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首先本文对盈余管理的概念、影响因素、动机，企业绩效的概念、评价方法进行了
梳理，并对国内外学者的相关研究进行了归纳、整理与总结。同时也对理论基础进行了
说明，主要从契约理论、信号传递理论与委托代理理论三个方面进行了总结。接着，从
三种动机（资本市场动机、契约动机以及政治成本动机）出发，分别对应计项目盈余管
理以及真实活动管理对企业未来绩效（财务绩效与市场绩效）的影响作出了相关假设，
并对研究假设作出相应的研究设计，建立相应的模型，并进行实证分析，并得出以下结
论：资本市场动机下，基于企业股权再融资的盈余管理短期内与企业的经营绩效正相关，
但是，在短期内会出现比较明显的反转；而基于避免亏损公司的盈余管理行为，有利于
公司长期绩效的增长，起到了信息传递的正向的作用。契约动机下，盈余管理行为对企
业的市场价值的长期影响为负向。在政治成本动机下，盈余管理行为往往是企业预期税
率下降时进行的负向利润调整，其对企业未来绩效的影响并不显著。最后，从企业内部
治理与外部监督两个方面的提出建议，促进企业以及整个市场更好的发展
关键词：应计盈余管理；真实盈余管理；财务绩效；市场绩效Abstract
II
Abstract
With the development of China&39;s economy and continuous improvement of the capital
market, more and more listed companies anticipates in China&39;s stock market to bring new
impetus and vitality. The company&39;s regular financial reports have the ability to deliver the
business and financial results to stakeholders, but information asymmetry enables managers to
publish information that is beneficial to themselves, hide and modify the bad information. The
existence of earnings management is a general and objective phenomenon, the existing
research include institutional incentives, methods, motivations and influencing factors. The
impact of earnings management on the company&39;s future performance has not yet formed a
theoretical system, especially there are few studies on the economic consequences of earnings
management for executives under different motivations, and the conclusions are not
consistent. Therefore, this paper explores the economic consequences of different types of
earnings management under different motivations.
First of all, this paper summarizes the concepts, influencing factors, motivations of
earnings management and the concept and evaluation methods of corporate performance, and
summarizes the relevant research of scholars at home and abroad. At the same time, it also
explains the theoretical basis, mainly from the contract theory, signal transmission theory and
principal-agent theory. Then, from the three motivations (capital market motive, contract
motive and political motive), the corresponding assumptions are made on the impact of the
accrual-based earning management and the real activity management on the future
performance (financial performance and market performance) of the enterprise. It is assumed
that the corresponding research design is put forward and the corresponding model is
established and the empirical analysis is carried out. The conclusions are as follows: under the
motive of the capital market, the earnings management based on the enterprise equity
refinancing is related to the business performance of the enterprise in the short term. However,
there will be a obvious reversal; and based on the loss of the company&39;s earnings management
behavior, which conducive to the company&39;s long-term performance growth, has played a
positive role in the transmission of information. Under the contract motive, the long-term
impact of the earnings management behavior based on the debt contract on the market value
of the firm is negative. The earnings management behavior under the avoidance motive is
often the negative profit adjustment when the expected tax rate decreases, and its effect on the
future performance of the enterprise is not significant yet. Finally, make suggestions from the
aspect of internal management and external supervision to promote the enterprise and the
market better development.
Key words: Accrual based earnings management, Real activity earnings management,
operation performance, market performance目录
III
目 录
摘要.......I
Abstract..II
目 录.....III
第一章 绪论.......1
1.1 研究背景及意义...1
1.1.1 研究背景........1
1.1.2 研究意义........1
1.2 国内外文献综述...2
1.2.1 应计盈余管理与企业未来绩效........2
1.2.2 真实盈余管理与企业未来绩效........3
1.2.3 国内外研究现状述评4
1.3 研究思路与方法...4
1.4 研究内容与框架...5
1.5 创新点说明...........6
第二章 相关概念与理论基础...7
2.1 相关概念...7
2.1.1 盈余管理........7
2.1.2 企业绩效......14
2.2 理论基础....15
2.2.1 契约理论......15
2.2.2 委托代理理论.........15
2.2.3 信号传递理论..........16
第三章 研究假设与研究设计.17
3.1 研究假设.17
3.1.1 资本市场动机下盈余管理对企业未来绩效的影响..........
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