盈余管理方向与企业投资效率  

Direction of Earnings Management and the Efficiency of Enterprise Investment

作　　者：袁卫秋[1] 

机构地区：[1]南京财经大学会计学院,江苏210046

出　　处：《西部论坛》2014年第2期93-99,共7页West Forum

基　　金：国家自然科学基金资助项目(70972141)"垄断势力对并购绩效的影响:竞争强度;研发密度的作用";国家自然科学基金资助项目(71271139)"融资约束影响产业绩效:并购规模与并购方向的作用";江苏高校哲学社会科学项目(2013SJD630020)"我国上市公司营运资本管理效率研究"

摘　　要：以2008—2010年沪深A股上市公司为研究样本,从盈余管理的不同方向考察盈余管理程度对企业投资效率的影响,研究发现:适度的正向盈余管理有助于缓和企业投资不足,但过度的正向盈余管理反而会恶化企业投资不足;负向盈余管理往往会伴随产生投资不足的问题。适度的正向盈余管理能够提振投资者信心,从而缓解企业的融资约束。监管部门应该能够容忍企业进行适度的盈余管理,而不是一味地强调所谓"真实的会计信息"。By taking the data of Shanghai and Shenzhen A-share listed companies during 2008-2010 as the example, this paper examines the influence of earnings management degree on enterprise investment efficiency from different directions of earnings management, and the research finds that properly positive earnings management is conducive to mitigating the insufficiency of enterprise investment but excessively positive earnings management can deteriorate the shortage of enterprise investment, that negative earnings management always produces the problem in investment shortage, that properly positive earnings management can boost the confidence of the investors to ease the financing constraint of an enterprise, that the supervising departments should be able to endure the enterprises to conduct proper earnings management but should not only emphasize so-called “real accounting information”.

关 键 词：正向盈余管理 负向盈余管理 投资效率 融资约束 投资不足 盈余管理信息观 巨额冲销 操控性应计利润 

分 类 号：F275[经济管理—企业管理]