Abstract: Based on 3640 observations from Chinese listed companies over 2007-2012 timeframe, from the perspective of R&D accounting policy choices, the paper studies the influence of R&D accounting choice (capitalization and expensing) on firm value. The results display that R&D accounting policy choices produce the opposite effect on the finance value and market value of the firm. R&D accounting policy choices are negatively connected to the finance value, while they are positively related to the market value. The firms that chose to capitalize their R&D investments have higher market value and lower finance value. On the contrary, the companies that select to expense their R&D expenditures have lower market value and higher finance value. By inference, the accounting policy choice on R&D capitalization and expensing is a trade-off result between finance value and market value.

Key words: accounting policy choice, finance value, market value, R&D capitalization, R&D expensing

摘要： 以新会计准则实施后2007-2012年年报披露R&D投入的3640家上市公司为样本，从R&D资本化与费用化会计政策选择的视角，分别检验了R&D资本化与费用化会计政策选择对企业财务价值和市场价值的影响。研究结果表明：R&D会计政策选择对企业的财务价值和市场价值产生完全相反的作用，R&D会计政策选择与财务价值负相关，与市场价值正相关。企业选择将R&D投入资本化能够增加市场价值，但不会增加财务价值；相反，企业选择将R&D投入费用化则能够增加财务价值，不会增加市场价值。由此推断，企业R&D投入资本化与费用化的会计政策选择是对企业财务价值和市场价值权衡的结果。

关键词: 会计政策选择；财务价值；市场价值；R&, D资本化；R&, D费用化