Study On The Impact Of Earnings Management To The Financial Performance In The Directional Issuance Of Listed Company

With the rapid development of capital markets,listed companies private equity in the market more and more active,playing a increasingly important role in the corporate refinancing process.Over the past two decades,the issuance of private equity has made great achievements.To the specific target issuance of new shares of the industry gradually expanded,and the raising funds continue to increase.Managers adopt various means to manipulate the earnings management activities and increase profit,so as to deliver positive signal to the outside world.The domestic market enterprises to specific targets issuance of shares and earnings management activities are still in the normative stage,private placement is also a key step in the further development of listed companies,should pay close attention to and correctly guide the business surplus behavior.Taking 145 listed companies in 2013 private placement for the study,select the 145 companies financial data as a sample from 2011 to 2015,in the basis of classification by object and industry,study the degree of earnings management,and express constructive proposals for the adverse effects of financial performance,it is of great significant to promote coordinated and sustainable development of the whole society.Firstly,based on the domestic and foreign research on private placement and earnings management and the relationship between the two,in the stakeholder theory,contract theory and information asymmetry theory under the guidance of research and analysis of China’s private placement,earnings management and financial performance of the status quo,and analyze the existing problems and causes.Secondly,on the basis of the theoretical research,the author puts forward the hypothesis that the publicly disclosed data from 145 listed companies listed in Shenzhen and Shanghai will be the object of study.Subordinate issuer and issuance of industry earnings management and financial performance of the correlation and regression analysis.The results show that the direction of earnings management is positive and negative,and the degree of specific earnings management is different between manufacturing and other industries,also,its impact on financial performance is different.Finally,according to the conclusion of the study,the corresponding countermeasures and suggestions are put forward.Including strengthening the system construction and improvement of the system to improve the ability of investors to identify earnings management.For different issuers and the issuance industry set different issuance conditions,and provide theoretical guidance for the listed companies to regulate the activities of private placement.