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盈余管理和避税均可以形成会计与税收之间正的暂时性差异。本文检验了源自不同行为动机的该差异对会计信息定价功能的影响。本文以盈余可持续性和价值相关性诠释会计信息定价功能,研究结果显示,当正的暂时性会税差异源于盈余管理时,企业表现出较低的盈余可持续性;当该差异出于避税目的时,则没有表现出低的盈余可持续性。进一步的研究发现,当正的暂时性会税差异来源于盈余管理时,投资者反应消极;当源于避税行为时,投资者反应消极但不显著,可能的原因是投资者没有考虑或无法准确辨别会税差异的来源。本文的研究结论揭示了辨别暂时性会税差异的来源对盈余可持续性的重要性,说明来源的区分有助于提高投资者的识别能力。
Both earnings management and tax avoidance can create positive temporary differences between accounting and taxation. This paper examines the impact of this discrepancy originating from different behavioral motivations on the accounting information pricing function. In this paper, the accounting information pricing function is explained by earnings sustainability and value relevance. The results show that when the positive temporary tax difference stems from earnings management, the enterprise shows lower earnings sustainability. When the difference is due to Tax avoidance purposes, then did not show low earnings sustainability. Further research finds that investors react negatively when positive temporary tax differences originate from earnings management and negative but not significant responses from tax avoidance investors probably because investors do not consider or can not accurately Identify the source of tax differences. The conclusion of this study reveals the importance of identifying the sources of temporary tax differences for earnings sustainability, indicating that the distinction of sources helps to improve investors’ recognition ability.