中文摘要：

新会计准则对企业研发支出采取有条件资本化模式。分析了盈余管理对研发支出资本化金额的影响,发现研发支出资本化不仅受到盈余管理动机的影响,还受到盈余管理程度的影响。仅在高盈余管理程度公司中,盈余管理动机才显著影响研发支出资本化金额。进而研究了盈余管理对研发支出资本化市场定价的影响,并提出市场会依据企业整体盈余管理程度来判断研发支出资本化所传递的未来盈利信号的真实性。研究结果证实,在不考虑盈余管理程度的情况下,市场无法对研发支出资本化定价;在区分盈余管理程度后,低盈余管理程度公司的研发支出资本化具有正的定价,高盈余管理程度公司的研发支出资本化具有负的定价。

英文摘要：

The new accounting standards require company to capitalize its RD expenditure conditionally.The influence of surplus management on RD capitalization is analyzed.It is found that RD capitalization is influenced not only by surplus management incentive but also by surplus management level.Surplus management incentive shows significant positive association with RD capitalization only in companies with high level of surplus management.Then the influence of surplus management on the pricing of RD capitalization is analyzed.It is bring forward that the market use an overall assessment on company＇s surplus management level to judge the reliability of the signal of future earning sent by RD capitalization.The results prove that without considering surplus management degree,the market cannot price RD capitalization.After distinguishing surplus management degree,RD capitalization of companies with low level of surplus management is priced positively,while RD capitalization of companies with high level of surplus management is priced negatively.