中文摘要：

笔者以2001—2015年中国A股上市公司为研究样本,分别从应计盈余管理和真实盈余管理角度考察了会计信息质量与股价信息含量之间的关系,以及新会计准则实施对两者关系的影响。研究发现,无论是应计盈余管理还是真实盈余管理均显著降低了股价信息含量;会计信息对股价信息含量的提升作用在会计准则变革之后显著高于变革之前。进一步采用深交所信息披露考评结果作为会计信息质量的替代指标进行稳健性检验,结论依然不变。本研究不仅揭示了我国会计准则变革的重要意义,而且也对改善股市信息效率具有一定的参考价值。

英文摘要：

Using the 2001—2015 Shenzhen A-share listed companies as research samples,this paper examines the relationship between accounting information quality and stock price informativeness respectively from the view of accrual earnings management and real earnings management,and the effect of new accounting standards on the relationship between them.The results show that,accrual earnings management and real earnings management all significantly reduce the stock price informativeness;the promotion impact of accounting information on the stock price informativeness is significantly higher after accounting standards reform than before.Further,this paper takes the Shenzhen stock exchange information disclosure evaluation results as an alternative index for robustness test,the conclusion remains the same.This study not only reveals the significance of China＇s accounting standards reform,but also has a certain reference value to improve the efficiency of the stock market information.