Research On The Real Earnings Management And Its Influencing Factors In Hi-tech Enterprises

The accounting earning reflects the profitability of the enterprise, which is always paid much attention to by the management authorities and stakeholders. Because of the investors’ expectations and benefit maximization, the opportunistic behavior of earnings management is always one option for managers. Earnings management can be divided into accrual earnings management and real earnings management according to the different control methods. With the improvement of policy system and the supervision, the management team has gradually reduced the effective accrual earnings management, and turn to the hidden earnings management. The past studies overwhelmingly focused on the earnings management of accrual projects, and paid little attention to the earnings management of real activities. From the aspect of enterprises, management authorities are the manipulators of the earnings management of real businesses, who always at the back. Both the external financing and regulatory pressure have gradually become the important reasons of the real earnings management. It is obvious that the internal governance structure and external pressure have impacts on the earnings management, while most of the available literature focused on the individual factors like internal control governance or external supervision without organically combining both factors to make a consideration. The high-tech enterprise is a powerful connection between technological innovation and market development, but due to its intrinsic characteristics such as large financing amount and high industry risk, the founding management has stronger motivation to perform the real earnings management. Based on these, from the perspective of internal governance and external supervision, this paper deeply researches on the real earnings management and its influencing factors, its conclusions have important theoretical and realistic significance on promoting the sustaining and healthy development of high-tech enterprises.First of all, this paper effectively defined the high-tech enterprises, real earnings management, internal governance structure and external supervision by combining the regulations on the national recognition of high-tech enterprises and the existing research results. According to the principal-agent theory, asymmetric information theory, contract theory and human capital theory, the real earnings management and its possible influencing factors were analyzed theoretically. Secondly, according to the status quo of the development of high-tech enterprises and its real earnings management, based on the comprehensive analysis of the influencing factors of the real earnings management in high-tech enterprises, this paper focused on the specific factors that affect real earnings management of high-tech enterprises from the perspective of internal governance and external supervision. Then, according to the Roychowdhury and Cohen model, this paper built a comprehensive index to measure the real earnings management, and the explanatory variables needed were selected from the corporate internal governance structure and external supervision, using the panel data of 99 high-tech listed companies from 2012 to 2014, by establishing the regression model, and the effect of each variable on the real earnings management of high-tech enterprises was analyzed by the empirical approach. Research results showed that the shareholding ratio of the first majority shareholder has a significant positive impact on the real earnings management. Same things happen to the board scale and the audit quality. The proportion of independent directors and institutional investors’ shareholding ratio have significant negative impacts on the real earnings management. But the shareholding ratio of the corporate share, supervisor board scale and management shareholding ratio have no significant effect. Finally, according to the research conclusions, this paper tries to effectively improve the current real earnings management situation of high-tech enterprises to promote its sustaining healthy growth by giving policy suggestions: optimizing ownership structure and establishing an equity restriction mechanism, perfecting the board of directors governance mechanism and the board of supervisors system, promoting the management incentive mechanism construction, vigorously developing institutional investors and strengthening the intensity of the audit on real transaction activities.