投资者情绪与盈余管理——基于应计盈余管理与真实盈余管理的实证研究

发布时间：2018-09-08 08:20

【摘要】：笔者基于行为财务视角,研究了投资者情绪对公司盈余管理行为的影响,并考察了应计盈余管理与真实盈余管理之间的权衡。结果表明,投资者情绪对公司盈余管理行为具有显著影响,而且管理者会策略性地权衡应计盈余管理与真实盈余管理的使用。在投资者情绪高涨期,公司管理者利用应计盈余管理调增盈余,但随着投资者情绪高涨期的不断延长,管理者利用会计应计调增盈余的行为减弱,而利用真实盈余管理调增盈余的行为增强。在投资者情绪低迷期,初期,管理者不会利用盈余管理向上操纵盈余,但随着投资者情绪低迷期的不断延长,管理者同时运用应计盈余管理和真实盈余管理调增盈余。笔者的研究结论为盈余管理的市场时机理论提供了经验证据。
[Abstract]:Based on the behavioral financial perspective, the author studies the influence of investor sentiment on earnings management behavior, and examines the trade-off between accrual earnings management and real earnings management. The results show that investor sentiment has a significant impact on earnings management behavior, and managers will strategically balance the use of accrual earnings management and real earnings management. During the period of high investor sentiment, managers use accrual management to adjust and increase earnings, but as the period of rising investor sentiment continues, the behavior of managers using accounting accrual to increase earnings is weakened. The behavior of using real earnings management to adjust and increase earnings is enhanced. In the early period of investor sentiment depression, managers will not use earnings management to manipulate earnings upward, but with the prolonged period of investor sentiment downturn, managers simultaneously use accrual earnings management and real earnings management to adjust earnings. The author's conclusion provides empirical evidence for the market timing theory of earnings management.
【作者单位】：辽宁大学商学院;宁波大学商学院;
【基金】：国家自然科学基金青年项目“地方官员晋升、资源配置与企业扩张行为研究”(71602082) 国家社会科学基金项目“东北老工业基地国有企业混合所有制改革中的公司治理问题研究”(15BGL077) 辽宁省社会科学规划基金项目“新常态下辽宁省企业并购中的盈余管理行为研究”(L16DGL003)
【分类号】：F275

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