监管者识别盈余管理的实证研究

将盈余管理细分为应计盈余管理、线上真实盈余管理和线下真实盈余管理，基于我国特有的配股管制变迁环境，考察监管者识别盈余管理的能力及其变化。研究发现，监管者对上市公司盈余管理具有一定的识别能力，但是会受到管制环境变迁的影响，存在管制效应和演进效应。具体而言，在审核配股资格过程中，监管者能识别线下真实盈余管理，但是，在管制环境变迁后，由于线下真实盈余管理被纳入管制范围，监管者不再对其进行关注，而是关注应计盈余管理，并能识别。在线上真实盈余管理方面，由于其隐蔽性强，监管者并没有表现出显著的识别能力。

Regulators See Through Earnings Management

This study examines whether regulators can see through earnings management di-vided into accrual earnings management,real earnings management above the line and below the line for their regulatory decisions during rights issue approval process in China's institution.The evidence shows that regulators can see through earnings management during the approval process,which is affected by China's rights issue regulation change.Particularly,regulators can see through real Earnings management below the line before rights issue regulation change in 2001,but not can do significantly afterward.Conversely,regulators can't see through accrual earn-ings management before rights issue regulation change in 2001,but can do afterward.However, real Earnings management above the line can not be seen through during the approval process in the whole period.