本研究的目的是探討在中國大陸經濟、法律環境如何影響企業的盈餘管理。通過研究從2004年至2013年中國大陸上市企業的13,117個觀察值發現，經濟法律環境對應計項目盈餘管理和實質盈餘管理的選擇有重要影響，在更完善的經濟法律環境下，管理層傾向於使用實質盈餘管理來代替應計項目盈餘管理，但由於實質盈餘管理也要負擔成本且無法完全代替應計項目盈餘管理，所以經濟法律環境增強會使總體盈餘管理水準下降。

This study examines how institutional environment affects a firm’s earnings management tactics in China. Using 13,117 firm-year observations from China during 2004 to 2013, we find that institutional environment plays an important role in the choice between accruals management and real activity manipulation. Specifically, managers are more likely to manipulate earnings through real operations instead of accounting methods under stronger institutional environment. Since real activity manipulation is costly and cannot fully substitute accruals management, the overall likelihood of meeting earnings targets decreases.

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