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上市公司现金分红和盈余管理是资本市场关注的热点问题。本文以1998—2010年我国A股市场上市公司为研究样本,考察了现金分红、盈余管理方式选择与企业价值的关系。研究发现,现金分红行为对上市公司盈余管理方式的选择具有显著影响,即现金分红降低了实际活动盈余管理的程度,增加了应计项目盈余管理的程度,存在着实际活动盈余管理方式与应计项目盈余管理方式的“共谋”现象。进一步的研究表明。现金分红有助于企业价值的提升,盈余管理方式在现金分红与企业价值之间的关系中起到了显著的中介作用。本研究为理解现金分红对企业价值的影响和揭示实际活动盈余管理与应计项目盈余管理的关系提供了深层次的思考和启示。
The cash dividends and earnings management of listed companies are the hot issues in the capital market. This paper takes the listed companies in China’s A-share market from 1998 to 2010 as the research sample to examine the relationship between cash dividends, the choice of earnings management and the value of the enterprises. The study found that cash dividend behavior has a significant effect on the choice of earnings management of listed companies, that is, cash dividend reduces the degree of actual activity earnings management, increases the extent of accrual earnings management, and there are actual activities of earnings management and accrual Project Earnings Management ’s “Conspiracy” Phenomenon. Further research shows. Cash dividends contribute to the improvement of corporate value. Earnings management plays a significant intermediary role in the relationship between cash dividends and corporate value. This study provides deep thinking and enlightenment for understanding the influence of cash dividend on the enterprise value and revealing the relationship between the actual activity earnings management and accruals earnings management.