上市公司盈余管理动机和企业价值的探索

本文指出我国企业盈余管理的主要动机是出于政治目的和为追逐股票价值短期利益最大化,提出了不当盈余管理会导致资本结构失衡,由此给企业带来财务风险的观点。最后笔者指出了建立重复交易机制,彻底进行体制改革是降低不当盈余管理带来的财务风险的必由之路。

The Study on Motivations of Listed Company's Earnings Management and Corporate Market Value

Through the analysis of the essential motivations of earnings management, we find out that there are two main important motivations: one is political motivation, and the other one is to maximize the short-term benefits. Aiming at these motivations, we put forward that inappropriate earnings management may lead the capital structure out-of-balance. And then all these will bring corporations financial risk. At the end of this article, we indicate that listed company should take some measures to resolve inappropriate earnings management. To construct the repeated transactions system and to reform the system are two essential ways of reducing the financial risk.