盈餘管理為近年來會計研究的熱門議題，為財務報表提供者利用一般公認會計原則的模糊地帶來美化財務報表，達成盈餘目標的一種手法。Roychowdhury (2006)定義了實質營運操縱，屬於盈餘管理的一種型態，為經營者利用偏離正常營運的方法來達成短期盈餘目標，欲誤導一般投資大眾及報表使用者。本研究主要探討中國大陸上市公司實質營運操縱與股價反應之關聯性。研究期間為2003年至2009年。研究發現中國大陸上市公司異常營運活動現金流量和異常生產成本均和累積異常報酬呈現顯著正相關。另外， 當投資者將EPS加入投資考量時，異常裁決性支出與每股盈餘交乘項和累積異常報酬呈現顯著負相關，顯示市場可能認為有利用降低裁決性支出來提升盈餘之公司，其對公司未來的營運是有損害的，而市場對於有可能有利用此方式來管理盈餘者，將其股價評估在較低的水準。

Earnings management accounting research in recent years is the most popular topics, means the financial statements supplier using the blur zone of generally accepted accounting principles(GAAP) to reach earnings targets. Roychowdhury (2006) defined the real activities manipulation, also a type of earnings management. For the managers’ to use deviation from normal operation of the method to achieve short-term profit goals to mislead the investor and users of financial statements. My purpose in this paper is to discuss the relationship between the real activities manipulation and stock price reaction in China listed companies. Study period from 2003 to 2009. Listed companies in China found abnormal operating cash flow and abnormal production costs and the cumulative abnormal returns are significantly positively correlated, In addition, when investors will join the investment is considered for the EPS, abnormal discretionary expenses and EPS exchanges multiply items and cumulative abnormal returns show a significant negative correlation. Means the investor may be considered to be of lower discretionary spending to improve earnings of the company may harm the firms’ future profits and The market is likely to assessed its share price in the lower level when the firm used this approach to managing earnings.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究架構 4
第二章 文獻探討 6
第一節 盈餘管理 6
第二節 實質盈餘管理 12
第三節 盈餘管理和股價反應 15
第四節 小結 19
第三章 研究方法 20
第一節 研究假說 20
第二節 研究變數 28
第三節 實證方法與模型 37
第四節 樣本選擇與資料來源 42
第四章 實證結果與分析 43
第一節 樣本描述及事件研究 43
第二節 敘述性統計分析及基本假設檢定 66
第三節 實證結果 76
第五章 研究結論及建議 85
第一節 實證結論 85
第二節 研究限制與建議 88
參考文獻 89

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