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本文以2005-2014年深市A股为样本,对真实盈余管理、公司信息质量,以及环境不确定性三者之间的关系进行实证研究,得到以下结论:首先,真实盈余管理与公司信息质量在正向管理过程中呈显著负相关,而在负向管理过程中则不显著,这种现象与真实盈余管理的特征、管理层对于公司“市场信誉”的维护、以及卖空限制有关;其次,不论正向还是负向,真实盈余管理与环境不确定性均呈显著正相关,但这种相关性随着公司信息质量的上升而减弱,表明真实盈余管理和公司信息质量均是影响环境不确定性的重要因素。
This paper takes the Shenzhen A-shares from 2005 to 2014 as a sample, and conducts an empirical research on the relationship between the real earnings management, the quality of the company information and the environmental uncertainty. The conclusions are as follows: Firstly, the relationship between true earnings management and corporate information quality Negatively correlated in the process of positive management and insignificant in the process of negative management. This phenomenon is related to the characteristics of the real earnings management, the management’s maintenance of the company “market reputation ” and the limitation of short sale Secondly, there is a significant positive correlation between real earnings management and environmental uncertainty, both positively and negatively, but this correlation decreases with the improvement of corporate information quality, indicating that both real earnings management and corporate information quality are affected Environmental uncertainty is an important factor.