Company A capitalizes its software development costs, while Company B expenses them immediately. If their underlying businesses and cash flows are identical, which company has a higher EBITDA, and how does this distort their EV/EBITDA trading multiples?

A公司把软件开发成本全部资本化，而B公司直接把它们费用化。如果两家公司的底层业务和现金流完全一模一样，哪家公司的 EBITDA 更高？这会怎么扭曲它们的 EV/EBITDA 估值倍数？