盈余管理动机 Incentive of Earnings management ●西方 Western 资本市场动机; Capital market Incentive 基于会计盈余数据的契约动机; Contract based on the accounting numbers 迎合或规避政府监管的动机; Government Regulation 中国 China 圈钱 Capital Suction 坐庄 Stock Price Manipulation 保级 Maintain Listing Right盈余管理动机 Incentive of Earnings Management ⚫ 西方 Western – 资本市场动机； Capital Market Incentive – 基于会计盈余数据的契约动机； Contract based on the accounting numbers – 迎合或规避政府监管的动机； Government Regulation ⚫ 中国 China – 圈钱 Capital Suction – 坐庄 Stock Price Manipulation – 保级 Maintain Listing Right