| Along with the emergence of new economic situations such as knowledge economy and smart economy,the process of global economy has been exacerbated.The optimization and integration of the industrial chain has become an important form of contemporary economic organizations.It not only has close ties with individual enterprises at the micro level,And the middle level of industrial clusters,the macro level of the regional economy has a very close relationship,and the study of the connotation of the industrial chain from the micro level to the macro level,extending from the internal to external enterprises,from the visible state to the intangible state.In the current economic environment,the differentiated competition between enterprises has been gradually reduced,intensifying the intensity of intense,as an important indicator to evaluate the long-term development of enterprises,more and more attention.The industrial chain integration aims at integrating and optimizing resources and allocating resources rationally to enable enterprises on the chain to gain comparative advantages in the competition,form chain advantages,gain differentiated competitiveness and greatly enhance enterprise value.In the process of industrial chain integration,the management of the company used the earnings management activities to control the surpluses from the perspective of whitewashing reports,escaping the pressure of external supervision and enhancing their own interests,which not only caused the decline of the enterprise’s own earnings quality but also mistakenly guided Creditors and external investors have seriously damaged the long-termvalue of the enterprise and are extremely unfavorable to the development of the enterprise.Therefore,it is the main content of this thesis that whether the enterprise carries out the industry chain regulation has a restraining effect on the earnings management activities and how it has an impact on the enterprise value.In the theoretical part,first of all,the status quo of domestic and foreign research on relevant theories is investigated: including the concept,contents and indicators of industrial chain,earnings management and enterprise value;secondly,reviewing and summarizing the existing literature respectively;Perspectives and research issues;Finally,with the related theory,the paper discusses the impact of the choice of the mode of earnings management on the enterprise value under the perspective of industrial chain integration.In the empirical research part,firstly,the samples needed by manufacturing A-share listed companies in Shanghai and Shenzhen from 2008 to 2015 were screened by Cathay and Anker,the data of 1046 sample companies were obtained,the data were processed by EXCEL and the SPSS statistical analysis Software analysis of data,the use of multiple linear regression analysis method to industry chain integration as a dummy variable,with reference to existing literature,drawing on existing models to calculate the extent of earnings management,the use of financial data to calculate Tobin Q value as a measure of business value,Studies the relationship between earnings management options and firm value in the context of industrial chain integration.The findings show that the integration of the industry chain has a significant positive effect on the promotion of firm value,and at the same time,it has a significant impact on the choice of earning management mode,Verifying the simultaneous existence of different earnings management practices in the process of industrial chain integration,showing a mutually adjusting relationship of "one plus one minus one minus".The integration of the industry chain has also played a regulatory role in the correlation between earnings management and enterprise value.Through empirical analysis,the following conclusions are drawn: The integration of industrial chains by manufacturing companies can effectively curb earnings management activities,improve corporate governance,increase corporate value,deepen the reform of state-owned enterprises,and integrate industrial chains.This study provides deep thinking and enlightenment for understanding the impact of industrial chain integration on corporate value and revealing the relationship between real earnings management and accrued earnings management.Finally,relevant policies and recommendations are proposed for the research results of the thesis.The research in this paper provides theoretical guidance for enterprises to formulate strategic directions.It also helps companies understand the motivation and influencing factors of earnings management in a more in-depth manner,guides enterprises to use surplus management in a moderate manner,and prevents the management of improper credit management from creating a crisis of credibility and the economy. |
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