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本文以2009-2013年沪深两市A股上市公司为样本,在区分盈余管理属性和路径的基础之上,详细考察了不同属性、不同路径盈余管理对股票价格信息含量的影响,并进一步将二者结合起来,探讨了二者对股票价格信息含量的交叉影响。研究发现:首先,对总体盈余管理水平而言,不同属性的盈余管理传递了不同的信息,信息增强型盈余管理增加了股票价格信息含量,而噪音干扰型盈余管理降低了股票价格信息含量。其次,不同的盈余管理路径在信息传递方面扮演了不同的角色,应计盈余管理和股票价格信息含量正相关,而真实盈余管理和股票价格信息含量负相关。最后,在不同的盈余管理路径上,盈余管理属性与股票价格信息含量表现出不同的关系,应计盈余管理表现出“属性主导”的特征,而真实盈余管理表现出“路径依赖”的特征。
Based on the analysis of earnings management attributes and paths, this paper examines in detail the impact of earnings management with different attributes and earnings management on the stock price information, The two combine to discuss the cross-impact of the two on the stock price information content. The findings are as follows: First of all, for the overall level of earnings management, different attributes of the earnings management transfer different information, enhanced earnings management information increases the stock price information content, and noise-induced earnings management reduces the stock price information content. Secondly, different Earnings Management Paths play different roles in information transmission. Accidental Earnings Management is positively correlated with the stock price information content, while the real earnings management is negatively correlated with the stock price information content. Finally, on the different earnings management paths, earnings management attributes and stock price information contents show different relations. Accrued earnings management shows the characteristics of “attribute dominance ”, while the real earnings management shows “path dependence ”Characteristics.