| China’s securities market has always been a focus of China’s market economy. With the development of economy, the expansion of the scale, competition is more intense. Due to the strict system of listed companies, they get more financing channels to raise more capital and further development for the enterprise.At the same time, they also can improve the company’s profile and expand the market impact strength. It is absolutely not a wise decision to announce broke-up and withdraw from the capital market just due to a temporary debt problem. So when faced with a financial distress of listed company, they usually choose the way of debt restructuring to get rid of the brief crisis. However in this study, we found that in the event of a debt restructuring of listed companies, the proportion of ST companies is very big, and restructuring amount is far more than the other companies. So many ST companies will choose debt restructuring in the face of the financial difficulties to whitewash statements, manipulate profit of earnings management behavior, the aim is to achieve the "stars" or keep the purpose of financing qualification.To regulate the behavior of debt restructuring, Chinese debt restructuring criterion also has experienced three times revision. The focus of revision is that the restructuring income should be included in the profit and loss or the owner’s equity. The accounting standard issued in 2006 ruled that the gain on restructuring of debt should be included in non-operating income. This article mainly is made up of four parts about the research of the ST companies debt restructuring and earnings management problems. The first part is the research background and significance, research status of domestic areas and abroad, research contents and methods and so on. The second part is the theory about the earnings management and debt restructuring. The third part is analyzing the industry distribution and statistics of ST companies debt restructuring behavior on the A-shares motherboard market and the financial indicators and performance change after the corporate restructuring. The fourth part is to come to the conclusion and give some advice about the current securities market regulation and disclosure. |
