1、 1 外文翻译 原文 International Comparison of Intangible Assets Disclosure and Investment Behavior Materia Source: http:/ Author: Kunio Ito Tetsuyuki Kagaya Abstract: The purpose of this chapter is to empirically examine how the differences of intangible assets disclosures affect research and development i
2、nvestments and their outputs in Japanese, North American and Western European companies over 1990s and 2000s by comparing the nancial ratios in each region. At rst, we examine the differences of the intangible assets disclosures in each region. The ratio of the intangibles to total assets in Japanes
3、e companies is lower than that in the others. The result suggests that the Japanese companies have less access to evaluating the intangible assets than the others have. Second, we examine the differences of R United States, 2.61%; Germany, 2.51%, and the 25 European Union countries, 1.89%. This puts
4、 Japan at the top of all advanced industrial economies. How can the low presence of intangible assets in the balance sheets and nancial Statements of Japanese companies be explained? As we consider the possible reasons for this, we are led to two hypotheses. The rst hypothesis posits that current co
5、rporate accounting principles do not properly capture the activities of Japanese companies that relate to intangible assets. The second hypothesis posits that the activities of individual Japanese companies that relate to intangible assets remain inadequate as compared to other regions, and that Jap
6、anese companies have not been 3 able to link strategic investments in intangible assets to improvements in future performance. In this paper, we shall examine regional differences in the relation between R studies of French, German, and Italian companies include Hall and studies of Japanese compa-ni
7、es include Ichikawa Ito, 2006; Sakakibara, Yosano, Lev Yaekura, 2006).While these existing studies conrm a positive relation between R美国， 2.61，德国， 2.51和在 25 个欧洲联盟国家，1.89。 这使得日本成为最先进的工业经济体 。 怎样解释日本公司资产负债表中的比例低的无形资产呢 ？我们认为这种情况的可能原因，导致 了 两个假设。该第一种假说断定，当前企业的会计原则不能正确反映日本公司活动与相关的无形资产 。该第二种假设，假定个别日本公司的活动涉及
8、无形资产的与其他区域相比 仍然 不足，并且日本公司一直无法连接战略投资 。并且无 法在今后的财务活动中对无形资产有所帮助 在本文中，我们将 区域间的差异与研发投资和未来的公司业绩相联系。 一如以往，我们的重点应放在在 R D 投资 上。 R D 投资与未来公司业绩的关系 有关 R D 支出与公司业绩的关系的现有研究 许多有关 R列弗与 Sougiannis， 1996） 还是业绩水平决定了 R D 投资。（曼德，文件和郭某 2000； Yaekura， 2006 年）虽然现有的研究证实了研发投资与未来企业业绩的正相关关系 ， 但 他们无法确定在什6 么时间点的 R D 投资的影响表体现在利润本身。 在这些研究中存在的其他不足之处研究方法尚未完全建立起来。此外，结果不存在足够的积累进行国际比较。 然而，也有后者的做法很高的期望。也就是说， 为了反映在资产负债表的R D 支出，并制定会计标准对 R D 支出和其他形式的无形资产，它不足说 ,对 股票市场作出积极的反应 ，它极有可能出现的证据将被要求直接建立未来企业业绩的一个链接。 因此，我们已经采取了本文后一种方法，我们的研究集中于可能存在的差异 ，对日本 北美，欧洲等公司进行分析。
