Research On The Conditions For My Country's ST Enterprises To Resume Listing Based On Earnings Management Methods

According to the regulations of China securities regulatory commission,the listed companies will be specially handled by the securities market when problems occur in their operating conditions,while the listed companies will try their best to protect the shell for the purpose of raising funds and maintaining the reputation of enterprises.The key to this kind of shell protection behavior is to use the appropriate earnings management method to prove the normal operation of the company,so as to restore the status of the listed company.In order to meet the requirements of the CSRC,some listed companies usually choose inappropriate earnings management methods,so as to turn losses into profits in the short term.This kind of earnings management behavior first of all has a negative impact on the future development of the enterprise.Secondly,this kind of blind "taking off the hat" is also irresponsible to the market environment.A healthy and sound market environment and market order need to be jointly maintained by all enterprises.The criterion for judging whether economic development is going well is not the number of enterprises,but the quality of enterprises.If the number of enterprises that return to profit through short-term actions increases,it will have a negative impact on the development of market economy in the long run.In this background,this article to ST vanadium titanium way of earnings management as the research case,analysis is processed by the implementation of special company if by selecting the short-term,and the future development of useless way of earnings management has realized the profit,to restore the identity of the whole process of listed companies,reveals the conditions of the recovery listed flaws and loopholes;Combined with the successful experience of foreign mature market,the paper puts forward the supplementary and improvement Suggestions for the current conditions of resuming listing.The paper is divided into six parts.First two part is the theoretical basis,mainly introduces the surplus management,ST system and the basic theory of EVA evaluation system and related concepts,and so far for earnings management,and EVA evaluation system of research results and application level,and points out that the research emphasis of this paper is combined with EVA evaluation system and restore the listed conditions,to seek the reasons behind the earnings management way.By comparing the domestic and foreign stock exchange in the third part of the provisions of the special treatment of the listed companies and the revocation of the provisions of the special treatment,found that the provisions of the policy system in China is with the development of economy and continuousimprovement,but for the cancellation terms and conditions of the delisting risk warning and restore the listed conditions remains to be increased;Compared with domestic securities market,the relevant policies and systems of foreign securities market are relatively mature and have more successful experience,which is worth learning from in China.To ST vanadium and titanium in the fourth part,the surplus management mode as a case for further analysis,this paper expounds the basic information of the case company,earnings management way and the effect of earnings management,the principle of economic value added was employed to recover the effect on the sustainable development of listed after the analysis,draw the conclusion:although ST vanadium titanium accords with a condition to recover,but the combination of two methods of analysis result,the enterprises in the use of surplus management turn into profit operation situation did not happen after the conclusion of substantial changes.The author thinks that the reason for this problem is that the incomplete delisting system,including the restoration of listing regulations,gives a green light to the choice of earnings management.In the final conclusion part,the author combined with case analysis results and the successful experience of foreign mature securities markets,as listed in the existing recovery conditions leads to the inefficiency of earnings management problems put forward some Suggestions:expanding resume listed conditions,at the same time,enhanceing operability,to better adapt to economic development and market operation.