La relevancia de los gastos de I+D. Estudio empírico en el sector del automóvil

The value-relevance of the r&d expenditures. An empirical study on The automotive industry

  • Teresa Duarte Atoche
  • José ángel Pérez lópez
  • Jose antonio Camúñez ruiz
Palabras clave: Valor relevante de los gastos de I D, Normas Internacionales de Contabilidad, Modelo de valoración basado en precios

Resumen

Antecedentes El Financial Accounting Standard Board preocupado ante el deterioro de la utilidad de la información financiera, abrió un proceso de consultas y deliberaciones con objeto de incluir esta preocupación en su agenda: quedaba patente la importancia de las inversiones conductoras de la innovación, pero los principios de contabilidad generalmente aceptados en el ámbito estadounidense (conocidos por las siglas US GAAP) no permitían su reconocimiento como activos. La cuestión que nos planteamos es: ¿Con independencia del tratamiento contable asignado a las partidas de I+D, los inversores las consideran relevantes? Objetivo En el presente trabajo de investigación trataremos de contrastar la relevancia del valor de los gastos de I+D corriente y con retardo de un ejercicio económico. Metodología y muestra Usando como función base el modelo de Ohlson (1995), introducimos variantes del mismo y con ellas, fijamos nuestro objetivo en la modelización del precio de cotización. La muestra está formada por empresas que cotizan en Estados Unidos y que pertenecen al sector del automóvil. El horizonte temporal analizado comprende 10 años. Resultado y conclusiones Nuestros resultados muestran que los inversores consideran que los gastos de I+D corriente y los del ejercicio anterior no aportan valor añadido a las compañías, es decir, que los valoran como cualquier otro gasto del ejercicio y que, por tanto, no son relevantes para estimar el valor de mercado de las compañías que forman nuestra muestra.

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Biografía del autor/a

Teresa Duarte Atoche

 

Avda. Ramón y Caja, 1
Sevilla
41620
SPAIN

José ángel Pérez lópez

 

 

Jose antonio Camúñez ruiz

 

 

Citas

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Publicado
01-07-2012
Cómo citar
Duarte Atoche, T., Pérez lópez, J. ángel, & Camúñez ruiz, J. antonio. (2012). La relevancia de los gastos de I+D. Estudio empírico en el sector del automóvil. Revista De Contabilidad - Spanish Accounting Review, 15(2), 257-286. https://doi.org/10.1016/S1138-4891(12)70045-6
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