The Research On Investor Relations Management、 Asymmetric Information And Earnings Management

Due to the ubiquitous existence of information asymmetry in the capital market,there is a communication barrier between the listed companies and investors, whichprovides conditions for the management authorities of listed companies to conductearnings management.As a governance mechanism of listed companies,Investor relationsmanagement has been gradually brought to the attention of our country,and developmentrapidly. Investor relations management will improve greatly transparency ofcompanies,reduce the internal and external information asymmetry phenomenon of thelisted company,and then inhibit the management authorities to carry out the earningsmanagement.This article test and analysis the connection between investor relations managementand asymmetric information、 asymmetric information and earnings management、investorrelations management and earnings management with the data from Shanghai a-share,andfinally select the705eligible listed companies as samples.The result proves that thereexists a engative correlation between earnings management,and there exists a positivecorrelation between asymmetric information and earnings management,and there exists aengative correlation between investor relations management and earnings management. Inaddition, the study found that the effect of every aspect of investor relations managementin reducing the information asymmetry, and thus inhibiting earnings management isdifferent.In the process of investor relations management implementation, listed companiesand investors paid more attention to the communication activities,and the status of thecommunication activities and the status of the traditional information disclosure activitiesare quite.At the same time, communication activities are better then the the traditionalinformation disclosure activities in reducing the information asymmetry, and thusinhibiting earnings management,so communication activities have more importantsignificance in implementing investor relations management.