CAJ | 학술논문

盈余管理是造成会计信息质量低下的重要原因之一。面对可以相互替代使用的真实盈余管理和应计盈余管理两种方式，管理者如何权衡决策以及盈余管理方式选择的影响因素是投资者和监管部门识别和防范盈余管理行为的核心和关键。本文以2001—2009年微利上市公司为样本，在Hausman设定误差检验结果的基础上构建联立方程，研究盈余管理方式选择的时间次序和盈余管理方式选择的影响因素。研究发现管理者在进行盈余管理决策时，真实盈余管理决策和应计盈余管理决策是同时做出的，两类盈余管理程度相互影响；盈余管理成本影响盈余管理方式的选择，当企业处于缺少行业竞争力的地位时，真实盈余管理的空间较小，管理者会采用相对较多的应计盈余管理，而当企业本身的会计业务受到严格监管时，管理者则会倾向采用较多的真实盈余管理实现预期目标。
영여관리시조성회계신식질량저하적중요원인지일。면대가이상호체대사용적진실영여관리화응계영여관리량충방식，관리자여하권형결책이급영여관리방식선택적영향인소시투자자화감관부문식별화방범영여관리행위적핵심화관건。본문이2001—2009년미리상시공사위양본，재Hausman설정오차검험결과적기출상구건련립방정，연구영여관리방식선택적시간차서화영여관리방식선택적영향인소。연구발현관리자재진행영여관리결책시，진실영여관리결책화응계영여관리결책시동시주출적，량류영여관리정도상호영향；영여관리성본영향영여관리방식적선택，당기업처우결소행업경쟁력적지위시，진실영여관리적공간교소，관리자회채용상대교다적응계영여관리，이당기업본신적회계업무수도엄격감관시，관리자칙회경향채용교다적진실영여관리실현예기목표。
Earnings management is one of the important reasons causing poor quality of accounting information. Real earnings management and Accrual - based earnings management can substitute each other when they are used, so trade - off decision for managers between two ways and selection factors for effecting different earnings management ways are the keys for investors and regulatory authorities to prevent and treat the earnings management activities. The article uses a sample of A -share listed companies over 2001 -2009 in China and builds a simuhaneous equation model based on the result of Hausman Test to verify the trade - off decision sequence of earnings management strategies and find factors effec- ring choice for earnings management. The research results show that the trade - off decision of real and accrual - based earnings management strategies is a simultaneous decision, the two earnings management manipulations influence each other; managers trade off the two earnings management activities based on their relative costs. The managers will use rel- atively more accrual - based management activities due to lack of competitiveness in the industry, and use more real earnings management activities due to the higher level of scrutiny or accrual manipulation.