An Empirical Research Of Earnings Management Based On Equity Refinancing Of The Listed Companies

Capital is the blood that keep the corporations existing and developing. In most cases, corporations can make blood themselves through operating, but the corporations need to finance through the exterior sometimes to solve the financing problem. Stock market is the important financing channel for them. Therefore, many listed companies take earnings management measure to resolve its financing puzzledom, so they can achieve the policy require,and that can get financing sustain. Because the finance information after earnings management can't reflect its true achievement, It must invade the investor's benefit and go against the development of the stock market. How to detect the earnings management behaviors and the connection with the policy is very important, because no other then discovering the behavior and the relation, we can change the policy well-founded, ultimately protect the investor's benefits and urge the stock market developing healthily.This dissertation outspreads analysis and comment firstly, puts forward the problems that need to be investigated, and expatiate this dissertation's content and its realism meaning. Then the dissertation expatiate the theories of earnings management, and analyses the motivations in-depth, this establish the theory foundation for the following empirical research. In succession this dissertation appraises the existing models, and then confirms the modified jones-model as the very model. Then this dissertation validates the existence of the earnings management and the relations between policy-leading and the earnings management using the regression method on 400 rationing shares swatch and 101 re-issuing new shares swatch which selected from 1999 to 2004.At last, This dissertation brings forward the advices and the measures for the phenomenon of earnings management which combining our existing securities environment. This have the long-standing meaning for leading the financing behavior,protecting the investor's benefits,promoting the healthy developing of the stock market.