真实盈余管理对企业非效率投资的影响

Influence of real earnings management on inefficient investment

大量的国内外研究结论表明,企业的盈余管理行为会影响企业未来投资效率。基于以往研究,从企业生命周期的视角出发,以2008—2015年中国上市公司为研究样本,采用多元线性回归方法研究真实盈余管理对企业投资效率的影响。研究结果发现,企业真实盈余管理行为会造成企业非效率投资,并且在企业不同的生命周期阶段,真实盈余管理对企业投资效率的影响结果不同。研究结果表明企业的真实盈余管理行为会造成企业投资过度或投资不足。企业生命周期的在引入期阶段,真实盈余管理会造成企业投资不足现象,在成熟期和衰退期阶段,真实盈余管理会造成企业投资过度现象,在成长期,真实盈余管理对投资效率影响不显著。

A large number of domestic and foreign research results show that the earnings management behavior of enterprises will affect the future investment efficiency. Based on the previous research, this paper from the perspective of enterprise life cycle starts from 2008 to 2015 China listed companies as research samples, using multiple lin- ear regression method to study the effect of real earnings management on investment efficiency. The results show that the real earnings management behavior of enterprises will lead to inefficient investment, and the impact of real earnings management on the investment efficiency is different in different life cycle stages. The results show that the behavior of real earnings management activities of enterprises will cause the enterprise excessive investment or insuf- ficient investment, and in the introduction stage, real earnings management will cause the phenomenon of insuffi- cient investment, in mature stage and decline stage, real earnings management will cause excessive investment phe- nomenon, but in the growth period, the real impact on earnings management the efficiency of investment is not significant.