中文摘要：

文章以2005--2009年沪深两市上市公司为样本，从投资效率的角度检验了中国现实制度背景下盈余管理的经济后果。研究发现，企业盈余管理程度与未来投资效率显著负相关，上市公司盈余管理程度越高，其未来投资效率越低。文章由此得出结论：盈余管理不仅可能误导外部投资者的判断和决策，也对企业的内部决策产生了不利影响，损害了市场资源的有效配置，因此必须采取措施抑制企业的盈余管理行为。

英文摘要：

Taking the companies listed in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2005 to 2009 as an example, this paper studies the economic consequences of earnings management in China from the perspective of investment efficiency. The results show that corporate earnings management is negatively related to future investment efficiency, name- ly listed companies with higher level of earnings management have lower future investment efficiency. Then it arrives at a conclusion that earnings management not only misleads external investors＇ judgments and decision-making, but also leads to adverse effects on corporate internal decision-making and the allocation of market resources, therefore corporate earnings management should be curbed.