上市公司盈余管理动机探析

The motivation behind earnings management in listed companies can be attributed to various factors. Firstly, maintaining the company's reputation and credibility is crucial to attract investors and customers. If the financial statements show losses or lower profits, it may negatively impact the company's reputation and credibility, ultimately affecting the stock price and business. Therefore, some listed companies may resort to earnings management to maintain their reputation and credibility, instilling confidence in investors and customers.

Secondly, meeting investors' expectations is vital as stock prices are often influenced by investor sentiment and expectations. If the company's earnings fall below investors' expectations, it may lead to a decline in the stock price, adversely affecting the shareholders. Hence, some listed companies may engage in earnings management to meet investors' expectations, thereby maintaining the stock price and safeguarding shareholders' interests.

Thirdly, listed companies have contractual and regulatory obligations that they must fulfill. If the financial statements show losses or lower profits, it may result in the company breaching contracts or facing penalties. Therefore, some listed companies may resort to earnings management to avoid default and penalties, ensuring the company's stability and sustainable development.

Lastly, management in listed companies typically receives incentives and rewards from shareholders and the board of directors. If the company's earnings exceed expectations, management may receive more incentives and rewards. Hence, some listed companies may engage in earnings management to obtain more incentives and rewards, improving management's motivation and performance.

In conclusion, the motivation behind earnings management in listed companies is multifaceted, including maintaining the company's reputation and credibility, meeting investors' expectations, fulfilling contractual and regulatory obligations, and obtaining incentives and rewards. However, earnings management also poses risks and adverse effects. Therefore, listed companies should engage in earnings management legally and ethically, avoiding violations of laws, regulations, and moral standards.