上市公司的盈余管理行为具有重要经济后果。已有研究表明,盈余管理行为会显著影响上市公司的融资成本、企业业绩、投资效率和交易成本等。现有研究主要关注盈余管理的两种方式——应计项目盈余管理(Accrual Earnings Management)和真实活动盈余管理(Real Activities Earnings Management),但鲜有文献考察盈余管理方式的权衡问题。针对不同盈余管理方式的使用范围、操作方式和 The earnings management behavior of listed companies has important economic consequences. Studies have shown that earnings management behavior will significantly affect the listed company’s financing costs, corporate performance, investment efficiency and transaction costs. The existing research mainly focuses on two methods of Earnings Management, Accrual Earnings Management and Real Activities Earnings Management. However, there is little literature examining the trade-offs of Earnings Management. The use of different methods of earnings management, mode of operation and