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1、1外文文獻翻外文文獻翻譯譯譯譯文1、外文原文外文原文原文原文WereInProcessResearchDevelopmentgesTooAggressiveThomasD.DowdellSteveC.LimEricPressAbstract:PriresearchdocumentsthatUSfirmswriteofflargeinprocessresearchdevelopmentges(IPRD)facquisitionspossi

2、blyoverstatingthecurrentperiodexpensetoinflatefutureearnings.Consequentlyin1998theUSSecuritiesExchangeCommission(SEC)beganscrutinizingIPRDges.WeusepreacquisitionR&Dexpensesof144targetfirmsasabenchmarkfassessingwhetherIPR

3、Dgesareappropriate.OveralltheresultssuggestthatmostfirmsduringoursampleperiodwerenotoverlyaggressiveinexpensingIPRDespeciallyfacquisitionssubsequenttotheSEC’sscrutiny.TheresultsalsoindicatethattheSEC’sinterventionreduced

4、thefrequencyofoverstatedIPRDges.Keywds:inprocessresearchdevelopmentR&DSECacquisitionaccountingaggressivefinancialrepting1.INTRODUCTIONThispaperinvestigateswhethercompaniesabusedproperfinancialreptingpracticewithoverlyagg

5、ressiveinprocessresearchdevelopmentgesbetween19962003whetherpressurefromtheUSSecuritiesExchangeCommission(SEC)encouragedmeappropriaterepting.Inprocessresearchdevelopment(IPRD)isthevalueallocatedtoincompleteR&Dprojectsinp

6、urchaseacquisitionswhichisgedtoanexpensebytheacquirerasoftheacquisitiondate.OurresultscontributetotheearningsmanagementliteraturebyextendingthewkofDowdellPress(2004)whoexaminetheimpactofSECscrutinyonthemagnitudeofIPRDwri

7、teoffsbutnottheirappropriateness.Ourinvestigationismotivatedboth3IPRDgesf144acquisitionsoftargetcompaniescanbejustifiedusingpubliclyavailableinfmationabouttheirpreviousR&D.Specificallyweaddressfourquestions.Firstistherea

8、positiverelationbetweenIPRDpriR&DWeexpectthistobethecaseiffirmsareappropriatelyreptingtheirIPRD.SecondwhatisthefrequencyofaggressiveIPRDreptingAnsweringthisquestionaddressestheextentoftheaggressiveIPRDreptingproblem.Thir

9、darethefirmssuspectedofaggressiveIPRDreptingmanagingtheirearningsusingIPRDdotheyusetheIPRDwriteofftocoverupanacquisitionoverpaymentOuranalysesrelatedtothisquestionprovideadditionalevidenceonwhetherfirmsintentionallyovers

10、tateIPRD.FourthdoesthefrequencyofaggressiveIPRDreptingdecreasefollowingSECscrutinyofIPRDWeexaminewhetherSECscrutinyimpactsappropriatefinancialreptingofpurchasedR&D.Theresultsindicateasignificantpositiveassociationbetween

11、acquirers’IPRDwriteoffsacquiredfirms’priyearresearchdevelopmentcostssuggestingonaverageappropriateIPRDrepting.Howeverwefindthat48acquisitions–onethirdofoursample–reptIPRDthatismethanfivetimestheacquiredfirm’sR&Dinitslast

12、yearofindependentoperationwhichweinterpretasevidenceofaggressiveIPRDrepting.WefindevidencesuggestingthataggressiveacquirershavemetogainfromtheIPRDpostacquisitionprofitboostareinabetterpositiontoabsblargeIPRDwriteoffscomp

13、aredtononaggressiveacquirers.ThisevidenceisconsistentwithaggressiveacquirersmanagingtheirearningsusingIPRD.Howeverpostacquisitioncashflowcomparisonsbetweenaggressivenonaggressiveacquirersdonotindicatethatcompaniesexpense

14、IPRDtomaskacquisitionoverpayment.FinallywefindthattheproptionofacquisitionswithhighIPRDgesrelativetotargets’priR&DsignificantlydeclinesfollowingtheSEC’sscrutinyofIPRD.OurfinalresultextendsDowdellPress’(2004)findings–that

15、infmalSECpressureledtolowerIPRDlevels–sinceweprovideevidencethatitalsoledtomeappropriateIPRDrepting.Section2discussesTurner’sassertionsthatsomeIPRDgesare‘atoddswiththefacts’(Turner1999)theaccountingguidancefIPRD.Sections

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