、投資者和政策制定者有用的信息。 資本市場(chǎng)的研究普遍說(shuō)明了投資者認(rèn)為研究開(kāi)發(fā)是一項(xiàng)重要的價(jià)值增值活動(dòng)。 從財(cái)務(wù)報(bào)表中得 到的研究開(kāi)發(fā)數(shù)據(jù)是研究開(kāi)發(fā)貢獻(xiàn)和價(jià)值創(chuàng)造的粗糙的指標(biāo)：其中既有高效率的研究開(kāi)發(fā)也有無(wú)效的研究開(kāi)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(xiàng)工程現(xiàn)已破產(chǎn)，該事件就是后者的例110 證）。 然而，專利和創(chuàng)新顯然是研究開(kāi)發(fā)貢獻(xiàn)的夸大計(jì)量，因?yàn)樗鼈兪莾r(jià)值偏態(tài)分布 —— 即 少部分創(chuàng)新能夠產(chǎn)生巨大的回報(bào)（一鳴驚人），而絕大部分創(chuàng)新實(shí)際上一文不值。 一項(xiàng)直接測(cè)試價(jià)值指標(biāo)有用性的研究檢驗(yàn)了引用估計(jì)指標(biāo)預(yù)測(cè)上市公司股票收益和市凈率的能力。專利的特許權(quán)使用費(fèi)的研究開(kāi)發(fā)公司的價(jià)值評(píng)估要高于沒(méi)有特許權(quán)使用費(fèi)的公司，這可能是由于投資者認(rèn)為能夠授予專利的公司研究開(kāi)發(fā)的質(zhì)量較高和前景較光明。 —— 近幾年，外購(gòu)的研究開(kāi)發(fā)和技術(shù)補(bǔ)充了內(nèi)部研究開(kāi)發(fā)，其中前者的支出要高于后者。 資料來(lái)源： 巴魯 .列弗 /（美） .無(wú)形 資產(chǎn) :管理、計(jì)量和呈報(bào) [M].布魯金斯學(xué)會(huì)，2020:5562.
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