| Due to the implementation of ST system in China,ST enterprises have always been the focus of regulatory supervision.Such enterprises face delisting risks,with high requirements for net profit,which is a high incidence of earnings management.The information in the financial reports is mainly divided into two categories: financial information and non-financial information.The main carrier of financial information is financial statements,which mainly refers to the accounting data mainly on profit.Investors generally pay attention to the quality of this part of information,and profit manipulation through earnings management will generally be reflected in financial information.Therefore,the previous research of earnings management mainly starts from financial information and studies the means and consequences of earnings management manipulation.In recent years,the academic community has paid more and more attention to non-financial information research,and the performance attribution is easy to quantify and understand,and easy to understand.When the management leakage business performance,the performance attribution needs to comprehensively explain its changes,therefore,enterprise managers use earnings management profit,in order to prevent investors found the situation,in order to make the current profit changes reasonable,the enterprise will through self-profit performance attribution,to cover up earnings management behavior,form a complete chain of earnings management profit manipulation.Scholars at home and abroad study a lot of earnings management means and consequences,but they rarely study earnings management from the perspective of performance attribution.Therefore,after sorting out a large number of domestic and foreign documents on earnings management and performance attribution research,this paper studies the earnings management behavior of Lopsking with performance attribution objective analysis,qualitative and quantitative analysis of earnings management and earnings management consequence analysis as the main line,and then puts forward relevant suggestions.This paper mainly adopts case study method,selects Lopsking in the aluminum extrusion profile industry,Lopsking implemented ST,in 2017 and 2018,and was presented delisting warning risk,which is a typical example of ST enterprises using earnings management containment.For the target company Lopsking,we first analyzed the performance attribution information in its 2018-2019 financial report and found the real reason for using self-profit performance attribution to cover up the performance changes.By exploring the real cause of Lopsking’s performance changes,we find that Lopsking is suspected of manipulating profit by using earnings management,so then this paper analyzes and verifies the actual existence of earnings management behavior from two qualitative and quantitative aspects,and further explores the consequences of earnings management.After the study,the paper analyzes from the performance attribution,which is conducive to finding that Lopsking uses earnings management to manipulate the profit.Although this behavior can beautify the relevant performance indicators and realize the shell in a short time,and temporarily cross the delisting crisis,it also has a certain negative impact on the company and investors.In order to reduce the phenomenon of ST enterprise earnings management,the corresponding suggestion,we should improve the relevant legal system,including: improve the system of stock issuance and delisting,related transaction value evaluation and disclosure and the performance attribution language information disclosure,then improve the social supervision mechanism,including: improve the supervision quality of external audit and investors adopt dialectical thinking on enterprise statements.The "double-pronged" of the system and social supervision mechanism can effectively restrain the earnings management behavior of ST Company and help the stability and sustainable development of China’s capital market. |
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