*Study On ST Company Earnings Management And Performance Attribution Behavior And Consequences

With the advent of the information age,the timeliness and usefulness of information become more and more important.Performance information is embodied in financial report as financial information and language information.Financial information refers to the accounting data mainly based on profit.Language information refers to the literal explanation and explanation of the change of performance data in "management discussion and analysis",which is called performance attribution.Listed companies convey information to investors through financial reports.Investors make investment decisions based on performance information in financial reports.Therefore,high quality disclosure of information is very important for capital market.However,due to the operability of accrued profits under the accounting system and the incompleteness of regulatory regulations,it is common for listed companies to change accounting earnings through earnings management,and so is performance attribution.Performance attribution has self-interest,that is,managers are good at attributing performance to their own merits,and poor performance to the external environment.Performance attribution often has the merits of beautifying the company's performance.Both of them are means of operating performance,which will reduce the quality of performance information disclosure.In listed companies,earnings management and performance attribution often exist at the same time.Because managers do not disclose earnings management behavior,but changes in profits need reasonable explanation,so through performance attribution,performance changes are attributed to other matters,in order to cover up earnings management behavior.However,the overlapping use of the two will greatly reduce the quality of performance information disclosure and affect investors to make economic decisions.Therefore,the study of earnings management and performance attribution is of great significance.* ST company has a strong motivation for earnings management,so this paper chooses to study earnings management and performance attribution of * ST company.Taking * ST Qingsong as an example,the study finds that * ST Qingsong has a hugeamount of non-recurring profit and loss earnings management when facing delisting.However,when attributing earnings,it does not mention,but attributes the change of performance to price rise,management level compression and increase.The recovery of large accounts receivable,which contributes less to performance,conceals earnings management behavior and delays disclosure of major issues for three months,resulting in serious unreliability of information disclosure and harmful to investors' interests.Based on this,this paper puts forward three suggestions: first,improve the stock issuance and delisting system,attach importance to * ST enterprises deduct non-net profit indicators,reduce earnings management behavior;second,attach importance to language information disclosure,so that enterprises can disclose real and honest changes in performance,reduce information asymmetry,so that investors can better understand and know the real business situation of enterprises,and rationally arrange investment;It is to strengthen the internal and external supervision and management of enterprises,improve the quality of information disclosure of financial statements,and make investors make better economic decisions.