Research On The Impact Of Debt Financing Of Listed Companies On Earnings Management

China's current economic development is entering a new stage.The sustainable development of enterprises is an important factor to promote the rapid development of the economy.Therefore,the problem of earnings management in Chinese enterprises is attracting more and more attention.For enterprises to continue to develop steadily,they need to have sufficient funds to support them.Although China's stock market is booming,there are still some difficulties in obtaining funds through equity financing.However,China's bond market has a long-lasting development period-and financial institutions such as banks have large financing space,which provides diversified financing channels for Chinese enterprises.When a company conducts debt financing,the creditor usually has strict requirements on the financial information and profit indicators of the enterprise.The constraint of the debt contract will induce the enterprise to monetize the earnings management.At the same time,however,the supervision of creditors and the governance role of debt financing will inhibit the earnings management behavior of enterprises.Therefore,it is especially important to study the impact of debt financing on earnings management.Firstly,the thesis introduces the research status of debt financing and earnings management by combing the domestic and foreign literatures,and explains the debt financing to earnings management through the principal analysis of principal-agent theory,information asymmetry theory,debt contract theory and budget soft-constrained theory.The impact.Then it expounds the status quo of debt financing and earnings management of listed companies,proposes relevant assumptions and sets variables and models.Next all A-share listed companies were selected as research objects,and their relevant data from 2012 to 2017 were selected.The correlation analysis and multiple regression analysis methods were used to empirically test the impact of debt financing on earnings management.The empirical results show that,considering the different ways of debt financing,the proportion of bank loans is positively related to the degree of earnings management.At the same time,when the proportion of bonds payable increases,the degree of earnings management of enterprises will also increase,which indicates the debt financing to surplus.The inducement of management;when the proportion of long-term debt in the total debt of the enterprise is higher,the enterprise will be more inclined to carry out earnings management behavior;The impact of debt financing scale on earnings management is non-linear.When the company's asset-liability ratio is relatively small earnings management is negatively correlated with debt financing scale.When the scale of debt financing exceeds a certain level and continues to rise,earnings management is positively related to the scale of debt financing.After dividing the research sample according to the nature of property rights,it was found that this“U”type relationship is more prominent in state-controlled listed companies.At the end of the paper,based on the results of empirical analysis,the corresponding countermeasures and suggestions are proposed from two aspects:external regulatory agencies and internal enterprises.