本文研究了我国上市公司在不同季度进行盈余管理的时间选择行为。我们首先采用可操控性应计利润来识别上市公司中期报告中的盈余管理行为,然后进一步通过考察季度间盈余反转来识别。研究结果表明,我国上市公司虽在各个季度都存在盈余管理行为,但第四季度利润中包含了比其他季度更多的盈余管理行为。特别的,巨额冲销的公司在第四季度进行盈余管理调低利润,前三季度表现欠佳而年末好转的公司在第四季度通过盈余管理调高利润。 This paper studies the time-choosing behavior of listed companies in China in different quarters. We first use discretionary accruals to identify earnings management behaviors in the interim reports of listed companies, and then identify them further by looking at quarterly earnings reversals. The results of the study show that although listed companies in China have earnings management behavior in all quarters, the fourth quarter profit includes more earnings management than other quarters. In particular, the heavily offsetting companies made profit management adjustments in the fourth quarter to reduce their profits. Companies that performed poorly in the first three quarters and improved at the end of the year increased their profits through earnings management in the fourth quarter.