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4793文章以沪深300指数2007年6月至2018年6月23次调整的成份股和同期公布的备选股为研究样本，考察了成份股调整对公司盈余管理的影响。研究发现：（1）与备选股相比，成份股调整后公司的应计盈余管理没有受到显著影响，而真实盈余管理水平则显著下降；（2）区分真实盈余管理的不同类型，成份股调整主要通过异常现金流降低了真实盈余管理水平；（3）在持续时间方面，成份股调整对真实盈余管理的影响在调入指数三年之后依然存在；（4）成份股调整降低真实盈余管理的作用在独立董事比例低和非国有企业样本中更加显著。上述结果表明，成份股调整的“监督效应”降低了公司的真实盈余管理水平，且在其他监督渠道较弱的情况下更加显著。文章丰富了成份股调整经济后果和盈余管理影响因素的研究，并有助于监管者和投资者认识股票指数调整对公司行为和会计信息的现实影响，以监管和防范投资风险。
股指成份股调整与公司盈余管理——基于一项准自然实验的研究
摘要
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引用本文
梁上坤, 崔怀谷, 袁淳. 股指成份股调整与公司盈余管理——基于一项准自然实验的研究[J]. 财经研究, 2021, 47(7): 124-138.
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