摘要
盈余管理和公司投资行为问题是资本市场关注的热点内容。以中国A股市场的上市公司为研究对象,探讨了上市公司盈余管理对投资行为的影响。研究发现盈余管理程度与公司投资水平呈负向关系,具有微盈动机和扭亏动机的公司投资水平显著低于非微盈公司和非扭亏公司的对应水平,得出了公司盈余管理降低了公司投资水平、对公司投资行为有显著影响的结论。
Earnings management and corporate investment behavior are hot issues in capital market.Studying companies listed in A-share market in China,discussing the effect of listed companies earnings management on corporate investment behavior,this paper finds that there is negative relationship between the level of earnings management and the corporate investment level,and small profit firms and reversing negative firms have lower corporate investment level than non-profit firms and non-reversing negative firms.It is concluded that earnings management reduces the level of corporate investment level and has a significantly negative impact on corporate investment behavior.
出处
《统计与信息论坛》
CSSCI
2011年第3期69-74,共6页
Journal of Statistics and Information
关键词
盈余管理
投资行为
微盈动机
扭亏动机
earnings management
corporate investment behavior
small profit incentive
reversing negative incentive
