Dual Behaviors and Motivation of Temporary Differences and Earnings Persistence
【中文摘要】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。 【Abstract】This paper identifies the motives for positive temporary book-tax differences (PTBTD), i.e., earnings management and tax avoidance. We test whether PTBTD can serve as a useful signal of accounting information pricing function. We interpret accounting information pricing function from two aspects： earnings persistence and value relevance. We find that firms with PTBTD that likely arises from earnings management (tax avoidance) exhibit lower (higher) earnings persistence. We also find that investors react negatively (negatively but not significantly) to firms with PTBTD that likely arises from earnings management (tax avoidance). We conclude that investors may not be careful enough to look through the sources of PTBTD. The result reveals the importance of distinguishing between different sources of PBTD, which are useful for improving investors' ability to value accounting information.