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本文基于前景理论视角,利用中国沪深两市2012年至2013年A股上市公司的财务数据,对上市公司阈值处经理人盈余管理行为进行研究。发现上市公司阈值处存在明显的盈余管理现象,且阈值左右的盈余管理行为能通过前景理论得到很好的诠释,即阈值左侧表现为风险偏好,阈值右侧则表现为风险规避。本文的研究不仅能够解释上市公司阈值两侧盈余管理行为差异的原因,也为投资者和监管部门认清上市公司盈余管理行为的本质提供理论依据。
Based on the prospect theory, this paper uses the financial data of A-share listed companies from 2012 to 2013 in Shanghai and Shenzhen stock exchanges to study the manager’s earnings management behavior at the threshold of listed companies. It is found that there is a clear phenomenon of earnings management at the threshold of listed companies, and the earnings management behavior around the threshold can be well interpreted through the prospect theory. That is, the left side of the threshold shows the risk preference and the right side of the threshold shows the risk aversion. The research in this paper can not only explain the reasons for the differences in earnings management behavior of listed companies, but also provide theoretical basis for investors and regulators to recognize the essence of earnings management behavior of listed companies.