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本文以2004年至2011年深沪两市的上市公司作为研究样本,结合产权性质探讨了环境不确定对上市公司真实盈余管理的影响。结果发现:环境不确定越高,上市公司真实盈余管理越显著,且这一结论不因会计准则改变而产生变化;国有企业主要通过操控酌量性费用和提高产量两种手段表现出比非国有企业显著更高的真实盈余管理,但随着环境不确定性的提高,国有企业会降低对酌量性费用的控制;进一步的,国有企业的这种真实盈余管理表现,仅体现在中央控股国企。本文为监管当局有效治理不确定性环境下上市公司真实盈余管理提供了经验证据,也为治理不同产权性质的真实盈余管理行为提供了经验证据和政策支持。
This paper takes the listed companies in Shenzhen and Shanghai from 2004 to 2011 as the research samples and explores the impact of environmental uncertainty on the real earnings management of the listed companies. The results show that the higher the environmental uncertainty, the more obvious the real earnings management of listed companies, and this conclusion does not change due to changes in accounting standards; state-owned enterprises mainly by manipulating discretionary costs and increase the output of two means than the non-state-owned enterprises However, as the environmental uncertainty increases, state-owned enterprises will reduce their control over the discretionary expenses. Further, the real earnings management performance of state-owned enterprises is only reflected in the state-controlled state-owned enterprises. This article provides empirical evidence for the regulatory authorities to effectively manage the real earnings of listed companies in uncertain environment and provides empirical evidence and policy support for the management of real earnings management practices with different property rights.