Abstract: “Separately list R&D expenses” as required since 2018 reflects a shift in accounting theory from information approach to measurement approach. This paper analyzes the theoretical meaning of “separately list R&D expenses”, and puts forward information approach hypothesis and measurement approach hypothesis from the perspective of voluntary innovation disclosure. The results show that the difference in voluntary innovation disclosure between strong and weak R&D firms decreases after R&D expenses are listed separately, which supports the measurement hypothesis. The results pass the robust tests of parallel trend test, placebo test and so on. The results of investor response test show that, firms with strong R&D get a more positive market reaction, which further supports the measurement hypothesis. The cross-sectional tests show that the measurement hypothesis is stronger when the quality of information disclosure is low, the effect of information intermediary on information transmission is weak, and the ability of investors to identify information is poor.

Key words: information approach, measurement approach, separately list R&D expenses, voluntary innovation disclosure