摘要
基于我国A股上市公司2008—2015年的财务数据,实证考察真实盈余管理行为对其后四个会计年度财务绩效和市场绩效的影响,并进一步探究真实盈余管理的不同手段对企业经营绩效的作用,结果表明,真实盈余管理会显著降低企业未来的财务绩效和市场绩效,且这种降低程度在逐年减弱。相较于市场绩效,在长期内真实盈余管理对财务绩效的负向影响更持久。从真实盈余管理的具体方式来看,销售操控、费用操控和生产操控都会降低企业后期的财务绩效和市场绩效,对财务绩效的降低作用更明显。三种方式中,销售操控在长期内对企业经营绩效的负向作用最大。
Based on the financial data of A-share listed companies from 2008 to 2015,this paper not only makes an empirical research on the influence of real earnings management on the financial performance and market performance of the next four fiscal years,but also makes a further exploration on the effect of different means on enterprise operational performance. The results show that the real earnings management will significantly reduce the future financial performance and market performance,and this decline has been weakening year by year. In contrast to market performance,the negative impact of real earnings management on financial performance is more lasting in the long run. From the perspective of the specific means of real earnings management,all of the sales control,cost control and production control will reduce the enterprise financial performance and market performance,and the reducing effect on financial performance is more obvious. In three ways,sales control has the greatest impact on enterprise operational performance in the long run.
出处
《南京审计大学学报》
CSSCI
2017年第5期35-47,共13页
Journal of Nanjing Audit University
基金
2016年国家社会科学基金项目(16BJY180)
关键词
真实盈余管理
应计盈余管理
财务绩效
市场绩效
销售操控
费用操控
生产操控
企业经营绩效
real earnings management
accrued earnings management
financial performance
market performance
sales control
cost control
production control
enterprise operating performance
