中文摘要：

本文利用面板平滑转换回归模型（PSTR model）检验中国市场中应计盈余管理对真实盈余管理的修正作用。根据应计盈余管理与真实盈余管理的方向,修正关系可细分为补充式和纠正式关系。本文旨在验证应计盈余管理对真实盈余管理的补充和纠正功能是否强度一致,以及这种强度是否随着真实盈余管理水平的变化而变化。检验结果显示这两种关系均呈非线性且补充式关系要略强于纠正式关系。在补充式关系中,较低水平的非预期真实盈余管理会获得更有效率的应计盈余管理的弥补;在纠正式关系中,过度负向的非预期真实盈余管理会获得更有效率的应计盈余管理的校正。

英文摘要：

This paper employs the panel smooth transition regression （PSTR） model to examine adjusted impact of the accrual earnings management on the real earnings management. According to the sign of the accrual earnings management and the real earnings management, adjusted relationship can be subdivided into complementary type （both in the same direction） and the corrected type （both in the opposite direction）.We examine the complementary/corrected relationship between the accrual earnings management and the real earnings management, trying to find out whether they have similar intensity and whether the intensity changes with the real earnings management level. Results show that both kinds of relationship is nonlinear and complementary relationship is slightly stronger than the corrected type. In the complementary relationship, unexpected real earnings management will get more efficient accrual earnings management as compensation;In the complementary type, excessive negative real earnings management will get more efficient accrual earnings management as adjustment.