Equity Incentive,Real Earnings Management And Stock Price Synchronization Based On The Empirical Evidences Of A-share Listed Companies In China

Finance is an important support for economic development.As an important part of the financial market,the stock market has always been subject to the fervent attention of the academic circles.The stock market is the market of information,that is,the stock price reflects the operation status of market information.The optimal allocation of scarce resources in the stock market is realized through the price reflection mechanism.Therefore,the stock information content affects the rational allocation of resources.Price synchronization refers to the consistency between the change in the stock price of an individual company and the average change in the market and industry stock prices,that is,the so-called stock price goes down with the increase.With the rapid development of China's market economy integration,the development of China's securities market is also relatively rapid,but as a new type of capital market,the maturity of China's securities is still low,the relevant legal system is not perfect,and the trend of the same rise and fall of our stock market is more obvious.Equity incentive as a commonly used incentive method,its impact on the stock price mechanism is the subject of long-term exploration of academia.In addition,the further study of the relationship between equity incentive plan and stock price synchronization based on the perspective of real earnings management mediation can thoroughly study the impact mechanism of stock incentive plan on the stock price synchronization.Studying deeply the influence mechanism of equity incentive on the synchronization of stock price has strong theoretical and practical significance for the development of capital market and equity incentive system in our country.The structure of this thesis is mainly divided into five parts.The first part mainly analyzes the background,significance,purpose and the general framework of the study;the second part mainly expounds the relevant theories and concepts,and combs and summarizes the research literature on equity incentive,earnings management,stock price synchronization and so on.And expounds the relevant theoretical basis;the third part is on the basis of the theoretical basis to put forward the hypothesis,analysis of China's stock market data information in the past 2007-2016 years and ten years,of which 617 listed companies announced the equity incentive scheme,and selected the financial data of the A shares of the Shanghai and Shenzhen two cities to obtain 8487 annual observation values,and set up the establishment of the financial data of the listed companies in the Shanghai and Shenzhen two cities.The fourth part analyzed the data through EXCEL,SPSS and Stata 14 software,and verified the results according to the data.The fifth part mainly came to the following conclusions according to the results:(1)There was a significant positive correlation between stock incentive and real earnings management and stock price synchronization;(2)There is some intermediary effect in real earnings management.After further research,it has been proved to be part of the intermediary effect,and it is obviously less than the direct effect;(3)The relationship between the three of the state-owned enterprises is not significant.Finally,it provides some reference suggestions for the listed companies,and summarizes the limitations of this study,and looks forward to the future research direction.In this study,there are two innovations as follows:(1)this paper studies the influence of equity incentive plan from the angle of "share price rise and fall" in the whole capital market rather than the angle of the company level,which is innovative in comparison with the influence of the current research on equity incentive from the company level.(2)most of the existing studies are in the field of performance and corporate governance,which rarely involve the research on the synchronization of stock and market share price.It is also difficult to study the effect of stock share incentive on stock price synchronism from the point of view of the intensity and model of equity incentive.In this paper,from the perspective of real earnings management,this paper studies the influence of equity incentive on stock price synchronization.