投资行为、真实盈余管理与企业价值——基于制造业上市公司的经验证据

Investment Behavior,Real Earnings Management and Corporate Value——An Empirical Analysis of China's Listed Manufacturing Companies

以沪深两市2014年A股制造业上市公司为研究样本,通过实证研究检验企业投资行为、真实盈余管理与企业价值之间的关系。研究发现:过度投资公司的真实盈余管理程度显著低于其他公司的对应水平,过度投资行为将减少公司的真实盈余管理活动。公司的盈余管理会降低财务会计信息质量,增加道德风险和逆向选择,使得企业的投资效率低下。进一步研究发现,真实盈余管理程度与企业价值呈显著负相关关系。

By using samples of manufacturing companies listed in Shanghai and Shenzhen Stock Exchange, the paper studies the relationship among investment behavior, real earnings management and corporate value. The results show that real earnings management in over-investment companies is significantly lower than other companies. The level of over-investment will reduce the company＇s earnings management activities. The company＇s earnings management will reduce the quality of accounting information. Moral hazard and adverse selection makes the investment efficiency lower. Through further study, we find that the degree of real earnings management is negatively correlated with corporate value.