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本文基于RKRV(2005)估值模型,利用我国上市公司1999-2006年的数据,对价值被高估的上市公司是否进行盈余操纵进行了实证检验,结果表明上市公司未来一期的操纵性应计与价值被高估的程度显著正相关,控制公司规模、财务杠杆、经营业绩,上市年龄等因素后相关性仍然显著。说明Jensen(2005)提出的估值过高的代理成本在我国也同样存在,因此要保护投资者的利益,提高资本市场定价的效率具有重要的意义。
Based on the RKRV (2005) valuation model and the data of Chinese listed companies from 1999 to 2006, this paper empirically tests whether the overvalued listed companies conduct earnings manipulation. The results show that the listed companies’ Which is significantly and positively correlated with the degree of overvaluation of value. The correlation is still significant after controlling such factors as the size of the company, financial leverage, operating performance and age of listing. It shows that the overvalued agency costs proposed by Jensen (2005) also exist in our country. Therefore, it is of great significance to protect the interests of investors and improve the efficiency of pricing in capital markets.