Information Content of Stock Prices and Earnings Management:Evidence from the Chinese Stock Markets
研究发现中国上市公司盈余管理显著降低了股价中的公司特有信息，2007年会计监管制度减少了盈余管理，表明盈余管理是新兴市场股价信息含量低的重要渠道。
Wurgler(JFE 2000) demonstrates that more efficient capital markets contain more firm-specific information of stock prices.However,Morck et al.,(JFE 2000) find that stock prices contain very little firm-specific information in emerging markets.China ranks the second highest in stock synchronicity among 40 sample countries in the world used.In this paper,using the sample of the Chinese listed firms,we find that earnings management significantly reduces the firm-specific information of stock prices after controlling for firm characteristics, firm-fixed effects and year-fixed effects.Additionally,the accounting regulation regime in 2007 reduces the level of earnings management.These findings imply that earnings management is an important channel to reduce the firm-specific information of stock prices in emerging markets.Improving financial transparency can facilitate better-functions of financial markets in allocating capital,and hence lead to long-term growth and the economic development.