德勤－复旦会计论坛系列讲座之一百四十
时间：2018年3月6日（周二）下午13：30
地点：史带楼503室
主持人: 朱振梅 副教授
Speaker：Suresh Radhakrishnan (University of Texas at Dallas)
Title：R&D Investment and Firm Growth: The Role of Tangible Asset Complementarity
Abstract：Prior accounting and finance literatures document a positive relation between R&D investment and future operating performance, implicitly assuming that the benefits from R&D is independent of that other resources. However, the economics and strategy literature provide a framework that other resources, such as tangible assets, complement R&D assets in achieving future growth. We combine the above two strands of literature and examine the complementary effect of tangible and R&D assets on future growth in operating performance. Consistent with the asset complementarity thesis, we find that the positive relation between R&D investment and future firm growth is stronger for firms with more tangible assets, and this relationship is not attributable to risk. These findings are robust to different measures of future growth in operating performance: earnings and cash flows. We also find that analysts and investors incorporate the complementary effect in forecasting future growth in operating performance and stock price. Collectively, the empirical evidence shows that tangible and R&D assets in concert are positively associated with future growth.
会计学系
2018-3-1
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