Corporate surplus management behaviour on investors' decision making
企业盈余管理行为对投资者决策的影响研究

摘要

企业盈余管理行为作为影响投资者决策的重要因素，通过系统分析其动机、方式及经济后果，发现盈余管理通过影响信息质量、扭曲投资者心理预期及改变交易行为，显著降低了投资者决策效率。为规范盈余管理行为，应着力提升信息披露质量、优化信息获取机制、加强投资者识别能力和构建决策保护体系，以完善资本市场监管机制。

Abstract

As an important factor affecting investors' decision-making, corporate surplus management behaviour, through systematic analysis of its motives, methods and economic consequences, is found to significantly reduce investors' decision-making efficiency by affecting the quality of information, distorting investors' psychological expectations and altering trading behaviour. In order to regulate surplus management behaviour, efforts should be made to improve the quality of information disclosure, optimize the information acquisition mechanism, strengthen investor identification capabilities and build a decision-making protection system, so as to improve the regulatory mechanism of the capital market.