Abstract: More and more corporate finance and accounting literature has begun to focus on the application of life cycle theory of firm. Based on the indicators of life cycle developed by Dickinson (2011), combined with the sales manipulation estimated method proposed by Roychowdhury (2006), this paper firstly studies the degree of sales manipulation across different life cycle stages. Further, this paper examines whether there is difference on the economic consequences of sales manipulation across different life cycle stages. The results suggest: (1) Sales manipulation exists significant life cycle effects and shows a U-shaped distribution: the degree of sales manipulation is highest during introduction and decline periods, less during phase-out and growth periods and lowest during mature period. (2) Economic consequences of sales manipulation also exist significant life cycle effects and show U-shaped distribution: the negative effect on future performance is least significantly during introduction and decline periods, less significantly during phase-out and growth periods and most significantly during mature period. This study not only provides new evidence on determinants of sales manipulation and its economic consequences, but also has important practical implications for the mechanism of life cycle of firm.

摘要： 越来越多的公司财务与会计学术文献开始关注企业生命周期理论的应用。基于Dickinson(2011)构建的公司层面的生命周期阶段变量，结合Roychowdhury(2006)提出的销售操控估计方法，本文首先检验生命周期不同阶段下公司销售操控程度是否存在差异，在此基础上，进一步检验生命周期不同阶段下销售操控的经济后果是否存在差异。检验结果表明：(1)销售操控程度存在显著的生命周期效应，销售操控在生命周期各阶段呈现出U型分布：导入期和衰退期的销售操控程度最高，淘汰期和增长期其次，成熟期销售操控程度最低。(2)销售操控的经济后果也存在显著的生命周期效应，同样呈现出U型分布：导入期和衰退期销售操控对未来业绩的负面影响最小，淘汰期和增长期其次，成熟期销售操控对未来业绩的负面影响最大。本文的研究发现不仅提供了销售操控影响因素和经济后果方面新的经验，而且对于透析企业生命周期的作用机理也具有重要的实践意义。