我国上市公司收入平滑盈余管理对股价影响的实证研究

以2002年至2004年的300家上市公司为样本,采用面板数据的计量方法研究了以收入平滑为手段的盈余管理对股票价格的影响力,认为中国上市公司应计利润对投资者的投资决策影响高于现金流,投资者这种认知使得企业通过盈余管理能够对股票价格施加较大的影响,从而鼓励企业操纵盈余获得更多的首次公开发行以及增配股的好处。并建议从完善会计制度、加强企业内部治理机制以及加强信息披露程度方面对上市公司进行改进。

An Empirical Study of Effect of Income Smooth Earnings Management on Stock Price of Chinese Listed Corporations

This paper measures the effect of earnings management with income smoothness as the tool on the stock price by using the pane data based on 300 Chinese listed corporations from 2002 to 2004 as samples.The paper holds that the accrued profit of the Chinese listed corporations has much stronger effect on investment decision of investors than cash flow.The understanding of investors makes the enterprise exert greater influence on the stock price through the control earnings management and then encourages the enterprise to manipulate earnings to get more benefits of IPO and additional issue stock.At last,the paper suggests that the listed corporations should be improved by perfecting the accounting system and strengthening inner governance and the information disclosure degree.