Research On The Influence Of Digital Economy On The Real Earnings Management Level Of Enterprises

Enterprise managers will decorate accounting information through the strong and elusive real earnings management activities,so as to satisfy the requirement of information user to performance,this not only leads to the drop of the quality of accounting information disclosure,but also damages the effective allocation of resources in capital market,restricting the healthy development of our capital market.In the era of digital economy,the rise and application of digital technology has brought about a comprehensive change in the organizational management mode of enterprises,played a positive role in internal governance,significantly improved the operating efficiency of enterprises,and then had an impact on the quality of accounting information of enterprises.The digital economy can enhance the availability of financing funds by improving the internal control environment,strengthening the internal supervision mechanism and improving the financing difficulties of enterprises,which will have a certain impact on the real earnings management level of enterprises.This paper selects the sample data of Chinese A-share listed companies from2013 to 2021,and finally gets 12,717 research samples.The fixed-effect model is used to test the influence of digital economy on the real earnings management level of enterprises,and the intermediary effect model is used to test the intermediary role of internal control and financing constraints between the digital economy and the real earnings management level of enterprises.Robustness test was carried out by replacing the explained variables,internal control and financing constraints,and a series of endogeneity tests were carried out by digital economy with one-stage lag,instrumental variable method and propensity score matching method.Finally,the heterogeneous effects of different regions and different enterprise life cycles are discussed.The empirical results show that:(1)Digital economy can significantly reduce the real earnings management level of enterprises and help improve the quality of accounting information.(2)Internal control plays a partial intermediary role between the digital economy and the real earnings management level of enterprises.(3)Financing constraints also play a partial mediating role between digital economy and real earnings management level of enterprises.(4)Through the heterogeneity analysis,it is found that the digital economy has a more significant effect on reducing the real earnings management level of enterprises in the eastern region and in the growing stage of enterprises.Finally,based on the research conclusions,the paper puts forward targeted policy recommendations.