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

Author

Listed:
  • Yuan Ding

    () (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Hervé Stolowy

    () (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

Abstract

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.

Suggested Citation

  • Yuan Ding & Hervé Stolowy, 2003. "" Capitalisation " Des Frais De R&D En France : Determinants Et Pertinence," Post-Print halshs-00582768, HAL.
  • Handle: RePEc:hal:journl:halshs-00582768
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00582768
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    File URL: https://halshs.archives-ouvertes.fr/halshs-00582768/document
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    References listed on IDEAS

    as
    1. Zvi Griliches, 1984. "Market Value, R&D, and Patents," NBER Chapters,in: R&D, Patents, and Productivity, pages 249-252 National Bureau of Economic Research, Inc.
    2. repec:bla:joares:v:36:y:1998:i::p:161-191 is not listed on IDEAS
    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.
    4. 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.
    5. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Cazavan-Jeny , Anne & Jeanjean, Thomas, 2003. "Value Relevance of R&D Reporting : A Signaling Interpretation," ESSEC Working Papers DR 03021, ESSEC Research Center, ESSEC Business School.
    2. Souha Charfi-Laadhar, 2006. "Analyse empirique des facteurs explicatifs de la décision d'activation des dépenses de recherche et développement : Cas des entreprises françaises," Post-Print halshs-00558369, HAL.
    3. repec:dau:papers:123456789/1151 is not listed on IDEAS
    4. Souha Charfi-Laadhar, 2006. "Analyse empirique des facteurs explicatifs de la décision d'activation des dépenses de recherche et développement : Cas des entreprises françaises," Post-Print halshs-00558439, HAL.
    5. Dominique Dufour & Ahmed Zemzem, 2005. "Activation des frais de R&D : le cas des entreprises françaises cotées sur le Nouveau Marché," Post-Print halshs-00581187, HAL.
    6. Inès Bouden, 2005. "L'Identification Des Incorporels Lors Des Regroupements D'Entreprises : Une Etude Exploratoire Du Marche Financier Français," Post-Print halshs-00581132, HAL.

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