我們探討併購公司是否會在宣告日之前操作公司的盈餘，其中我們將盈餘管理分成應計基礎盈餘管理與實質盈餘管理，我們發現併購公司會同時利用應計基礎與實質盈餘管理來操作盈餘。此外，我們進一步去探討併購期間，實質基礎盈餘管理與應計基礎盈餘管理之間的關係，並發現兩者之間是替代關係而非互補關係，意即若管理者可以利用實質盈餘管理達到目的，則管理者會降低應計基礎盈餘管理的操作。在我們的資料中，我們包含了1980到2009年期間發生的現金併購與股票併購，並發現併購公司管理者會在宣告日之前操作盈餘，此外，在額外測試中，我們發現在沙賓法案之後，實質盈餘管理的操作顯著的增加。

We investigate whether M&A firms attempt to manipulate earnings prior to the announcement date. Additional, we investigate the relationship between accruals management and real earnings management. With a sample of stock-mergers and cash-mergers completed between 1980 and 2009, we find that acquiring firms manipulate earnings through accrual-based and real-activity-based earnings management prior to the merger announcement. Our results also indicate that managers move from accruals management to real earnings management after Sarbanes-Oxley Act.

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