申请专利，企业技术创新的特点和财务绩效的实证研究【外文翻译】.doc

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外文翻译
原文:
Patenting Activity, Firm Innovation Characteristics, and Financial Performance: an Empirical Investigation
Over the past three decades, anizations have experienced unprecedented changes on several fronts. Technological advancements (., low cost puting and munication devices, ), globalization, petition, and deregulation are examples of changes that firms have experienced and the impact of these realities should be reflected in financial reports (Lev and Zarowin1999; Bismuth and Tojo2008). Brown et al. (1999) document a decline in the relevance of financial statement information to firm value. According to the authors, this trend began after World War II and coincides with the decline of hard assets as the primary source of value for most firms. In the late 1990s, several other accounting researchers voiced concerns about the value relevance of financial statements and the financial reporting model (., Francis and Schipper1999;Lev and Zarowin1999).
Criticism of the current financial reporting model was also offered by the American Institute of Certified Public Accountants (American Instiute of Certified Public Accountants (AICPA)),and the Financial Accounting Standard Board (FASB). Due to similar concerns, the Securities and mission (SEC) has begun to require the inclusion of key performance metrics, including nonfinancial performance measures that are material and used to manage business, in the section of the SEC 10-K filings containing management’s discussion and analysis (SEC 2003). One of the critiques that several authors make against the current financial reporting model is its failure to reflect the transformation from the industrial era to the new information and technology era (Elliott and Jacobson 1991). Francis and Schipper
(1999, ) assert that “some observers have attributed the putative decline in the relevance of financial reporting to the increase in relative importance of technology-based industries, for which the