中文摘要：

研发是公司竞争力的重要来源,而研发披露是市场了解公司研发活动和未来发展潜力的主要方式。但是,管理层在是否披露及以何种方式披露的选择上具有很大自主权。那么,市场最认同哪种研发披露方式呢？本文基于股票市场的证据对三种最主要的研发披露方式（开发支出、董事会报告和现金流量表附注）进行了探讨。通过摘录信息技术业上市公司2001-2009年年报的披露信息,本文比较不同披露方式在资本市场的价值相关性以及不同披露方式下披露的公司与不披露的公司产品市场绩效的差异,并以此来检验不同研发披露方式的市场认同度。实证结果表明,董事会报告的研发披露由于一方面没有盈余管理的嫌疑,另一方面在显著位置表明管理层对公司研发活动的信心,因此应该最受市场认同;而现金流量表附注的研发披露虽然也没有盈余管理的嫌疑,但以附注披露的位置而言很难认为是公司有意对市场的信号显示,因此,市场认同度虽高于有盈余管理的开发支出,但却低于董事会报告的研发披露。本文的结论对于我国上市公司研发披露的实务和基于研发数据的实证研究都具有现实与学术意义。

英文摘要：

RD provides companies a driving force to gain com-petitive advantages,and RD disclosure is an important channel for the market to perceive a firm＇s RD activities and assess its future growth in both product market and capital market.Since the top management has the discretionary power on RD disclosures（including whether to and how to disclose its RD investment）,we wonder which kind of RD disclosure will have the highest market recognition.Thus,this paper attempts to answer the above question by examining the impact of three types of RD disclosure（development expenditures,the board of directors＇ report,or the footnote of cash flow statement;DE,DR and CF for short,respectively） on both product and capital markets.Collecting data manually from the annual reports of listed IT companies in Mainland China in 2001-2009,we compare the value relevance in the capital market among these three kinds of RD disclosure and the financial performance based on product market between those companies with and without RD disclosure.Our empirical results support the hypotheses based on managerial incentives.Specifically,among these three,RD disclosure in the directors＇ report has the highest market recognition,because it cannot be used as an approach of earnings management while it can signal managerial emphasis as well as confidence on RD.RD disclosure in the footnote of cash flow statement can neither be used for earnings manipulation,nor be used to signal managerial confidence of firm＇s RD activities.Therefore,the RD disclosure in the footnote of cash flow statement receives higher market recognition than that in development expenditures,which can be used for earnings management,but less than that in the directors＇ report.The findings of this paper have important implications on the practice of RD disclosure of listed companies and on future empirical research on RD spending.