摘要
上市公司盈余管理行为作为财务领域的重要研究课题，其对资本市场效率和资源配置的影响备受关注。本文以盈余管理的手段及其市场反应为切入点，在系统梳理现有理论框架的基础上，结合中国资本市场的特殊制度背景，探讨了企业常用的盈余管理方式及其对投资者决策和市场定价机制的作用机制。研究采用2015年至2022年间A股上市公司的财务数据，通过构建多元回归模型分析不同盈余管理手段（如应计项目调整、真实活动操控等）与市场反应指标（如股票收益率、交易量波动等）之间的关系，并引入公司治理水平和外部监管强度作为调节变量。结果表明，应计项目调整对短期市场反应影响显著，而真实活动操控则可能引发更持久的负面效应；同时，较高的公司治理水平能够有效抑制不当盈余管理行为，从而改善市场反应质量。本文的创新点在于将盈余管理手段进行分类比较，并揭示其异质性市场反应特征，同时强调了内外部治理机制在缓解信息不对称中的重要作用。研究结论不仅丰富了盈余管理领域的理论内涵，还为监管部门优化政策设计以及投资者提升风险识别能力提供了实证依据。
关键词：盈余管理；市场反应；公司治理；应计项目调整；真实活动操控
Abstract
Earnings management in listed companies, as a significant research topic in the field of finance, has drawn considerable attention due to its impact on capital market efficiency and resource allocation. This study investigates the means of earnings management and their market reactions by systematically reviewing the existing theoretical fr amework and incorporating the unique institutional background of China's capital market. It explores the commonly used methods of earnings management in enterprises and their mechanisms of influence on investor decision-making and market pricing. Using financial data from A-share listed companies between 2015 and 2022, this research constructs a multiple regression model to analyze the relationships between various earnings management techniques (such as accruals manipulation and real activities management) and market reaction indicators (such as stock returns and trading volume volatility), while introducing corporate governance levels and external regulatory intensity as moderating variables. The findings indicate that accruals manipulation significantly affects short-term market reactions, whereas real activities management may lead to more persistent negative effects. Moreover, higher levels of corporate governance can effectively suppress inappropriate earnings management behaviors, thereby improving the quality of market reactions. The novelty of this study lies in its comparative analysis of different earnings management techniques and its revelation of heterogeneous market reaction characteristics, while emphasizing the critical role of internal and external governance mechanisms in alleviating information asymmetry. The conclusions not only enrich the theoretical implications of earnings management but also provide empirical evidence for regulatory authorities to optimize policy design and for investors to enhance their risk identification capabilities.
Keywords：Earnings Management; Market Reaction; Corporate Governance; Accruals Adjustment; Real Activities Manipulation
目 录
摘要 I
Abstract II
一、绪论 1
(一) 上市公司盈余管理的研究背景 1
(二) 盈余管理与市场反应的研究意义 1
(三) 国内外研究现状综述 1
(四) 本文研究方法与结构安排 2
二、盈余管理手段的分类与特征 2
(一) 常见盈余管理手段概述 2
(二) 会计政策选择与盈余管理 3
(三) 关联交易中的盈余操控行为 3
三、盈余管理对市场反应的影响机制 4
(一) 市场信息不对称与盈余管理 4
(二) 投资者行为对盈余管理的反应 5
(三) 盈余管理与股价波动的关系 5
四、实证分析与案例研究 6
(一) 数据来源与研究设计 6
(二) 盈余管理手段的实证检验 6
(三) 典型案例分析与市场反应评估 7
结 论 8
参考文献 9
