Earnings management is the behavior of managers to maximize their private benefits or the market value of the company through the choice of accounting policies.
盈余管理是企业管理人员通过选择会计政策使自身利益最大化或企业市场价值最大化的行为。
If the company has a continuum trade data in the open market, we can estimate the market value of the company and get the credit situation by the volatility of them.
如果企业存在一个连续交易的数据，我们就可以通过市场信息对企业的价值进行估计，通过企业的价值变化反映信用状况的变化。
But when macroeconomic changes force up markets generally, it does not mean that the value of each individual company in that market has changed similarly.
但是在宏观经济因素的作用下所引起的股市的上涨，并不能说明股市中每个公司的价值都会同样变化。
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