Earnings Management,Stock Returns Surrounding Stock Pledge Of Big Stockholders

China's capital market has gone through 27 years since the establishment of the Shanghai and Shenzhen Exchanges in 1990,with continuous improvement in legal construction and market mechanism.Now the liquidity of stock is becoming more and more sufficient,same as financial-market transparency.Participants in this capital market enjoy a variety of financing styles.Stock pledge become popular for its simplicity and administrative supervision mode.Although there are some academic researches about stock pledge,but most of them are limited to legal field.What's more,most of the listed companies in china are highly concentrated.Big stockholders are completely able to control the board even the management layer.It's very important to study the behavior of big stockholders.Since the emergence of stock pledge,there have been some studies on stock pledge and earnings management.In this dissertation,it makes ulterior study on stock pledge of big stockholders and earnings management based on previous studies:(1)the impact of stock pledge of big stockholders on earnings management of a company;(2)the relationship between stock pledge of big stockholders and stock returns.First,the empirical study on data from listed companies during 2011 to 2016 indicates that stock pledge leads to higher real earnings management and lower accrued earnings management.Then,companies listed on Shanghai and Shenzhen A-share have lower real earnings management than Growth Enterprise Market and Small Business Market.Finally,the listed companies with stock pledge of big stockholders have higher stock returns.The analysis results enrich the achievements in the fields of stock pledge and earnings management.At present,there is little paper studying the relationship between stock pledge and stock return rate.This paper can provide new empirical evidence.