盈余管理方向与企业投资效率

以2008—2010年沪深A股上市公司为研究样本，从盈余管理的不同方向考察盈余管理程度对企业投资效率的影响，研究发现：适度的正向盈余管理有助于缓和企业投资不足，但过度的正向盈余管理反而会恶化企业投资不足；负向盈余管理往往会伴随产生投资不足的问题。适度的正向盈余管理能够提振投资者信心，从而缓解企业的融资约束。监管部门应该能够容忍企业进行适度的盈余管理，而不是一味地强调所谓“真实的会计信息”。

Direction of Earnings Management and the Efficiency of Enterprise Investment

By taking the data of Shanghai and Shenzhen A-share listed companies during 2008-2010 as the example, this paper examines the influence of earnings management degree on enterprise investment efficiency from different directions of earnings management, and the research finds that properly positive earnings management is conducive to mitigating the insufficiency of enterprise investment but excessively positive earnings management can deteriorate the shortage of enterprise investment, that negative earnings management always produces the problem in investment shortage, that properly positive earnings management can boost the confidence of the investors to ease the financing constraint of an enterprise, that the supervising departments should be able to endure the enterprises to conduct proper earnings management but should not only emphasize so-called “real accounting information”.