盈余管理对股票未来收益的影响研究——基于应计盈余管理与真实盈余管理的分类视角

Research on the Impact of Earnings Management on the Future Earnings of Stocks——Based on the Perspective of the Classification of Accrual Earnings Management and Real Earnings Management

论文基于盈余管理的最新分类——真实盈余管理与应计盈余管理，选用我国沪深两市2007~2013年的上市公司为研究样本，实证检验了盈余管理对股票未来收益的影响，结果发现应计盈余管理对股票未来一到三年的收益影响虽显著为负，但程度均较小，而真实盈余管理则会严重降低股票未来一到三年的收益，损害投资者的利益。

This paper was based on the new classification of the earnings management - the real earnings management and accrual earnings management, choosing the listed companies of China＇s Shanghai and Shenzhen as the research sample from 2007 to 2013 years, conducting an empirical test of the impact of earnings management on future stock return. The result shows that the accrual earnings management of stocks over the next one to three years of income effect though is significantly negative, but is smaller, and real earnings management will seriously reduce the return of stocks over the next one to three years, damaging the investors＇ interests.