| Accounting earnings are the important financial indicators and criteria for investors to make investment decisions.The quality of earnings information is directly related to the investment benefits of investors.Accounting earnings not only serve as a basis for performance measurement and earnings forecasting,but also can judge the quality of earnings.The separation of management rights and ownership of enterprises leads to contradictions between the interests of owners and operators.In order to maximize capital market motivation,compensation contract motivation,and pursuing the maximization of their own effects,managers are hesitating to use their powers to maliciously manipulate accounting earnings and accounting information to create a false impression of good performance during their term of office.This will inevitably lead to low quality of earnings.In 2001,Enron's financial fraud in the United States Energy Company was sensational,and capital stocks evaporated tens of billions of dollars in an instant and investors suffered heavy losses.Since then,the quality of earnings information has attracted the attention of stakeholders.Even if it is still happening to manipulate surpluses,the quality of earnings is still greatly challenged.As the most widely accepted indicator of earnings quality,earnings sustainability has naturally become the focus of academic research.Research on the sustainability of earnings involves the definition of earnings sustainability,the measurement of earnings sustainability,the factors affecting the sustainability of earnings,and the economic consequences of earnings continuity.Therefore,based on the manager's risk traits as the influencing factors of earnings continuity,this paper discusses the mechanism of manager's risk traits on the persistence of earnings from the perspective of earnings management.This paper takes the 2011-2016 financial data of the Shenzhen A-share Main Board and the SME Board listed companies as research samples,and examines the relationship between managers' risk traits and the persistence of earnings and further discusses its mechanism of action.The research conclusions of this paper mainly include:(1)There is a negative correlation between the risk characteristics of managers and the sustainability of earnings.The more managers prefer risk,the lower the sustainability of the company's earnings;(2)Managerial risk characteristics and positive earnings management Related.Managers who prefer risk are often inclined to use surplus management to manipulate earnings to achieve specific goals;(3)There is a negative correlation between earnings management and earnings sustainability;(4)Earnings management in managerial risk traits to sustain surpluses The sexual relationship serves as a partial intermediary.The research in this paper provides reference for enriching related theories and follow-up research. |
