中文摘要：

盈余质量的经济后果是资本市场会计研究的核心问题，囿于变量测度和模型估计等问题，学术界还较少关注真实活动盈余管理与隐含权益资本成本之间的关系。基于 Roy-chowdhury 行业-年度预测模型估计真实活动盈余管理程度，基于 GLS、OJN、GGM 和 CT 等估计模型通过矩阵运算得到隐含权益资本成本，运用1999年至2011年中国上市公司样本，检验真实活动盈余管理对隐含权益资本成本的影响。研究结果表明，销售操控、生产操控和酌量性费用操控3类真实活动盈余管理的幅度都与权益资本成本正相关，基于3类真实活动盈余管理构建的综合指标与权益资本成本正相关，在控制应计项目盈余管理因素的影响下，真实活动盈余管理与权益资本成本之间的关系依旧存在。研究结论为探讨隐含权益资本成本影响因素提供了经验证据。

英文摘要：

The economic consequences of earnings management are essential questions in the field of capital market accounting . However , due to problems in variable measures and model estimates , there are few empirical evidences on the link between real earnings management and implied cost of equity capital .Employing industry-year estimation model developed by Roychowdhury to estimate the degree of real earnings management and estimation models such as GLS , OJN, GGM and CT to perform matrix calculation to estimate implied cost of equity capital , this study investigates how real earnings management affects implied cost of equity capital based on data from the Chinese listed companies from 1999 to 2011.The results suggest that：①three types of real earnings management , sales control , production control and cost control , are positively related to cost of equity capital;②com-prehensive indicators based on three types of real earnings management is positively related to cost of equity capital ;and③when the effects of accrual-based earnings management are controlled , the impact of real earnings management on cost of equity capital remains.These conclusions provide empirical evidences on the factors of implied cost of equity capital .