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1、WhatAretheConsequencesofRealEarningsManagement?*KatherineGunnyHaasSchoolofBusinessUniversityofCalifornia,BerkeleyCA94720Email:gunny@haas.berkeley.eduJanuary2005AbstractThispaperexaminestheconsequencesoffourtypesofrealearningsmanagement.Usingfinancialstatementdata,Iidentifyfirmsthatengageinany
2、ofthefollowingrealearningsmanagementactivities:(1)myopicallyinvestinginR&Dtoincreaseincome,(2)myopicallyinvestinginSG&Atoincreaseincome,(3)timingofincomerecognitionfromthedisposaloflong-livedassetsandinvestments,and(4)cuttingpricestoboostsalesinthecurrentperiodand/oroverproducingtodecreaseCOG
3、Sexpense.Then,Iexplicitlyexamine(i)theextenttowhichrealearningsmanagementaffectssubsequentoperatingperformance(asmeasuredbybothearningsandcashflows),and(ii)whethermarketparticipants(investorsandanalysts)expectthesubsequentdeclineinperformance.Theempiricalresultsareconsistentwithallfourtypesof
4、realearningsmanagementactivitieshavingasignificantlynegativeimpactonfutureoperatingperformance.Additionally,itappearsthatinvestorsrecognizethefutureearningsimplicationsofmyopicinvestmentinSG&Aandcuttingpricesand/oroverproducingtoincreasecurrentperiodincome.Theresultsareinconsistentwithinvesto
5、rsrecognizingthefutureearningsimplicationsofmyopicinvestmentinR&Dandthestrategictimingofassetsales.Theresultsareconsistentwithanalystsrecognizingthefutureearningsimplicationsofallfourtypesofrealearningsmanagement.*Iamgratefulfortheguidanceandsupportfrommyadvisor,Xiao-JunZhang,andtoSunilDutta,
6、QintaoFan,MariaNondorf,ShaiLevi,JamesPowellandMarkSeasholesfortheirinsightsandsuggestions.IwouldalsoliketothankTraceyZhang,ShimonKogan,GavinCassar,ZviSingerandTatianaFedykfortheirhelpfulcomments.Errorsoromissionsaremyresponsibility.1.IntroductionEarningsmanagementcanbeclassifiedintothreecateg
7、ories:fraudulentaccounting,accrualsmanagementandrealearningsmanagement.FraudulentaccountinginvolvesaccountingchoicesthatviolateGAAP.Accrualsmanagementinvolveswithin-GAAPchoicesthattryto“obscure”or“mask”trueeconomicperformance(DechowandSkinner
