When the growth of the investment p

当投资项目的增长和应计收益管理较低时，双重股权结构的上市公司的长期业绩和股票收益表现要优于单一股权结构的上市公司。因此，对于双重股权结构的企业，应尽量减少盈余管理。如果投票权过于集中，将使问题更加突出。具有较高表决权的股东利用自己的绝对控制权和决策权来实施盈余管理，以侵犯其他利益相关者的利益。投票权越集中，盈余管理的水平越高，侵蚀其他利益相关者的利益。为了遏制收益管理，最重要的是加强对表决权的限制，采取措施减少表决权的集中度，有效改变具有较高表决权的股东的绝对控制权。通过改善公司治理结构和抑制盈余管理，可以有效地提高双重股权结构企业的长期绩效水平。<br><br>另外，企业的高级管理人员需要长期的激励，这将管理层的切身利益与公司的发展紧密联系在一起，建立了公平合理的绩效考核机制，起到了协同作用，减少了不合理的决策。高集中度的决策力，提高了企业公共公平决策的能力，对促进上市公司的经营管理起着重要的作用。

当投资项目增长和应计收益管理较低时，上市公司的二元股权结构的长期业绩和股票回报表现优于单一股权结构上市公司。因此，对于二元股权结构企业，应尽量减少盈利管理。如果选举权过于集中，问题就会更加突出。拥有较高比例表决权的股东利用其绝对控制权和决策权实施收益管理，侵害其他利益相关者的利益。投票权越集中，收入管理水平越高，其他利益相关者的利益就越受到侵蚀。为了抑制收益管理，最重要的是加强对表决权的限制，采取措施减少表决权的集中度，切实改变高表决权股东的绝对控制地位。通过完善公司治理结构，抑制盈利管理，在一定程度上可以有效提高二元股权结构企业的长期绩效水平。<br><br>此外，企业高层管理人员需要长期激励，将管理层的切身利益与公司发展紧密结合起来，建立公平合理的绩效考核机制，发挥协同效应，降低高度集中的不合理决策权，提高企业公共公平决策能力，对促进上市公司经营管理具有重要作用。

When the growth of the investment projects and the accrual earnings management are lower, the long-term performance and stock return performance of the dual equity structure listed companies are better than those of the single equity structure listed companies. Therefore, for the dual equity structure enterprises, earnings management should be minimized. If the right to vote is too centralized, it will make the problem more prominent. The shareholders with high proportion voting rights use their absolute control and decision-making power to implement earnings management to encroach on the interests of other stakeholders. The more concentrated voting power is, the higher the level of earnings management erodes the interests of other stakeholders. In order to curb earnings management, the most important thing is to strengthen the restriction of voting rights, take measures to reduce the concentration of voting rights and effectively change the absolute control position of shareholders with high voting rights. To some extent, the long-term performance level of dual equity structure enterprises can be effectively improved by improving the corporate governance structure and curbing earnings management.In addition, the senior management of the enterprise needs long-term incentive, which closely links the vital interests of the management with the development of the company, establishes a fair and reasonable performance appraisal mechanism, and plays a synergistic effect, reduces the unreasonable decision-making power of high concentration, and improves the ability of the public fairness decision-making of the enterprise, which plays an important role in promoting the operation and management of listed companies.<br>