中文摘要：

研发支出资本化是上市公司会计政策选择的重要方面，会对上市公司的股票估值产生重要影响。以2007～2014年中国A股上市公司为研究对象，本文实证检验了研发支出资本化政策对上市公司股票错误定价的影响。结果显示，上市公司股票错误定价与研发支出资本化比例显著正相关，并且在非国有企业中表现更为显著，但没有证据显示研发支出资本化对股票错误定价的影响在高新技术行业和非高新技术行业中存在显著差异。本文的研究结论提供了公司内部决策影响外部市场估值的新证据，拓展了对公司选择研发支出会计政策经济后果的理解视角。

英文摘要：

The capitalization of R＆D expenditure is an important aspect of listed companies＇ accounting policy choice, which will further influence stock valuation. Based on the data of Chinese A-share companies during 2007-2014, this paper empirically explores the influence of R＆D expenditure capitalization policy on stock mispricing. Our results show that stock mispricing is positively correlated with R＆D expenditure capitalization rate, which is more significant in the non-state-owned enterprises. However, this paper doesn＇t find that there is different influence of R＆D expenditure capitalization on stock mispricing between high technology enterprises and non-high- technology enterprises. This research not only provides new evidence about the influence of corporate internal decision on the external market valuation, but also deepens the understanding of the economic consequences of corporate R＆D expenditure accounting policy.