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本文以2004~2013年度中国A股主板非金融类上市公司为研究对象,从应计盈余管理和真实盈余管理的视角,着重考察真实活动盈余管理和应计项目盈余管理对企业投资决策的影响作用。研究结果揭示,经理人真实活动盈余管理会促使企业在当期,甚至下一期进行更多的过度投资活动;而应计项目盈余管理缓解了企业投资不足的问题。进一步的研究还发现,企业会计期末的异常销售行为和延迟可操控性费用记入当期这两种真实活动盈余管理对投资过度具有显著的影响。本文的研究结论在一定程度上说明,在中国资本市场的背景下真实活动盈余管理直接促使企业管理层做出投资过度的决策;而应计项目盈余管理则通过影响企业外部信息环境间接缓解了企业投资不足的问题。该研究结论扩展人们关于真实活动盈余管理对企业投资决策影响的认识,丰富真实活动盈余管理的经济后果方面的文献,也提供关于真实活动盈余管理对企业预期经营业绩带来负面影响的另外一种解释。
This article takes China A-share main board non-financial listed companies from 2004 to 2013 as the research object. From the perspective of accrued earnings management and real earnings management, this paper focuses on the impact of real activity earnings management and accruals earnings management on business investment decisions. . The results of the study reveal that the manager’s real activity earnings management will prompt the enterprises to carry out more excessive investment activities in the current and even the next period, while the accrued project earnings management will ease the problem of under-investment. Further research also found that abnormal sales activities and delaying controllability expenses recorded at the end of the accounting period of enterprises have a significant impact on overinvestment in the two periods. The research conclusion of this paper to a certain extent shows that the real activity of earnings management in the context of China’s capital markets is a direct impetus for the management to make overinvestment decisions, while the accrual of project earnings management indirectly affects the enterprises through external information and environment The problem of underinvestment. This study extends the literature on the impact of real activity earnings management on corporate investment decisions and enriches the literature on the economic consequences of real activity earnings management and also provides an alternative to the negative impact of real activity earnings management on the business’s expected business performance Explanation.