中文摘要：

相比于非定向增发，上市公司在定向增发前主要进行向下的盈余操纵，股权集中度和机构投资者持股比例与负向可操纵性应计利润显著负相关，股权制衡度与负向可操纵性应计利润正相关。在定增股解锁前，上市公司的股权集中度、制衡度和机构投资者持股比例相比于定向增发前都显著增加，上市公司主要进行的是向上的盈余操纵，机构投资者持股比例与正向可操纵性应计利润显著正相关，股权集中度和制衡度与盈余管理之间的关系不再显著。

英文摘要：

Compared to non-directional add-issuance companies , listed companies mainly do negative earnings manipu-lation before the directional add-issuance .The degree of ownership concentration and the proportion of institutional inves -tors remained a significant negative correlation with negative earnings management , while equity balance degree remained positive correlation with negative earnings management .Also, before directional add-issuance is unlocked , the degree of ownership concentration , equity balance degree and the proportion of institutional investors increased significantly com -pared to the fore directional add-issuance.The listed companies mainly do positive earnings manipulation before unlocked process and the proportion of institutional investors remained a significantly positive correlation with positive earnings management , while the degree of ownership concentration and equity balance degree remained no relationship with earn -ings management .