Empirical Research On Financing Needs, Financing Constraints And Earnings Management

Manufacturing is an important part of our national economy, as the basis for the manufacturing industry, maintain normal production and life of the country, the foundation is to promote and ensure the steady development of China’s national economy. At this stage, a stage of rapid development of China’s industrial modernization, the status and role of the manufacturing sector in the national economy come out, it can be said that the main pulling power of China’s basic industries and economic development. Earnings management accounting theory and practice plays in important role in the modern theory of accounting issues related to earnings management very seriously, is the core issue of accounting academic concern. The center of gravity lies in corporate accounting surplus, which has clearly stated Littleton. Earnings position in the capital market is very high, because corporate investors to make investment decisions based on earnings information, while earnings information also about the business value in the market. In the stock market, earnings management of listed companies are often used around the surplus quantity. Therefore, in order to ensure the healthy and rapid manufacturing growth of listed companies, the researchers analyzed the relationship between earnings management and financing behavior is necessary.When making paper selects listed companies in China’s manufacturing industry as the research object, using the Shenzhen A-share listed companies manufacturing experience data for data analysis and processing, analyzing the extent of the financing needs of enterprises have made the situation when earnings management behavior and the emergence of financial constraints situation the degree of earnings management behavior, but also analyze the impact of the three, and were on their mutual relationship between empirical research.In this paper, in order to make a more comprehensive and detailed study, were studied as well as the impact of financing constraints affect the financing needs of the earnings management of earnings management, and the presence of both the impact on earnings management is generated simultaneously. Test object Shenzhen A-share listed companies in the manufacturing sector, to analyze the financing behavior trends and overall capital structure in 2008 to 2013 between. This paper selects 2008 to 2013 listed companies as samples, the financing needs of the full study, financing constraints, earnings management features, and construct multiple regression analysis of the relationship equation financing needs and earnings management, earnings management and financing constraints were tested. Whether financing constraints or financing needs, financing would have on earnings management in new costs, after its earnings available for analysis:the cost of financing constraints brought about by the relatively larger, corporate earnings management from the negative impacts; financing needs will bring relatively large cost, but because the financing needs can bring more economic benefits to the enterprise, so business managers are willing to make more earnings management behavior to get more revenue, the cost for which will be produced willing to take. This theory explains the phenomenon of earnings management in the dual role of financing. This conclusion was established in 2008 using 2013 data to test our Shenzhen A-share industry.