中文摘要：

以中国上市公司A股2002-2011年的数据为样本，对上市公司的真实盈余管理行为进行了实证研究。研究发现，微盈公司显著存在利用应计项目和真实活动进行正向盈余管理的现象，而在新会计准则实施后，微盈公司利用应计项目进行正向盈余管理的程度显著降低，但利用真实活动进行正向盈余管理的程度显著提高，说明新会计准则的实施促使微盈公司转而利用更加隐蔽的真实盈余管理进行利润操控。进一步研究发现，在控制了资产规模、资产回报率、年持有收益率、操控性应计利润及成长性等影响因素后，上市公司真实盈余管理的程度与其后期的业绩表现显著负相关，说明真实盈余管理行为会损害公司的长期价值。

英文摘要：

This paper empirically examine the real earnings management behavior of Chinese list companies with the data of Shanghai and Shenzhen A-share from 2002-2011. The results show that small profit companies manage earnings upwards significantly by accruals as well as real activities. Small profit companies use less accrual earning management but more real earnings management significantly after the promulgation of new accounting standards. It suggests that the promulgation of new accounting standards urge small profit companies switch to use more covert real activities to manage earnings. The further research shows that real earnings management is negative related to the subsequent operating performance of list companies after we control other influence factors. It suggests that real earnings management will harm companies＇ long term value.