中国上市公司盈余管理研究述评:发现与启示

盈余管理的研究范围涉及到盈余管理的动机、盈余管理的经济后果、盈余管理的计量模型、盈余管理的约束机制等多个方面.短短几年时间我国上市公司盈余管理的实证研究已取得明显进步,并获得不少具有重要意义的成果,对公司治理结构的完善及证券市场监管政策的改进提供了重要理论依据和经验证据.把盈余管理与股价、经理报酬及债务契约结合起来进行研究以及探讨符合中国证券市场实际情形的盈余管理计量模型、盈余管理对经济资源配置的影响有可能成为中国上市公司盈余管理进一步研究的重点.

Review of Earnings Management Research of Listed Firms in China: Discovery and Enlightenment

There are abundant researches of earnings management from many aspects such as motivation, economic outcomes, measuring models and the restrictions. In recent years, great progress has been achieved in the research of earnings management of listed firms in China, which provides vital theory and empirical evidences to enhance corporate governance and government supervision. Research of earnings management based on the institutions of stock market, executive payment and liability contract, as well as its measuring models and economic outcomes, may be the future directions.