Tax information is very important in the corporate valuation. However, there has been little evidence using accounting accruals about tax information. In order to investigate difference of the information content between earnings management affecting taxes and earnings management affecting no taxes, I use discretionary accruals with the book-tax conformity （DBTA） and discretionary accruals without the book-tax conformity（ DBOA）. If firms use DBTA to minimize tax costs and the stock market evaluates the information, there is a positive （negative） relation between DBTA and earnings growth （E/P ratio）. Moreover, if DBOA implies accounting conservatism in Japan, there is a negative （positive） relation between DBOA and the earnings growth （E/P ratio）. Empirical results support these hypotheses, suggesting that the information content of accounting accruals changed by influence of taxes.