Motivated by the Saudi Arabian government's objective to diversify its economy away from oil and correct deficiencies associated with the Saudi stock market crash of 2006, a series of significant capital market infrastructure reforms were initiated that began with the 2007 reorganization of the Tadawul Stock Exchange (TSE) and the Capital Market Authority (CMA) as its sole regulator. This paper adds to the growing body of emerging market literature by providing new evidence of the effects of these initiatives on earnings quality for firms listed on the TSE. The results of tests of this study provide robust evidence that earnings quality increased during the 2007 to 2018 reform period. In particular, we document that relative to pre – reform years, reform period R squares, earnings response coefficients (ERCs) increased and discretionary accruals decreased. We rationalize these findings by asserting that improved regulatory oversight in juxtaposition with significant reform period investments into Saudi Arabia's capital markets infrastructure enhanced earnings quality (Jiambalvo et al., 2002; Latif et al., 2017; Zhong et al., 2017).

沙特阿拉伯政府的目标是实现经济多元化，远离石油，并纠正与 2006 年沙特股市崩盘相关的缺陷，一系列重大的资本市场基础设施改革从 2007 年 Tadawul 证券交易所 (TSE) 的重组开始) 和资本市场管理局 (CMA) 作为其唯一监管机构。本文通过提供这些举措对 TSE 上市公司盈利质量影响的新证据，为不断增长的新兴市场文献增添了新的内容。本研究的测试结果提供了强有力的证据，证明 2007 年至 2018 年改革期间盈利质量有所提高。特别是，我们记录了相对于改革前的年份，改革时期的 R 方，收益反应系数 (ERC) 增加，可自由支配的应计利润减少。我们通过断言改进监管与对沙特阿拉伯资本市场基础设施的重大改革时期投资并列提高了收益质量来合理化这些发现（Jiambalvo 等人，2002 年；Latif 等人，2017 年；Zhong 等人，2017 年）。