中文摘要：

本文以2007--2011年A股上市公司为样本，研究分析师跟进对上市公司在选择盈余管理方式的影响。结果发现，分析师跟进人数与企业的盈余管理方式存在显著的相关性，分析师跟进人数越多，企业盈余管理的方式就更为隐性化。本文的研究结果还表明了分析师声誉效应的存在：当有《新财富》“最佳分析师”跟进时，随着人数的增多，企业会倾向于更多地使用真实活动盈余管理；而当没有《新财富》“最佳分析师”跟进时，企业不会由于分析师跟进人数的变化而改变盈余管理方式。在控制了一定的内生性问题之后，上述主要结论依然得到了支持。

英文摘要：

This paper chooses A-share listed companies from 2007 to 2011 as a sample to study the impact of analyst following on earnings management modes in listed companies. It concludes that the number of analysts is significantly correlated with earnings management modes, namely more analysts lead to more implicit earnings management modes. It also shows the existence of analysts reputation effect=with New Fortune Best Analyst following, firms tend to use more real earnings management with the increase in the number of analysts; and without New Fortune Best Analyst following, firms do not change earnings management modes with the change in the number of analysts.After the con- trol of endogeneity,the main conclusions above-mentioned still obtain the support.