CAJ | 학술논문

通过对水井坊股份有限公司的案例分析，发现其在 MBO 之前存在向下的盈余管理，以便管理层能以更低的价格买入公司股份；MBO 之后存在向上的盈余管理，为分配高额的现金股利提供基础。同时， MBO 后上市公司发放高额现金股利，该股利政策较大地影响了公司成长性与业绩。
통과대수정방고빈유한공사적안례분석，발현기재 MBO 지전존재향하적영여관리，이편관리층능이경저적개격매입공사고빈；MBO 지후존재향상적영여관리，위분배고액적현금고리제공기출。동시， MBO 후상시공사발방고액현금고리，해고리정책교대지영향료공사성장성여업적。
Through a case study of Shuijingfang Company,this paper finds that the company manipulates its earning downward before MBO,so that the managers can buy company shares at a lower price.After MBO,there are upward earnings manipulation,so as to give higher divi-dends to shareholders,including managers.Since the listed company distribute huge cash divi-dends to its shareholders after MBO,its performance and growth rates are hugely affected.