无形资产管理计量和呈报外文翻译.docx

无形资产管理计量和呈报外文翻译.docx

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无形资产管理计量和呈报外文翻译

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

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（