中文摘要：

本文分析了新会计准则实施后我国上市公司R＆D支出的信息披露现状，并实证检验了其长期和短期市场反应。研究发现：长期市场反应下，股价对R8LD支出的信息披露存在选择性吸收，投资者能区分其会计处理、披露的规范程度以及是否是高科技公司的公司性质；短期市场反应中也存在股价对R＆D信息的选择性吸收，并且投资者能区分高科技公司的会计处理和披露的规范程度，但对于非高科技公司则无明显反应。

英文摘要：

This paper is focused on the research of current R＆D information disclosure of listed companies in China after carrying out new accounting standards. The empirical research on their stock price reaction in a long-and short term show that：there is selective absorption of R＆D information disclosure under the long-term stock market reaction, and investors can distinguish accounting treatment, standardized degree of disclosure and whether they are high technology companies; there is selective absorption of R＆D information disclosure on the stock price reactions in a short term as well,and investors can distinguish accounting treatment and norms degree of disclosure for high technology companies,while there is no significant reaction on stock price in a short term for non-high-tech companies.