本文选取已发生管理层收购的我国上市公司为样本,采用事件研究法发现,尽管实施管理层收购,股价发生很大波动,但总体上没有给上市公司的流通股东带来显著的超额收益。同时采用盈余管理的模型,通过实证研究发现:在实施收购前一年,公司存在显著的调减公司盈余的应计会计处理,在收购当年和下一年则又存在调增公司盈余的行为。最后对结果进行了分析。 This article chooses the listed companies in our country that take place MBO as a sample, and finds that despite the management buyout, the share price fluctuates greatly, but there is no significant excess return to the tradable shareholders of listed companies. At the same time, using the model of earnings management, we find through empirical research that in the year prior to the implementation of the acquisition, there is a significant accrual accounting treatment for the company to reduce the company’s surplus. In the acquisition year and the next year, there is another act of increasing the company’s surplus. Finally, the result is analyzed.