第4章，数据、估值模型及当前的描述性统计第5章，结论第6章，文中的证据

第4章，数据、估值模型及当前的描述性统计

第5章，结论

第6章，文中的证据所带来的影响及展望

2 盈余管理、真实活动操纵以及现有的文献

2.1 真实活动操纵

Healy and Wahlen (1999)，Fudenberg and Tirole (1995)，以及 Dechow and Skinner (2000)指出，管理者可用的盈余管理方法有加快销售、改变发货时间表、推迟研发费用和维修费用。 真实活动操纵定义（作者）：在正常的操作过程中，偏离正常的操作习惯，出于管理者的愿望，至少误导一些股东，使他们以为已经达到一定的财务报告目标。

Graham等人发现，1）财务总监会高度重视盈余目标2）他们会操纵真实活动来满足其盈余目标，即使这些操纵行为会减少企业价值。减少企业价值的原因：这些行为能够增加当期的盈余，但是却对未来的现金流有负面的影响。

Résultats (Anglais) 1:

The 4th chapter, data, valuation models, and current descriptive statisticsThe 5th chapter, conclusionsThe 6th chapter, evidence of the impact of and prospects2, real activities manipulation of earnings management, as well as the existing literature2.1 real activities manipulationHealy and Wahlen (1999), Fudenberg and Tirole (1995), as well as the Dechow and Skinner (2000) pointed out that the management methods of earnings management are available to speed up sales, change the delivery schedule, a deferred research and development costs, and maintenance costs. Real activities manipulation definition (author): in the course of normal operations, deviations from normal operation, for managers desire, at least misled shareholders, so they thought they had reached a certain financial reporting objectives.Graham found, 1) CFO attaches great importance to surplus target 2) they can manipulate real activities to meet its earnings target, even if such manipulation would reduce the value of enterprise. Reduce the value of reason: these acts can increase surplus in the period, but it has a negative effect on future cash flows.

Résultats (Anglais) 2:

Chapter 4, data, and current valuation model Descriptive statistics

Chapter 5 Conclusions

Chapter 6, Influence and Prospect of the text of the evidence brought

2 earnings management, and real activity manipulation of existing literature

2.1 real activities manipulation

Healy and Wahlen (1999), Fudenberg and Tirole (1995), and Dechow and Skinner (2000) pointed out that earnings management methods available to speed up the sales manager, change delivery schedule, delayed development costs and maintenance costs. Real activity manipulation definition (OF): During normal operation, the deviation from the normal operating practices, Desiring managers, at least some of misleading shareholders, so that they thought they had reached a certain financial reporting objectives.

Graham et al found that 1) Chief Financial Officer will attach great importance to the surplus target 2) they will manipulate's activities to meet its earnings target, even if the manipulation is reduced enterprise value. Reduce corporate value Cause: These behaviors can increase the surplus of the current period, but have a negative impact on future cash flows Quedui.

Résultats (Anglais) 3:

The fourth chapter, the data, the valuation model and the current descriptive statisticsThe fifth chapter, conclusionThe sixth chapter, the influence and Prospect of the evidence in the paper2 earnings management, manipulation of real activities and existing literature2.1 manipulation of real activitiesHealy and Wahlen (1999), Fudenberg and Tirole (1995), and Dechow and Skinner (2000) pointed out that the earnings management method for managers available to speed up sales, change the delivery schedule, delayed development costs and maintenance costs. Real activities manipulation definition (author): in the course of normal operation, deviating from the normal operating habits, for managers desire, at least some misleading shareholders, so they think that has reached a certain objective of financial reporting.Graham et al. Found that 1) the financial director will attach great importance to the earnings target 2) they will manipulate real activities to meet their earnings targets, even if these manipulations will reduce the value of the enterprise. Reducing the value of the business: these actions can increase current earnings, but have a negative impact on future cash flows.