本文在阐释了研究背景和意义、研究方法和思路、有关盈余管理与审计意见
相关文献综述及理论基础之后，通过选取 2011-2013 年 A 股上市公司的经验数
据分别实证研究了审计意见与总体水平的真实盈余管理的关系以及对异常销售、
异常生产和异常酌量性费用三种操纵手段的敏感程度。首先，本文采用了国外学
者 Roychowdhury（2006）的研究成果，对销售操控、生产操控和酌量性费用操
控分别进行了计算，并利用三者实际值偏离正常值之和构建了度量上市公司真实
盈余管理程度的模型，通过 Logistic 多元回归分析了总体水平的真实盈余管理程
度与审计意见之间的关系。然后，分别从样本公司实施真实盈余管理的三种手段II
（销售操控、生产成本操控及酌量性费用操控）进一步考察了注册会计师对不同
操纵手段的真实盈余管理的敏感度。实证结果显示：（1）审计意见能够识别真
实盈余管理行为，并且真实盈余操纵的水平越高，被出具非标准审计意见的几率
越大；（2）注册会计师对不同操纵方式的真实盈余管理的识别敏感度不同，相
对于异常酌量性费用而言，注册会计师对以异常销售和异常生产为操纵手段的真
实盈余管理较为敏感，能够有效的识别。最后，本文结合我国当前的审计市场、
公司治理环境以及注册会计师的专业能力等方面，针对如何更好地提高注册会计
师的审计执业质量以识别上市公司的盈余管理提出了一些政策建议。
关键词 应计盈余管理；真实盈余管理；审计意见
III
Abstract
There are many different classification standards for earnings management,
which according to various embodiments can be divided into accrual earnings
management and real earnings management into two categories. With accounting
system reform and increasingly stringent regulatory environment, as opposed to a
means to manipulate the way the accounting accrual earnings management, corporate
management is more popular in the use of more flexible and concealment of real
earnings management to earnings manipulation. In order to achieve specific business
objectives, management in the implementation of real earnings management, real
structure often used to regulate trading activities surplus, which deviate from the
normal business transactions to manipulate the trajectory of enterprises, so will the
enterprise a large impact on the current operating cash flow. Real earnings
management weaken the company's competitiveness and reduce the company's future
operating results, the impact to the enterprise value of the impairment caused by more
serious and widespread, causing widespread concern and research experts and
scholars. At the same time, the audit pressures faced by CPA also due to this new way
of earnings manipulation becomes larger. Under the market economy, the independent
third party audit is an integral part of market control mechanism, on the one hand help
to improve the efficiency of capital markets operation, on the other hand to protect the
orderly operation of the market economy as a whole, has been the social consensus .
But Lam shares, purple Xin Pharmaceutical, Hail hygiene and frequent
exposure audit failure, making the CPA has been strongly condemned from creditors,
investors and the government, reducing the public's trust in CPA sense, the role of the
audit are deeply skeptical. Especially after the announcement of the new accounting
standards, accrued earnings management can manipulate space management gradually
compressed, the Company's management sales tend to be abnormal, the abnormal
production costs and abnormal discretionary means for manipulating real earnings
management. Faced with greater flexibility and concealment of real earningsIV
management, is currently in a healthy state audit ability to effectively identify,
recognize the true extent to which earnings management in different ways, has
become a research center point of this article.
This paper explains the background and significance of research methods and
ideas related to earnings management and related literature review and audit opinions
after the theoretical basis, by selecting the 2011-2013 A-share listed company's
experience empirical research data and the overall level of audit opinions were the
true relationship between earnings management and identify the extent of abnormal
sales, abnormal production costs and abnormal discretionary manipulation of three
instruments. First, we use the foreign scholars Roychowdhury (2006) research, sales
control, production control and manipulation of discretionary costs were calculated,
and the use of the three actual values deviate from the normal value, and build a true
measure of earnings management of listed companies degree model. By logistic
regression analysis of the relationship between real earnings management and the
overall level of audit opinion. Then, three means (sales manipulation, control
production costs and discretionary costs manipulation) were implemented real
earnings management company from the sample CPA further investigated the
sensitivity of the different means of manipulating real earnings management. The
empirical results show: (1) audit opinion to identify real earnings management
behavior, and the higher the level of real earnings manipulation, the greater are the
chances of audit opinions issued by non-standard; (2) CPA for different ways of
manipulating the real earnings management identify different sensitivity, abnormal
discretionary costs relative terms, the CPA for sale and abnormal production of
abnormal means for manipulating real earnings management is more sensitive, can
effectively identified. Finally, combined with our current audit market, corporate
governance environment and CPA professional capacity, on how to improve the
quality of CPA's audit practice better in order to identify the earnings management of
listed companies put forward some policy suggestions.
Key words accrued earnings management; real earnings management; audit opinion
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