利润是企业一段时期的经营成果,是企业各种契约(如薪酬契约、债务契约等)制定、执行和考核的重要依据。投资者作为追求自身回报最大化的理性经济人,同时也是风险的厌恶者,利润的高低直接影响了投资者对企业未来发展的信心,因此他们倾向于投资高盈利的企业,而不愿意投资于亏损企业。这一现象吸引了越来越多的研究者关注亏损公司,对公司亏损的原因有会计稳健性的作用、盈余管理和商业周期等解释,其中最主要的是基于会计稳健性的视角。 Profit is a period of business results of the enterprise is the enterprise contract (such as pay contracts, debt contracts, etc.) formulation, implementation and assessment of an important basis. As the rational economic man who pursues its own return maximization, investors are also risk averse people. The level of profit directly affects investors’ confidence in the future development of the enterprise. Therefore, they tend to invest in high-profit enterprises instead of investing in Loss of business. This phenomenon attracts more and more researchers to pay attention to the loss-making companies, explain the reasons for the loss of the company due to accounting conservatism, earnings management and business cycle, among which the most important one is based on the perspective of accounting conservatism.