An Empirical Study On Earnings Management Of Listed Companies And Economic Consequences

Earnings management in capital markets and the profound influence of the stakeholders, made it to the core of the current accounting field. As enterprise economic environment, especially the accounting environment changing, the continuous improvement of the accounting standards and strengthening the external supervision, in the traditional sense of the accrued earnings management are more and more restrictions, operational risk is becoming more and more big, so a lot of enterprise managers in order to achieve the surplus will tend to take control of sales, cost control and other means of earnings management from the practical activities. The adjustment target, can only meet in the near future or temporary surplus is not a kind of based on the company’s long term development strategy.People to manipulate behavior way of regulation will be affected by earnings management economic consequences. Usually has two cases, one is manager of surplus positive adjustment to increase performance,2it is to negative adjustment to achieve surplus earnings smoothing. Enterprises of different motives may different influence on the economic consequences of earnings management. After studying the economic consequences if is positive, that we should allow the existence of the earnings management; If on the contrary, should take certain measures to prevent the happening of this kind of behavior, protect the interests of the company.Earnings management has always been one of the hot issues in the scholars at home and abroad, the academia to study abroad has more extensive, and scholars in our country is in recent years to study of earnings management problem, because of a late start of research is not comprehensive enough. Surplus management in order to have A more thorough in-depth understanding, this article will earnings management as the research object, in order to sell control as the breakthrough point, from2008to2013in Shanghai and Shenzhen main board listed A shares issued by the company as A sample, to study the economic consequences of earnings management. This article is divided into seven parts altogether.The first part of introduction, elaborated the selected topic background and significance, basic ideas of the thesis and research framework, on the basis of the research methods and innovations of this article are introduced.The second part is the literature review, through to the earnings management motivation, influence factors and economic consequences combed the literature of the research, academic research results at home and abroad are summarized.The third part is the definition and theoretical basis, first for earnings management, and sales of manipulation of the definition of related concepts, then introduces the basic theory of earnings management, there are mainly the price elasticity of demand theory, principal-agent theory, asymmetric information theory. The empirical analysis provides theoretical foundation for the following.The fourth part is the theoretical analysis and hypothesis is put forward. First to sales under the control of earnings management existence necessity, basic features, boundaries and motivation mechanism analysis, and then from the enterprise, the creditors, shareholders, the resources for sales of earnings management from the Angle of four economic consequences in the analysis, thus put forward in this paper, through the theoretical analysis of hypothesis.The fifth part as the research design, expounds the model selection, this paper selected variables and assumptions of the model proposed as well as the data source and selection criteria, etc.The sixth:empirical test and the result analysis, in order to verify the reliability of the experimental results, this article has carried on the descriptive statistical analysis, the sample correlation analysis, regression analysis, and the regression results make robustness test.The seventh part is the research conclusion and suggestion, in this paper, on the basis of theoretical analysis and empirical test, finally this paper research conclusion, put forward policies and Suggestions, and study in this paper, the shortcomings of the future research prospect.Main contributions of this paper is the following two points: One is in this paper, from the perspective of company sales manipulation, using the existing data of listed companies, using the method of empirical study, under the background of China’s capital market, check sales characteristics of manipulation of earnings management of listed companies the influence of the economic consequences, at the same time, in this paper, on the model of innovation, introduction of operating leverage is a new explained variable, from a new Angle better reflect sales under control the economic consequences of earnings management, in order to future research has certain reference value.Two is throughout the existing on the economic consequences of earnings management research, nearly five years in the way of study of manipulation. Therefore, this article selects the last five years of data, further explore sales manipulation of earnings management on the company the influence of the economic consequences; At the same time, to understand the existence of earnings management of listed companies in our country and the influence degree, based on an empirical study on earnings management, deepen people’s understanding and the understanding to earnings management, and then hope to empirical research results to more constructive Suggestions for earnings management behavior.