中文摘要：

本文采用倾向得分匹配方法研究定向增发公司的盈余管理问题。研究发现上市公司在定向增发前会同时采用应计项目和真实活动两种方式进行盈余操控,但盈余操控方向随定增对象的不同而改变,面向控股股东定向增发时,表现为负向盈余管理,面向非控股股东定向增发时,表现为正向盈余管理。同时本文的研究还发现,上市公司定向增发前的盈余管理会影响其后的经营业绩表现,但不同的盈余管理方式对其业绩表现的影响不同,应计项目盈余操控影响公司的短期业绩表现,而真实活动操控由于改变公司的最优经营决策,会导致公司的长期业绩下滑。

英文摘要：

We research the earnings management of private placement companies in the paper using the propensity score matching method. We find that the companies will manage earnings before private placement by means of the accruals and real activities, but the manipulation differs according to the objects. The companies will carry on negative earnings management if control stockholders subscribe the shares while if other investors subscribe the shares the companies will carry on positive earnings management. At the same time, we also find that the earnings manipulation before private placement will affect the performance of the companies, but different earnings management methods have different effects on the performance, accrual earnings management will affect short-term performance mainly, real activities earnings management will lead to long-term performance decline due to the change of the comoanies＇ optimal management decisions.