在不允许卖空条件下的最优比例再保险投资

对上市公司并购的制度背景和盈余管理的制度背景分析发现，上市公司在我国目前特殊的制度背景下在并购中进行盈余管理是一种理性行为。在政府主导下进行的无效率的并购和为了获得配股资格而在并购前期调高利润的盈余管理行为是导致其并购后期经营业绩下降的主要原因。

M&A, Earnings Management and Institutional Background

The institutional backgrounds for M&A and Earnings management of listed companies are analyzed in the paper. It finds that practice earnings management in M&A is a rational behavior for listed company under the current special institutional background in China. It''s the inefficient M&A led by government and the Earnings management to phonily increase profits in the early stage of M&A for share allotment that are the main reasons causing operating performance falling down in the late period of M&A.