本研究旨在探討管理當局能力對盈餘平穩化資訊內涵之影響。本研究參考Leuz, Nanda and Wysocki (2003)對盈餘平穩化衡量方法所作之整理，以兩種方法衡量盈餘平穩化程度，並採用Demerjian, Lev, Lewis and McVay (2013)之方式衡量管理階層能力，並以之作為樣本分組之依據；實證模型方面，參考Tucker and Zarowin (2006)之盈餘增額反應係數模型衡量盈餘平穩化之資訊內涵。
實證結果顯示，管理當局能力高低確實影響盈餘平穩化資訊內涵。管理階層能力較好者，在兩種盈餘平穩化衡量方法下，當期盈餘皆有正面之傳遞資訊效果，表示管理當局能力較好者可透過盈餘平穩化傳遞內部資訊給投資人，並使投資人修正其對於未來盈餘之預期，繼而改變投資決策並反應於股價及股票報酬。而兩種衡量盈餘平穩化之方法下，未來盈餘增額效果之實證結果則不一致。

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