Research On The Earnings Management Of Backdoor Listing Of Offcn Education From The Perspective Of Performance Commitment

With the continuous development and improvement of China’s capital market,the special merger and reorganization method of backdoor listing has gradually become one of the important ways for enterprises to land in the capital market.In order to protect the rights and interests of both parties to the transaction and protect the interests of minority shareholders,performance commitments are gradually applied to mergers and acquisitions and restructuring transactions through backdoor listing.However,the application effect of performance commitment is not optimistic,in practical application,the two parties to the transaction often sign high performance commitments due to various pressures,and high performance commitments bury hidden dangers for the earnings management behavior of the committed party,what kind of impact will earnings management bring to the relevant parties,how to prevent excessive earnings management of enterprises,such issues deserve further study.Based on the perspective of performance commitment,this paper studies the earnings management behavior of backdoor listing of Offcn Education.Firstly,the research background,purpose and significance are elaborated,and the domestic and foreign research results of backdoor listing,performance commitment,earnings management and the relationship between them are summarized,and the information asymmetry theory,signal transmission theory,principal-agent theory and contract theory are used as the theoretical basis,and literature research,case analysis and comparative analysis are used to analyze.Secondly,the case of backdoor listing of Offcn Education is introduced,and the motivation of Offcn Education for earnings management is analyzed from the perspectives of backdoor listing and performance commitment.Then,with the help of the cross-sectional correction Jones model,the degree of surplus management of Offcn education is analyzed,and the behavior and influence of surplus management of Offcn education are further explored according to the results measured by the model.It is found that high performance commitments lead to earnings management behaviors;Backdoor listings indirectly trigger the earnings management behavior of enterprises through performance commitments;Excessive Earnings management is not conducive to the long-term development of enterprises and will harm the interests of relevant parties and investors.Finally,based on the analysis content and research results,suggestions and enlightenment are made from both internal and external dimensions to prevent the excessive surplus management of backdoor listed companies under performance commitments,hoping to provide some ideas for backdoor listing parties and regulators to deal with such problems in the future.