Effects of R&D policy choice on accounting performance and market value
基于中国上市公司年报数据，分析了研发支出资本化与费用化两种政策选择对企业会计绩效和市场价值的不同影响，发现资本化策略提升市场价值但降低会计绩效，费用化策略则相反。
Using primary data that was gathered from the annual reports of companies listed in the Chinese Stock Exchanges, this study analyzes and compares the different effects of R&D policy choice on their accounting performances and market values. For the period 2007 through 2014, the results show that different R&D policy choices provided different implications in firm value and firm strategy to the market. Specifically, the firms choosing to capitalize their R&D investments have higher market value, implying that the strategy was focused on sustaining their long‐term development. On the contrary, the companies selecting to expense their R&D expenditure have higher accounting performance and the focus was on improving short‐term gains. The results of this study suggest that the policy choice on R&D capitalization and expensing is a trade‐off result between the accounting performance and the market value of a firm.