管理层权力、盈余管理与股市流动性——基于企业生命周期的视角
Enterprise Life Cycle, Managerial Power and Earnings Management--Evidence from the A-share Market in China

以我国沪深两市A股数据，检验了企业处于生命周期的不同阶段，管理层权力对应计盈余管理和真实盈余管理的影响。研究结果发现：企业生命周期会影响管理层权力对盈余管理方式的选择。管理层权力较高的上市公司在做出盈余管理策略时，会选择在企业成长期进行应计盈余管理，而选择在成长期、成熟期和衰退期进行真实活动盈余管理。进一步研究发现：权力高管在实施应计盈余管理后提高了股票交易活跃度，而在实施真实盈余管理活动后降低了股票交易活跃度。
Based on data of the A shares in Shanghai and Shenzhen, this paper tests the influence of managerial power between accrual-based and real earnings management activities. This study found that the enterprise life cycle will affect the relationship of managerial power and earnings management. In the life cycle of enterprise growth and decline, the managerial power is positively correlated with accrued earnings management. In the life cycle of enterprise growth and maturation, the managerial power is positively correlated with real earnings management. We found in further study that the accrual earnings management activities enhance the stock trading activity; but after the implementation of real earnings activities, the stock trading activity reduced greatly.