盈余管理与应计项目定价效率

Earnings Management and Accruals Pricing Efficiency

以2001—2009年中国A股上市公司为研究对象，探讨了应计项目盈余管理方式和实际活动盈余管理方式对应计项目定价效率的影响。研究结果表明，投资者并没有识剐出管理层的盈余管理行为，因而部分导致了应计异象的出现。进一步研究发现，应计项目盈余管理和实际活动盈余管理都加剧了应计项目错误定价的程度，而且实际活动盈余管理还显著加重了现金流项目的错误定价程度。上述研究结论为揭示应计异象产生原因和盈余管理的经济后果提供了有益的思考和启示。

Taking listed companies in China as research objects, the paper studies the effect of accrual-based earnings manage- ment and real earnings management on the accruals pricing efficiency. The authors find that the behaviors of the managers＇ earning management lead to the accruals anomaly. Further analysis also shows that both accrual-based earning management and real earning management make the accruals misprieing more significant, the real earning management even makes the cash mispricing more signif- icant. The findings in this paper provide deeply understand and enlightenment for the reason of accruals anomaly and the economic consequences of earnings management.