| The opening of the high-speed rail can increase regional accessibility,eliminate barriers to communication between regions by shortening the spatial distance,and promote the flow of economic factors such as information,talent,capital,and technology,thereby promoting regional economic development.At the same time,the flow of these factors can also have a profound impact on micro-enterprisesFor "non-standardized information" that cannot be disseminated through the media,such as corporate culture,management risk appetite,etc.,the opening of the high-speed rail can effectively reduce the cost of such information flow and speed up its flow,making institutional investors,securities Analysts,external auditors,and internal auditors,who are internal and external information demanders of the enterprise,obtain more such information,thereby reducing the information asymmetry inside and outside the enterprise and inhibiting the company’s earnings management behavior.This article selects listed companies registered as prefecture-level cities from 2013 to 2017 as research samples,and adopts the expanded Jones model,modified Jones model,and the extended Jones model of Lu Cambridge as the measurement indicators of earnings management level,and uses multi-period dual Difference model for regression.The regression results show that the opening of high-speed rail can significantly inhibit the earnings management behavior of local listed companies.This article also found by way of group research that the impact of high-speed rail opening on corporate earnings management behavior will be weakened in companies with high internal control quality.Secondly,if the listed company is in a strong external supervision environment,the impact of the opening of the high-speed rail on corporate earnings management will be weakened.Finally,the parallel trend test and placebo test show that the results of this study are reliable. |
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