中文摘要：

以1995～2011年A股主板实现扭亏的公司为研究对象，检验了不同市场态势下扭亏公司的盈余管理行为。研究发现，扭亏公司的盈余管理水平显著高于其他控制样本；在引入市场态势后，当扭亏年度恰逢牛市态势时，公司向上调增利润的动机更强，释放的利润也更多。进一步检验发现，连续亏损两年及以上的公司牛市态势下的盈余管理动机较强；牛市态势下扭亏公司利用操控性应计调节盈余被查处的概率较低，而通过线下项目调节利润的风险较高。

英文摘要：

Based on the data of Chinese listed companies during 1995-2011, this paper tests earnings management of loss companies under different market situations. Overall compared with the control sample, this paper finds significant evidence that loss companies increase earnings when they turn profits. As the sample of loss companies, when the year loss companies turn profits is in bull markets, loss companies release more earnings than that when in bear markets. And fLrms with two or more consecutive annual losses release more earnings than that with one year loss in bull markets. Further, this paper finds that earnings management of loss company which using dis- cretionary accruals leads to relatively low regulatory risk, but that using below-the-line items leads to relatively high regulatory risk.