Research On Earnings Management Of *ST CLTG

With the rapid development of capital market in our country, the relevant regulatory authorities introduced a series of laws and regulations to specification and market supervision. Among them, the "ST system" is designed for a management system of listed companies in our country, the main content of the system are as follows: if a listed company in the most recent fiscal year net profit after deducting non-recurring gains and losses for negative, or shareholders' equity is negative, warning, listed companies will be put to other special treatment before its shares referred to as "adding" ST "logo; If two recent accounting year continuous loss of listed companies, listed companies will be put to delisting risk warning, before its shares referred to as "adding" * ST "logo. The company by any of the above two processing, its stock quotes, price are limited to 5%.The system can not only reveal the financial status of listed companies to the investors,and reminded investors to make rational investment, also can to warn of loss of listed companies, and the urge to improve operating conditions. Because our country capital market has not been perfect, "ST system" in a positive role also spawned many new problems. Because the "shell" resources of listed companies in our country is relatively scarce, and because of the ways to reduce the cost by improving the income to profit is a long-term process, it is difficult to quickly achieve the goal of corporate profits, so a lot of ST and * ST companies by earnings management to achieve the purpose of "hat to pick the star". *ST CLTGBased on the above background, this article adopts the method of case analysis, in the case of *ST CLTG earnings management described in detail, found that the use of asset restructuring, associated trade and inflated earnings management by income, so as to realize the profit, but in fact business situation and have no real improvement. This paper first introduces the research background, significance, content and method.Secondly, this paper analyzes the *ST CLTG from 2013 to 2015, operating conditions,and three cases describes the *ST CLTG earnings management. Then in the principal-agent theory, asymmetric information theory, on the basis of analyzed *ST CLTG causes of formation of earnings management mainly from the management of self-interest motive, imperfect relevant accounting standards for enterprises to analyze the specific aspects of. Finally, according to the above research, this paper puts forward to perfect the relevant accounting standards and earningsCase studies in this paper, *ST CLTG surplus management, it is concluded that the following enlightenment: first, management personnel according to their own moral values determines the motives of the managers of listed companies management, so the* ST company should improve the management mechanism of incentive and constraint.Second, China's current accounting standards still existed defects, so relevant departments need to compression in the accounting standards are easy to be space for earnings management. Third, * ST company earnings management in our country at present the external supervision is still not in place, supervision department should improve the delisting system and information disclosure system, strengthen the external supervision of* ST company, etc.