真实活动盈余管理的经济后果研究——以费用操控为例

文章以费用操控为研究视角，对比分析费用操控样本公司和配对样本公司未来三期的经营业绩，发现费用操控样本公司其随后三期经营业绩水平普遍低于配对公司的对应水平，得出了利用费用操控而管理盈余的行为是牺牲公司未来经营能力为代价的结论，丰富了真实活动盈余管理的经济后果研究内容。

Research on the Economic Consequences of Earnings Management Based on Real Activities Manipulation--an Example from Expenses Manipulation

From the perspective of expenses manipulation,this paper identifies firms that engage in expenses manipulation have lower subsequent operating performance than matching firms(non-expenses manipulation),by comparing and contrasting the subsequent three-year operating performance,and concludes expenses manipulation has a significantly negative impact on future operating performance.The conclusion contributes to the literature on the economic consequences of earnings management based on real activities manipul...