中文摘要：

本文以沪深两市A股上市公司作为研究样本，从应计质量视角来度量上市公司的会计信息质量水平，分别从股价和超额收益率两个方面分析了会计信息质量是否会影响投资者对股票的定价。结果表明可操纵性应计利润与股价显著负相关，说明外部投资者能够较好地识别财务报表中的盈余管理信息，对公司股价起到了有效的抑制作用。进一步的研究发现，会计信息质量与超额收益率显著正相关，说明会计信息质量是资产定价的重要因子。

英文摘要：

This paper choosing the Shanghai and Shenzhen A-share listed companies as the study sample, measures the accounting information quality of listed companies from the perspective of accruals quality and analyses the accounting information quality about whether it will affect the stock pricing of investors or not from stock prices and excess yield. The result shows that accruals maneuverability and stock price are significantly negatively correlated. External investors are better able to identify the earnings management information in the financial statements, which has played an effective inhibited role in the company＇s share price. Further research found that accounting information quality and excess yield are significantly positively correlated, indicating that the accounting information quality is an important asset pricing factor.