3446 
3448在新经济时代背景下，企业的商业模式由“以产品为中心”向“以客户为中心”转型，广告投入对企业品牌塑造和价值提升的重要性日渐凸显。文章以广告投入为研究对象，探究不同盈余目标下的企业费用操控行为。研究结果表明，为实现避免亏损的盈余目标，企业会通过削减广告投入形式的费用操控来达成目标，但并未发现企业在避免利润下滑或满足分析师盈余预测的目标下进行广告投入操控的相关证据。针对避免亏损目标下企业广告投入操控的截面差异的进一步研究表明，广告投入操控在广告投入强度较高、上市时间较短、有分析师跟踪以及税率水平相对较低的企业中更为显著。研究结论不仅对理解不同盈余目标与企业费用操控之间的关系具有参考价值，也对资本市场参与主体和监管部门有所启示。
盈余目标与企业费用操控：来自广告投入的证据
摘要
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引用本文
王亮亮, 朱芳珍, 王倩楠, 等. 盈余目标与企业费用操控：来自广告投入的证据[J]. 上海财经大学学报, 2021, 23(5): 107-122.
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