In June 2014,the SEC formulated and issued the "guiding opinions" on the implementation of ESOP.ESOP in the new era has distinctive characteristics,which make listing companies have enough motivation to improve corporate performance.However,listing companies also have ample incentive to conduct earnings management.Based on this,this paper selects the listing companies which finished implementing ESOP by September 30,2015 through buying common stocks from the secondary market as the research object to observes that(1)whether implementation of ESOP affect corporate performance,(2)whether listing companies influence the corporate performance through earnings management.Through empirical research and discussion,this paper draws the following conclusions: 1,ESOP can be implemented to improve the corporate performance;2,Before implementing ESOP,the company has motivation to implement negative earnings management to make low corporate performance and after implementing ESOP,the company intends to implement positive earnings management.But this reversal is not obvious;3,the higher the involvement for the management on ESOP is,the deeper the extent of negative earnings management before the company buys stock from the second market is.In the end,this paper puts forward some suggestions about ESOP and the disclosure of information. |