中文摘要：

我国上市公司存在使用分类转移方式操纵盈余以达到财务目标的行为。文章以2007～2014年A股主板上市公司为样本，借鉴McVay（2006）的核心盈余预测模型鉴别分类转移公司，采用控制年度和行业的OLS方法检验机构投资者和非机构投资者是否能看穿分类转移行为。研究结果表明，分类转移会降低公司核心盈余持续性，机构投资者能看穿分类转移行为，对分类转移公司核心盈余合理定价，而非机构投资者不能看穿分类转移，对分类转移公司核心盈余定价过高。该研究对会计准则制定者、审计师及监管者具有重要的参考意义。

英文摘要：

For various purposes, listed companies in China prefer using classification shifting to manipulate earnings. Taking samples of listed companies from 2007 to 2014, the research uses McVay＇s Core Earnings Forecast Model to identify companies with classification shifting. Considering both institutional investors and individual investors, we use the OLS method which is equivalent to the Mishkin Test. This study empirically investigates whether investors in China are capable to see through classification shifting. It suggests that classification shifting will result in lower persistence of core earnings. We find out institutional investors are capable to see through classification shifting while the individual investors are not. This study may provide valuable reference for accounting standards setters, auditors and regulators.