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" Capitalisation " Des Frais De R&D En France : Determinants Et Pertinence

  • Yuan Ding

    ()

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - GROUPE HEC - CNRS : UMR2959)

  • Hervé Stolowy

    ()

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - GROUPE HEC - CNRS : UMR2959)

Selon les règles comptables françaises, les sociétés ont la possibilité de " capitaliser " leurs frais de R&D sous certaines conditions. En analysant les rapports annuels 2000 des sociétés non financières appartenant à l'indice SBF 250, nous avons tenté de comprendre pourquoi certaines sociétés françaises " capitalisent " leurs frais de R&D. Nos résultats montrent que les sociétés qui " capitalisent " la R&D sont celles qui sont cotées uniquement sur le marché boursier français, qui appartiennent au secteur de la haute technologie et qui ont un risque Bêta plus élevé. Nous avons également testé l'hypothèse selon laquelle la décision de " capitaliser " la R&D améliore la pertinence des chiffres comptables par rapport à la valeur de marché. Notre analyse de régression linéaire ne fournit pas de résultats probants dans ce sens. Ceci confirme les particularités dans la diffusion des informations financières sur le marché français en raison d'un modèle de gouvernement d'entreprise diffèrent de celui en vigueur dans le monde anglo-saxon.

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Paper provided by HAL in its series Post-Print with number halshs-00582768.

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Date of creation: May 2003
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Publication status: Published - Presented, Identification et maîtrise des risques : enjeux pour l'audit, la comptabilité et le contrôle de gestion, 2003, France
Handle: RePEc:hal:journl:halshs-00582768
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00582768/en/
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  1. Rahim Bah & Pascal Dumontier, 2001. "R&D Intensity and Corporate Financial Policy: Some International Evidence," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 28(5-6), pages 671-692.
  2. Zvi Griliches, 1998. "Issues in Assessing the Contribution of Research and Development to Productivity Growth," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 17-45 National Bureau of Economic Research, Inc.
  3. Chan, Su Han & Martin, John D. & Kensinger, John W., 1990. "Corporate research and development expenditures and share value," Journal of Financial Economics, Elsevier, vol. 26(2), pages 255-276, August.
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