摘要
依据中国上市公司的经验证据实证检验企业真实盈余管理程度对股票市场表现的影响。研究发现,真实盈余管理的操弄提升了上市公司股价崩盘风险。具体来说,上市公司真实盈余管理程度越高,则其股价的负收益偏态系数与收益波动率越高。研究结论表明,在中国上市公司中,真实盈余管理存在对资本市场的破坏性。
This paper empirically tests the impact of real earnings management on the risk of stock price crash.The study found that the manipulation of real earnings management raised the risk of stock price crash of listed companies.Specifically,the higher the real earnings management levels of listed companies,the higher their negative earnings skewness coefficient and earnings volatility are.The conclusion of this study shows that real earnings management is destructive to the capital market in China’s listed companies.
作者
鲍学欣
BAO Xuexin(School of Ahipping and Naval Architecture,Chongqing Jiaotong University,Nan’an Chongqing 400074,China)
出处
《重庆文理学院学报（社会科学版）》
2020年第3期77-83,共7页
Journal of Chongqing University of Arts and Sciences（Social Sciences Edition)
基金
重庆市社会科学规划博士项目“基于信息不对称视角下中国上市公司真实盈余管理后果的研究”(2018BS61)。
关键词
股价崩盘风险
真实盈余管理
中国资本市场
stock price crash risk
real earnings management
China’s capital market
