中文摘要：

传统的盈余管理研究侧重于应计项目操控，而忽视真实活动操控。本文以真实活动操控为视角，以中国A股市场的上市公司为研究对象，通过对比分析微盈公司和非微盈公司的异常经营现金净流量、异常可操控费用和异常生产成本的差异，发现微盈公司的异常经营现金净流量、异常可操控费用均低于非微盈公司的对应水平，而异常生产成本则高于非微盈公司的对应水平，验证了微盈公司存在利用销售操控、费用操控和生产操控来实现保盈目标的真实活动操控行为。

英文摘要：

Traditional earnings management studies focus on the accrual manipulation and neglect real activities manipulation. From the angle of real activities manipulation, this paper analyzes companies listed in the A-share market in China, and compares the abnormal cash flow from operating activities between small profit firms and non-small profit firms, abnormal discretionary expenses, and abnormal production costs. I find that the abnormal cash flow from operating activities and abnormal discretionary expenses in small profit firms are lower than those in non-small profit firms, while the abnormal production costs in firms reporting small profits are above that of their counterparts. Thus, I examine the existence of the three real activities manipulation behaviors that small profit firms utilize in order to avoid losses.