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《Securities Market Herald》 2013-01
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Accrual-based or Real Earnings Management in Share-payment M&As: Empirical Evidence for China Listed Companies

Zhang Ziqiao,Ge Weijie  
In this paper,we examine both accrual-based and real earning management activities around share payment MA based on the related data of listed company from 2008 to 2010.We show that acquiring firms engage in significant positive accrual-based manipulation preceding merger announcement while significant positive real manipulation in merger announcement.We also find that operating underperformance in the year following MA is driven not only by accrual-based activities reversal,but also reflect the negative consequences of real earning manipulation because real abnormal behavior is minimized over the long run.Our results explained earning management is one of the reasons why post-MA operating performance of acquiring firms is declined in the long run.
【CateGory Index】: F275;F832.51;F224
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