上市公司盈余管理、市场反应与政府监管

On Earnings Management,Market Reaction and Government Regulation

上市公司天然存在盈余管理的动机,伴生着规避盈余损失或盈余下降的行为,本文基于信号传递理论,对上市公司盈余管理行为引发投资者行为变化进而引起相关监管部门的重点监督进行研究。在以我国2006—2009年A股上市公司为样本的实证研究中,我们发现:上市公司普遍存在着盈余管理行为,投资者能够识别上市公司盈余管理行为并与上市公司形成利益共同体,共同追求超额收益。

Listed companies have the natural motivation of earnings management.They often have to avoid the loss or decline in earnings behavior which cause investors to change their behaviors.The paper uses listed companies during 2006-2009 to do the empirical research,and finds that listed companies have prevalence of a listed company earnings management and the investors can identify it and seek to enjoy the extra-interests.