The Heterogeneity And Earnings Management Of The Senior Management Team Of Listed Companies On The GEM

Because the Growth Enterprise Market established not long ago,supervision system is unperfect,GEM listed companies have a strong motivation in earnings management.The Upper Echelons Theory believes that the TMT characteristics have significant impacts on the company's strategy and operation performance.Previous researchs focused on the influence of TMT individual characteristics to earnings management,but ignored the team members differences.With the rapid development of the Upper Echelons Theory,scholars began to study the relationship between the TMT heterogeneity and the earnings management.In the perspective of TMT heterogeneity,the study discussed about the financial behavior of GEM listed companies with qualitative analysis and quantitative analysis.The study discussed the relationsship between the heterogeneity of gender,age,the education background,tenure and two earnings management styles.I firstly introduced some basic theories,and reviewed the domestic and foreign literatures.Then the research hypothesis is put forward by using the Upper Echelons Theory.Based on the classical model of earnings management,the paper empirically analyzes and tests Chinses GEM listed companies in 2010-2016,and showed that the heterogeneity of gender improved accruals earnings management,the heterogeneity of age,education background and tenure was not significant with accruals earnings management,but all performed significantly with real earnings management.In the end,the paper presents the following suggestions: attach importance to the construction of TMT;When appointing senior executives,GEM listed companies should appropriately increase the heterogeneity of gender,age,the education background and tenure.Moreover,we should pay more attention to the earnings management of listed companies.