Research On The Impact Of Earnings Management On Operating Performance Of My Country's Tourism Listed Companies

Since entering the new era,favorable policies and strong market demand have contributed to the development of tourism.Listed tourism companies,as leading group of the tourism industry,need to enhance its own strength and enlarge its own size as the leading company of tourism industry.The resource allocation in the market mainly depends on the external financial statements of listed tourism companies,which is the only way for the outside world to know the real operation of the company.However,after research,we found that most listed tourism companies would change the earnings information in the statements for different purposes.Moderate earnings management can help tourism enterprises to get through financial difficulties and establish a good image,but excessive earnings management will make enterprises subject to criticism,which is not conducive to the growth of long-term performance of enterprises.In the different development stages of listed tourism companies,their operating characteristics,selection strategies and development goals are different,and the degree of earnings management implemented by the management will also be different.26 listed tourism companies were selected in this study.On the basis of examining earnings management and enterprise performance,life cycle perspective was added in order to supplement the static perspective in previous studies and provide reference for the sustainable development of tourism.The applied theories mainly include efficient market theory,principal-agent theory,information asymmetry theory,stakeholder theory and enterprise life cycle theory.The main research methods are qualitative analysis,quantitative analysis and regression analysis.The research objectives of this topic are:(1)to analyze the life cycle and earnings management of listed tourism companies in China;(2)study the relationship between earnings management and corporate performance of listed tourism companies in China;(3)investigate the moderating effect of life cycle on earnings management of listed tourism companies on corporate performance.Research contents of this topic:(1)domestic and foreign researches and theories on enterprise earnings management,life cycle,enterprise performance and performance of listed tourism companies are sorted out;(2)using Stata software,the degree of earnings management of listed tourism companies in the sample was calculated;(3)database,establish a panel with asset turnover,the first big shareholder holds,asset-liability ratio,company size,growth and marketization process as control variables,respectively from accrued earnings management,and real earnings management,overall surplus management,research on earnings management and tourism of the relationship of the current and future performance of listed companies;(4)on the basis of the life cycle division of listed tourism companies,the interaction term between growth period,mature period and decline period and earnings management is constructed to test the regulating effect of life cycle on earnings management and corporate operating performance.Conclusions of this topic:(1)Earnings management behaviors are common in China's listed tourism companies,among which,at the level of accrued earnings management,there are no significant differences among different categories of listed tourism companies;On the real earnings management level,the scenic area has the highest degree of earnings management,followed by the hotel,and the comprehensive category has the lowest degree.(2)There are 11 listed tourism companies in the growth stage,9 in the mature stage and 6 in the decline stage.(3)For the current period,accrued earnings management of listed tourism companies is positively correlated with financial performance,but not significantly correlated with market performance;there is a significant negative correlation between real earnings management and financial performance and market performance.Overall earnings management is negatively correlated with both financial performance and market performance.(4)In the future,accrued earnings management of listed tourism companies is negatively correlated with financial performance and positively correlated with market performance;Real earnings management is negatively correlated with both financial performance and market performance.(5)For accrual earnings management,it has a positive impact on financial performance during the growth period and the recession period,and the degree is greater than the maturity period.There do not show a significant relationship between accrual earnings management and market performance of listed tourism companies in the growth stage.The accrual earnings management of listed tourism companies in the decline stage has a significant negative impact on market performance,and the impact of the decline stage is less than that of the mature stage.(6)For real earnings management,listed tourism companies in the growth stage have a negative impact on financial performance,and the impact of maturity is greater than the growth stage;However,the real earnings management of listed tourism companies in recession has no significant impact on their financial performance.The real earnings management of listed tourism companies in the growth stage has no significant impact on market performance,but the real earnings management of listed tourism companies in the decline stage has a significant negative impact on market performance,and the impact during the recession is less than that in the mature stage.The innovation of this topic:(1)in the research process,earnings management is divided into accrual earnings management and real earnings management,which supplements the application of earnings management to enterprise performance research in different industries;(2)from the perspective of life cycle,it improves the previous static study of earnings management on enterprise performance,and more comprehensively investigates the characteristics of earnings management of listed tourism companies in different life cycles.