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本文选取我国A股上市公司2009-2013年的数据,分别从真实盈余管理的经营活动现金流量操控、生产成本操控和酌量性费用操控三个角度出发,分析了其在短期和长期内对企业价值的影响。研究表明:在短期内真实盈余管理与企业价值显著正相关,操控盈余水平明显有利于提高当前的企业价值。在长期内真实盈余管理对企业价值的影响越来越小,说明长期操控真实盈余管理的企业,其企业价值逐年降低。相比经营活动现金流量操控和生产成本操控,酌量性费用操控的显著性略强,酌量性费用操控对企业价值的影响程度更大。
This paper chooses the data of A-share listed companies in China from 2009 to 2013, and from the perspectives of cash flow control, production cost control and discretionary cost control of real earnings management, analyzes the short-term and long- Impact. The research shows that there is a significant and positive correlation between real earnings management and enterprise value in a short period of time. Controlling the level of earnings obviously helps to improve the current corporate value. In the long term, the impact of real earnings management on corporate value is getting smaller and smaller, indicating that the enterprises that control the real earnings management over a long period of time reduce their business value year by year. Compared with the cash flow control and production cost control of operating activities, discretionary cost control is slightly more significant, and discretionary cost control has a greater impact on enterprise value.