研究发现,中国上市公司盈利频数分布不合理,在微利区间内聚集了大量的公司。这说明许多亏损的公司通过各种方式从亏损区域涌入了微利区间,形成盈利。这种利润操纵使得资本市场的信息质量低下,市场的信息透明度降低,市场通过财务信息的甄别机制失效,谎言揭穿后,投资者利益将受到损失。本文拟研究微利上市企业盈余管理动机与财务管理水平,帮助投资者对微利企业进行甄别。 The study found that the distribution frequency of earnings of Chinese listed companies is not reasonable, and a large number of companies are gathered in the margins. This shows that many loss-making companies have made a profit by infusing various areas of profit from the loss areas in various ways. This profit manipulation makes the quality of information in capital markets low, the market transparency of information reduced, the market failed through the screening mechanism of financial information, lies exposed, the interests of investors will suffer. This paper intends to study the profit motivation and financial management level of the listed companies with small profits, and help investors to discriminate the profit-making enterprises.