市场环境下的股权投资与企业盈余管理

为了考察市场环境、股权投资对拟上市企业盈余管理的影响,重点关注以下两个问题:市场环境是否影响了拟上市企业的盈余管理行为?股权投资是否发挥了单方面的抑制或者助长拟上市企业盈余管理的作用?通过单变量检验和多变量回归分析发现:在市场环境好时上市的企业,其盈余管理水平要高于在市场环境差时上市的企业;同时研究还发现当股权投资介入拟上市企业的盈余管理行为时,会根据市场环境的好坏来决策是抑制还是助长企业的盈余管理水平,巧妙的解决了关于股权投资"认证说"和"躁动效应说"之间的矛盾。

Share investment and enterprise profit management in market condition

This paper examines the effect of market environment and the equity investment to earnings man- agement of the companies to be listed, specific atten- tion to the following two questions： Whether the market environment affects the behavior of earnings manage- ment of the companies to be listed？ Equity investment has played a unilateral rejection or fueling role to corporate earnings management to be listed？ This paper also found that when equity investments intervene earnings management of listed companies, it would make decision to discourage or encourage the level of earn- ings management based on the environment of market is good or bad, then ingeniously solve the contradiction between the ＂certification＂ and ＂agitation effect＂ of equity investment.