中文摘要：

作为波动性较强的资产，证券投资本身就是进行盈余管理的一个比较有利的工具，公允价值计量为上市公司利用政券投资进行盈余管理提供了更大的空间。在2007年新会计准则实施与大牛市的背景下，证券投资收益为参与证券投资的上市公司带来了丰厚的回报。本文选取了2007年578家持有金融资产的上市公司为样本检验了其盈余管理现象及动机，结果发现：在控制了经济因素与规模因素后，上市公司在2007年利用证券投资收益进行了盈余管理，其动机是为了“扭亏”和“平滑利润”。

英文摘要：

As fluctuating assets, securities investment itself is an advantageous tool of earnings management and fair value measurement provides more chances for listed companies managing earnings with securities investment, The securities investment income brought rich repayment to the listed companies under the conditions of the implementation of new accounting standards and bull market in 2007. The author selects 578 listed companies with financial assets as the study sample to examine the phenomenon and motivation of earnings management. The result finds that after controlling the economic and the scale factors the listed companies have carried on the earnings management in 2007 using the securities investment income and the motivation is ＂reversing losses＂ and ＂ smoothing out profit＂.