我国上市公司盈余管理对股价影响的实证分析

盈余管理在西方被称为“市场参与者的游戏”，近年来日益受到我国会计学界的关注。证券市场的迅速发展要求上市公司提供高质量的会计信息，由于盈余管理与会计信息质量关系密切，使得对上市公司盈余管理问题的研究成为投资者、债权人、政府主管部门以及会计准则制定机构关注的重点。另一方面，证券市场经验数据证明，股价的波动也同盈余管理密切相关，而利益相关者很可能利用盈余管理手段来影响股价从而获取利益。因此，加强我国上市公司盈余管理和股价相关性的研究，对提高上市公司会计信息质量和改善证券市场资源优化配置功能有着重要意义。本文运用实证分析方法，选取了竞争性强的家电行业和竞争性弱的石油行业的上市公司，从盈余管理度量着手，研究竞争性不同行业的上市公司盈余管理对股价的影响大小，并对投资者的行为提出相关建议。

The Impact of Earnings Management in Listed Chinese Companies to Stock Prices

Earnings management is known as ＂the game of market participants＂ ,and it is concerned by the accounting field of our country in recent years.The rapid development of security market requires listed companies to provide high qualified accounting information.On one hand earnings management and accounting information is closely related,so that making the research of earnings management of listed companies to be the concerning point to the investors,creditors and competent government departments.On the other hand,the empirical data of security market shows that stock prices volatility is also closed related with earnings management,and some stakeholders are likely to use earnings management to influence stock prices in order to gain benefits.Therefoe,to deepen the research between earnings management of listed companies and stock prices will have a vital significance to improve the quality of accounting information of our listed companies and stock market resources allocation optimization function.For above,this article adopts the empirical methods,selecting listed companies of strong competitive home appliance industry and weak competitive oil industry, starting from earnings management ,analyzing the impact of earnings management in different competitive industries to stock prices,and giving some suggestions about the behavior of inwestors.