Research On Differences Of Earning Management Between Neeq And A-stock Market

With the ongoing reform of financial system in our country, Neeq market is increasingly open to financing and investors, and more and more companys are listed. Now, because there are few studies about Neeq, the dissertation conducts innovative research on earning management behavior of Listing-while-Private-Placement companies in Neeq, so that regulators and investors could have an understanding of the characteristics of earning management.The dissertation is based on current theories of earning management and research findings, distinguishing the differences of systems, regulations and market participants’behaviors, analyzing two similar behaviors which is the IPO and Listing while Private Placement under two different capital markets, then conducting research on variances of relevant companies’accrual earnings management and real earnings management. This paper uses the modified Jones model and the method of Roychowdhury to measure the level of accrual earnings management and real earnings management of 161 companies in 2014 and employs multiple statistical methods, including descriptive statistics, t test, simple regression analysis and multiple regression analysis, to analyze the earning management behaviors of IPO and Listing-while-Private-Placement companies in 2014 and the factor of those. And, the research focuses on the level of earnings management, the altarnative of accrual earnings management and real earnings management, the influences of security companies and accounting firms. Through the research, Listing-while-Private-Placement companies shows higher level of positive accrual earnings management, positive real earnings management and negative accrual earnings management and the preference of accrual or real earnings management between IPO and Listing-while-Private-Placement companies is not signifcantly different. The research also reveals that, top ten security companies have stronger suppression against the level of Listing-while-Private-Placement companies’ real earnings management, top ten accounting firms do not better suppress accrual or real earnings management of Listing-while-Private-Placement companies.