作　　者： (王珊）;

机构地区： 上海交通大学安泰经济与管理学院,上海200030

出　　处： 《经济管理》 2017年第9期180-194,共15页

摘　　要： 本文利用深交所A股非金融类上市公司2013—2015年的实地调研数据,考察投资者实地调研对公司盈余管理行为的影响。研究发现:投资者实地调研活动有效抑制了公司管理层的盈余管理水平;并且,实地调研对盈余管理的抑制作用在信息环境较差的公司以及调研活动有较高声誉的机构参加的公司中更明显。进一步的分析发现,实地调研对公司的真实盈余管理也产生了显著的负向影响。本文的结论有助于全面认识和评价投资者实地调研的影响,尤其是对公司行为的影响。 In recent years, visiting listed firms has been an important way for investors to acquire information, comparing to other formal or informal corporate disclosure. Through site visiting, visitors can gain new, credible in- formation about a firm＇ s performance because they are able to view a firm＇ s fixed assets,look over inventory ware- houses, observe operating and R＆D activities, and they also have the opportunity to talk to senior or junior employ- ees. The information investors obtained from corporate site visits is credible because it is difficult for the firm to hide or fake real corporate activities and assets. Prior research has already proved that there is a significant market reac- tion around corporate site visits and the reaction is stronger for group visits, and after site visiting security analysts have a greater increase in forecast accuracy than other analysts. What＇ s more, research also show that site visits can significantly lower stock price synchronicity. However, these research focuses on the effect that site visits on visitors.

关 键 词： 实地调研 盈余管理 信息环境 声誉