We find that the proportion of development expenditures to total assets can well explain both the abnormal return and the earning quality.

本文的主要实证结论如下：开发支出占总资产比不仅能显著解释股票超额回报率，而且对公司盈余质量也具有显著的解释力。

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We find that the proportion of development expenditures to total assets can well explain both the abnormal return and the earning quality.

本文的主要实证结论如下：开发支出占总资产比不仅能显著解释股票超额回报率，而且对公司盈余质量也具有显著的解释力。

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