Research On Earnings Management In *ST Xinneng Corporation’s Protection Of Listing Qualification

Delisting system to regulate the securities market,ensure the quality of the listed company,play evolution function has important practical significance,but China’s capital market delisted rate always is far lower than the foreign market,*ST companies have always been able to succeed in the key year "star pick cap",accomplish "shell",this does not mean that the company business performance real or improved,Therefore,based on the "star" in cap off again and again "shell" *ST Xinneng success for typical cases,in order to measure *ST Xinneng modified Jones model can the degree of earnings management,further study of the specific earnings management means,economic consequences and the causes of success "shell".For *ST company to use earnings management to achieve "shell" to provide reference and research evidence of the need to change the new delisting system in 2021.This paper specifically adopts the case study method.The first chapter elaborates the research background and significance of this paper,and reviews the relevant research results on the connotation,motivation and means of earnings management at home and abroad.The second chapter summarizes the concepts and theories related to earnings management and explains how to apply them in the following paper.The third chapter starts with the basic situation of Xinneng Taishan,three times of "shell preservation" process and earnings management motivation,and provides a typical case for *ST company to implement earnings management.The fourth chapter identifies the Xinneng Taishan earnings management behavior through accrual profit change,and then uses the modified Jones model to measure its earnings management degree.On this basis,this paper analyzes the specific earnings management means,the economic consequences of the behavior and the reasons for the success of the "shell preservation".The fifth chapter is a summary of the above research,drawing the following conclusions :(1)*ST company before and after the "star removal cap" widespread earnings management behavior.(2)*ST company to use non-recurring profits and losses to achieve the purpose of "shell preservation",the future is no longer feasible and effective.(3)*ST company through improving profitability can achieve "star off cap",permanent "shell".(4)*ST company through earnings management "beautify" statements,easy to mislead the user of accounting information decision-making.Finally,from the three aspects of *ST company,administrative and legislative departments and market supervision departments,this paper puts forward suggestions on strengthening internal governance,improving delisting system and strengthening supervision measures,in order to hope that the whole capital market can develop healthfully.