中国上市公司盈利管理与股票价格关系的实证研究

上市公司财务会计信息是投资者进行决策的重要依据，上市公司往往利用会计准则和制度中职业判断和会计方法选择进行盈利管理。投资者一旦被误导，将会影响整个证券市场资源配置的效率。本文选取1999～2002年沪市A股上市公司为研究样本．利用费森一奥尔森模型，通过分析股票股价与盈利管理之间的关系来研究盈利管理会不会误导投资者。研究发现股票价格与盈利管理的负相关性并不显著，但负相关程度有逐年增强的趋势，说明投资者会被上市公司盈利管理行为所误导。因此，完善中国会计准则和制度体系，加强监管和投资者教育迫在眉睫。

An Empirical Study on the Relationship between Earnings Management and Stock Prices in the China Listed Companies

Financial accounting information can help investors decision, accounting standards had profession judgment and accounting choices, which can be exploited to earnings management by the listed companies. Once investors were mislead, the efficiency of resources allotment was affected in the stock market. In a sample of the A shares listed companies during 1999 to 2002, the paper analyze the relation between stock prices and earnings management by using the Ohlson and Feltham model. We concluded that the negative relationship between stock prices and earnings management is not (significant,) but the relationship degree is increasing, the listed companies can mislead investors by earnings management. So, it's important to consummate accounting standard setting, reinforce regulating and educate investors in china.