| Earnings management methods include accrued earnings management,real earnings management and earnings management using classification shifting.Accrued earnings management will change the distribution of profits in different periods,real earnings management will affect the normal production and business activities,change the cash flow of enterprises,and earnings management using classification shifting regular and non-recurring projects error of the classification,to exaggerate the core of enterprise surplus.The current research focuses on accrued earnings management and real earnings management,while earnings management using classification shifting is less.Current research about earnings management using classification shifting mainly focuses on the search for empirical evidence and motivation,and its research on its economic consequences is less.Therefore,this paper analyzes and studies the relationship between the earnings management using classification shifting and inefficient investment,and studies the impact of the ownership characteristics on the relationship between earnings management using classification shifting and the inefficient investment relationship from the three aspects of the nature of the equity,ownership concentration and managerial ownership.This paper first elaborated the background and significance of this topic,the content of the study,the framework,methods and innovation.And then made a comprehensive review and summarize the existing literature.Based on the theory of principal-agent,information asymmetry and corporate governance theory,the author analyzes the relationship between ownership characteristics,earnings management using classification shifting and inefficient investment.The relationship between the theoretical analysis,and put forward the hypothesis of this study.In the empirical analysis,this paper takes the A-share listed companies in 2011-2015 as the research object,after the data collection and screening,the definition of variables,including the earnings management using classification shifting and the extent of inefficient investment to McVay built model And Richardson investment expectation model regression residual absolute value to measure.And then reconstruct the model,carry out descriptive statistics and correlation analysis,and finally carry out multiple regression analysis to verify the relationship between ownership characteristics,earnings management using classification shifting and inefficient investment.The empirical results show that earnings management using classification shifting is a significant positive correlation with inefficient investment,that is,the earnings management using classification shifting will lead to the enterprise's inefficient investment behavior.Compared with non-state-owned enterprises,state-owned enterprises earnings management using classification shifting and inefficient investment less positive correlation;The higher the degree of ownership concentration,the less the positive correlation between earnings management using classification shifting and inefficient investment;The higher the proportion of executive holdings,the less the positive correlation between earnings management using classification shifting and inefficient investment.The results of the above studies show that earnings management using classification shifting will lead to the inefficient investment behavior of enterprises,while the state-owned enterprises,ownership concentration and managerial ownership can weaken the earnings management using classification shifting and inefficient investment is positively related.At the end of this paper,this paper puts forward some suggestions on the basis of this conclusion,in order to reduce earnings management using classification shifting and inefficient investment behavior,improve investment efficiency. |
