本文基于上市公司邯郸钢铁的控制权危机背景,分析了公司在这一过程中的盈余管理行为及对股票价格的影响。我们发现,由于作为母公司的邯钢集团所发行的认购权证是否最终被行权构成了其捍卫控股权的关键因素,邯钢集团试图通过盈余管理压低股价,以阻止认购权证行权,从而应对潜在的控股权危机。但由于股市整体上涨趋势等客观原因,其盈余管理最终未能阻止认购权证的行权,股权遭到了稀释。本文的分析结果不仅显示了在中国资本市场日显重要的认购权证对企业会计行为的影响,也首次通过明确检验盈余管理行为的经济后果,发现盈余管理目标的实现更需要环境的配合,并不是所有的盈余管理都可以实现其既定的意图。 Based on the background of the crisis of controlling right of Handan Iron and Steel Company, this paper analyzes the company’s earnings management behavior and the impact on the stock price in this process. We find that due to the fact that the warrants issued by the Handan Iron and Steel Group as the parent ultimately exercise its rights as a key factor in safeguarding its controlling ownership, Handan Iron and Steel Group tried to suppress the share price through earnings management so as to prevent the warrants from exercising Potential crisis of control. However, due to the objective reasons such as the general upward trend of the stock market, the earnings management failed to prevent the exercise of subscription warrants and the equity was diluted. The analysis results of this paper not only show the impact of day-to-day subscription warrants on the accounting behavior of enterprises in China’s capital markets, but also for the first time by clearly examining the economic consequences of earnings management practices and finding that the realization of earnings management objectives requires environmental cooperation more All of the earnings management can achieve its intended purpose.