| Nowadays,the earnings management of listed companies has attracted more and more attention of the CSRC and other regulators in the increasingly regulated securities market.With the implementation of the securities law on March 1,2020,under the current social background of emphasizing the prevention and control of financial risks,the management has paid more attention to the issue of financial fraud,and the behavior of financial fraud should be ’Zero tolerance’.The securities law emphasizes that information disclosure of listed companies must be completely true and effective,and earnings management is an important scope of information disclosure of listed companies,it is also one of the contents that causes the stock market supervision layer and the investor most to the listed company concern.The influence of the external supervision mechanism represented by the securities analysts on the earnings management behavior of listed companies has been paid more and more attention by the market.This paper collects financial data and analyst research reports of non-financial listed companies in China from 2010 to 2020,this paper studies the effect of government intervention on the earnings management of listed companies in China’s securities market.The results show that:(1)analyst tracking can increase the motivation of earnings management of listed companies,in which the pressure mechanism and coordination mechanism have more influence than the supervision mechanism;(2)Government intervention will strengthen the promotion of analysts’tracking on earnings management.That is,compared with non-state-owned enterprises,state-owned enterprise analysts tracking the earnings management behavior of the promotion of more obvious;(3)The promotion effect of government intervention on analysts ’ tracking on earnings management behavior of listed companies is exerted by influencing external audit opinions and enterprises’ catering to analysts’earnings forecasts.The conclusion of this paper is helpful to reveal the influence of analyst tracking objectively and comprehensively,and provides theoretical and technical support for securities analysts to better perform their functions. |
