Market Process,Real Earnings Management And Voluntary Information Disclosure

Real earnings management is a hot topic in academia,and a favorite means of earnings manipulation by managers.Real earnings management not only increases the future operating risk of the company and has a negative impact on the future value of the company,but also damages the interests of investors,and it's bad for the healthy and effective development of the capital market.Therefore,it's very necessary to attach importance to the real earnings management of company.Studying elements that affect the behavior of real earnings management we can grasp the development trends of the company,curb their real eranings management behaviors and improve the quality of the earnings quality.The paper through the behavior of voluntary disclosure of information,and combined with the degree of market process to research the real earnings management behavior of company.Only turough this,we can grasp more accurately factors to improve operational efficiency,earnings quality of listed companies and to protect the interests of investors.If we can do that we can achieve the purpose to regulate the securities market.This artical uses ways of normative research and empirical research.Firstly,this artical hackling the relevant research results about marketization process?real earnings management and voluntary disclosure of information,and expounds relevant theories,then analyzes the impact of real earnings management on the voluntary disclosure of information in theory,and further analysis the effect of different marketization level and property rights on the relationship,on this basis,we propose the assumption of this paper.Secondly,this artical selected the data of the 2008-2015 Shenzhen motherboard manufacturing listed companies combining with the market index to empirical analysis.This artical adopts Roychowdhury model to estimate real eranings management,and voluntary disclosure of information as a dependent variable,real earnings management as an independent variables,the marketization process as the adjustment variables,and the ownership structure,the characteristics of board,management characteristics,company performance and financial leverage and other factors as control variable,and further grouped according to the marketization level,different property rights and market factors to research the relationship between the real earnings management and voluntary disclosure of information.Then we will test the adjustment effect of the marketization process.Lastly,we will put forward the countermeasures onthe basis of our conclusions,and the shortcomings and future prospects of this article are explained.The study has found that(1)the company which implementation of real earnings management will disclosure more voluntary information and this situation more common in the non-state-owned listed companies;(2)the marketization process has play the role of adjustment effect between real earnings management and voluntary information disclosure;(3)the degree of government intervention is low and legal systems are ralatively perfect in a higher degree of market areas.These factors will weaked the positive correlation between the real earnings management and voluntary disclosure of information.And this effect more obvious in the non-state-owned listed companies.Compared with the existing literature,the possible innovation points of this paper include:(1)constructing the theoretical analysis framework for the impact of real earnings management on voluntary disclosure of information;(2)exploring the influence of the marketization process on the internal behavior of the company and dynamic law.Marketization process including the degree of marketization and the subelements of the marketization process.(3)using the simultaneous equations model to verify the intrinsic relationship between the real earnings management and the voluntary disclosure of information,and to supplement the literature in this field from the methods and contents.