盈余管理是造成会计信息质量低下的重要原因之一。面对可以相互替代使用的真实盈余管理和应计盈余管理两种方式，管理者如何权衡决策以及盈余管理方式选择的影响因素是投资者和监管部门识别和防范盈余管理行为的核心和关键。本文以2001-2009年微利上市公司为样本，在Hausman设定误差检验结果的基础上构建联立方程，研究盈余管理方式选择的时间次序和盈余管理方式选择的影响因素。研究发现管理者在进行盈余管理决策时，真实盈余管理决策和应计盈余管理决策是同时做出的，两类盈余管理程度相互影响；盈余管理成本影响盈余管理方式的选择，当企业处于缺少行业竞争力的地位时，真实盈余管理的空间较小，管理者会采用相对较多的应计盈余管理，而当企业本身的会计业务受到严格监管时，管理者则会倾向采用较多的真实盈余管理实现预期目标。%Earnings management is one of the important reasons causing poor quality of accounting information .Real earnings management and Accrual -based earnings management can substitute each other when they are used , so trade-off decision for managers between two ways and selection factors for effecting different earnings management ways are the keys for investors and regulatory authorities to prevent and treat the earnings management activities .The article uses a sample of A-share listed companies over 2001-2009 in China and builds a simultaneous equation model based on the result of Hausman Test to verify the trade -off decision sequence of earnings management strategies and find factors effec-ting choice for earnings management .The research results show that the trade -off decision of real and accrual -based earnings management strategies is a simultaneous decision , the two earnings management manipulations influence each other;managers trade off the two earnings management activities based on their relative costs .The managers will use rel-atively more accrual -based management activities due to lack of competitiveness in the industry , and use more real earnings management activities due to the higher level of scrutiny or accrual manipulation .
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