How does earnings management influence investor’s perceptions of firm value? Survey evidence from financial analysts
调查金融分析师发现，他们与CFO的看法基本一致：达到盈余基准和平滑盈余能提升投资者对公司价值的看法，但除股票回购外的所有盈余管理行为都被视为价值破坏。
Survey evidence shows CFOs to believe that earnings management can enhance investor valuation of their firms. This evidence raises the question of correspondence between the beliefs of CFOs and investors. Surveying financial analysts to gain insight into how earnings management influences investor perception of firm value, we find analysts' and CFOs' beliefs to be generally consistent. We find that analysts perceive meeting earnings benchmarks and smoothing earnings to enhance investor perception of firm value and all earnings management actions to reach a benchmark, save share repurchases, to be value destroying. CFOs, however, are reluctant to repurchase shares, preferring to use techniques viewed by analysts as value destroying (e.g., reductions in discretionary spending). Analysts' inability to unravel such techniques perhaps explains CFOs' preferences.