Based on the data of listed companies in China from 2017 to 2022, we analyzed the changes in the level of abnormal receivables and abnormal deferred revenue and the value correlation of affected companies before and after the adoption of the new revenue standard. We find that after the implementation of the new revenue standard, management uses accounts receivable to accelerate revenue recognition. There is no evidence of revenue management using deferred revenue. Value correlation analysis shows that the incremental value of the income information to the stock price is not significantly reduced. Further analysis shows that after the implementation of the new revenue standard, the real sales manipulation of listed companies is significantly reduced. In addition, further studies such as revenue management motivation and temporal analysis are carried out. The findings of this study suggest that the new revenue standard may have a negative impact on the quality of revenue information due to arbitrary discretionary intervention by managers.