The Research Of Listed Companies’ Earnings Management Based On Property Rights: Degree、Motivation And Restriction Factors

Earnings management is a listed company generally exists in an economic phenomenon, financial accounting is an important research field, its directly affect financial report accountancy surplus digital accuracy, then will the resources allocation efficiency of capital market effect, earnings management phenomenon may never disappears. Of earnings management problems, academe has carried out extensive research, but more is around this surplus management motivation, means and research methods, less earnings management degree from this Angle is studied, in addition, China special reality determines the state-owned listed companies and non-state-owned listed companies coexist, the state-owned listed companies in the capital market dominant, just have different research often ignored the proprietary nature of the listed company earnings management degree between the systematic differences may exist problems, it is in this problem in the study of insufficient, attract the author regards the research question, will earnings management level and a listed company, combining with its proprietary nature spectrums of the different proprietary nature of earnings management degree between the listed company whether systematic difference and its influencing factors.In our country, the surplus management behavior has become a public company listed on the common phenomenon, the ownership of the listed companies of different nature, corporate governance, business objectives and decision may have a profound effect, and the impact on listed companies’earnings management motivation, surplus management means and earnings management at different levels, and even exist systematic differences. On earnings management level and its influencing factors was studied, should consider to state-owned listed companies and non-state-owned listed companies the special conditions, if coexisting will different proprietary nature of listed companies are studied, and may lead to confuse the research conclusion inaccurate or error, and from the perspective of the listed company proprietary nature of earnings management level and its influencing factors is analysed and targeted formulate policies, strengthen accounting supervision of listed company earnings management behavior of restriction, improving accounting information quality, improve corporate earnings management efficiency has important theoretic value and practical significance.Based on the agency theory and contract theory as the starting point, combined with standard and empirical method for different proprietary nature of earnings management degree between the listed company whether systematic difference and its influencing factors were studied. In order to emphasize new accounting standards promulgated after the variation during 2006, so CSMAR database and RESSET database can provide 4000 data samples based on the present research from 2007 to 2009, the first is the most commonly used four accruals separation model reveals earnings management effectiveness for inspection, and on this conclusion based on modified Jones model and surplus distribution method further investigated different proprietary nature of the listed company earnings management, based on the systematic differences between state-owned listed companies and non-state-owned listed company earnings management level systematic difference between the conclusion based on factor analysis, respectively, using multiple regression method and stepwise regression method and further investigation of state-owned listed companies and non-state-owned listed company earnings management degree between affecting factors exist what similarities and differences, finally, based on proprietary nature view of China’s listed firms earnings management level research related Suggestions.In this paper the main research conclusions are as follows:1.The modified model set more optimal Jones. Based on the new guidelines promulgated after the capital market data during 2006, to basic Jones model, after correction Jones model, performance matching Jones models and nonlinear Jones model four study is most commonly used the accruals separation model validity after testing found:whether comprehensive sample estimate or chat estimates, four kinds of model fitting sex are better, but performance matching Jones models and nonlinear Jones show the performance of the model is more outstanding, Divide year, propose to model estimation superior to the effect of comprehensive sample estimate; Playability accruals surplus persistent inspection instruction four model reveals earnings management ability are effective, Test results showed that two items of basic Jones model, performance matching Jones models and nonlinear Jones model made the first kind of wrong frequency is higher, easy to exaggerate earnings management. Comprehensive comparison, in the Chinese capital market, fixed Jones model has a better set.2. Different proprietary nature of the listed company earnings management degree between systematic difference. Mean comparison, single variable regression and independent T test results showed:non-state-owned listed companies and state-owned listed companies between earnings management really systematic difference, whether positive earnings management, negative earnings management or the degree of earnings management, non-state-owned listed company of manipulative accruals are significantly higher than that of state-owned listed companies of manipulative accruals, Aiming at the now-defunct earnings management motivation surplus distribution method inspection results show:non-state-owned listed companies than state-owned listed companies in the now-defunct interval appear net assets yield higher frequencies, non-state-owned listed company earnings management degree than state-owned listed companies is more serious. Therefore, listed companies on China’s earnings management level research should be considered proprietary nature factor.3. Overall, as restriction factors of corporate governance of listed company earnings management degree of restriction role was not significant, but as incentive factors of all sorts of earnings management motivation of earnings management degree of incentive effect is remarkable. First will be listed companies in China earnings management degree of influence factors differentiate for incentive factors and constraints, and established respectively corresponding indicators system, and then using factor analysis, listed companies on China’s earnings management level two major types of the evaluation index system of influencing factors are measured, finally establishing linear multivariate regression models, listed companies on China’s earnings management level and the two kinds of relationships and influence factors comparison group study results show that the overall, for state-owned listed companies and non-state-owned listed company, restrictive factors and earnings management level relationship between are not significant, and incentive factors to influence of earnings management degree is remarkable, explains that the current system environment and market environment, corporate governance of earnings management degree of restriction role still weak, and all kinds of common earnings management motivation of earnings management incentive effect is very significant.4.the multiple regression model and stepwise regression analysis of the specific show that state-owned listed companies and non-state-owned listed company earnings management degree between affecting factors exist certain differences. State-owned listed companies and non-state-owned listed company has some common:earnings management motivation of earnings management incentive effect than corporate governance of earnings management is more significant role in the constraints, In addition to share ratio of the largest shareholder and earnings management degree is poured u-shaped relation, certified public accountants audit on earnings management degree can be an effective restriction role outside, overall, whether the internal management mechanism or exterior governance mechanism is not play on earnings management degree of restricting effects, the board did not develop supervisory role, and the board of supervisors formalism. But state-owned listed companies and non-state-owned listed companies between them, there exist some differences:non-state-owned listed company management equity incentives on earnings management played the restriction role, and the state-owned listed companies acted for realizing the compensation contracts and earnings management, Non-state-owned listed companies on earnings management IPO motivation in the effect of all variables of the most important, and the state-owned listed companies large cleaning motive and smooth profit motive of earnings management effect is more important, motivation of IPO earnings management influence is not large, The government in transforming the reform of the relationship between government and enterprises obtained some achievements, the government’s intervention degrees lower, and the state-owned listed companies’earnings management degree will be lower, and the state-owned listed companies scale is bigger, avoid political supervision motive is stronger, Bank of state-owned listed companies the ability but also in debt constraint enhanced, and the state-owned listed companies asset-liability ratio, the higher the degree of earnings management test-drink.According to the theoretical and empirical study results, put forward the following Suggestions:first, the research in our country, using separate accruals models of earnings management studies suggest using a modified Jones model. Second, shall continue to improve the accounting standards in developing the formulation of earnings management accounting supervision policy, to consider the proprietary nature of different, targeted developing accounting supervision policies, and cannot do "one size fits all". Third, facing the corporate governance of listed companies in the restriction role of the weakening of earnings management problems, we should continue to improve corporate governance mechanism of construction and improve the internal management mechanism and exterior governance mechanism.The innovation of this paper place reflects in the following aspects:1. Use three successive years of large sample data from 2007 to 2009, for the first time in 2006 new accounting standards promulgated after accruals separation model in China’s capital market on the validity of the inspection, and has been fixed Jones model set more optimal conclusion.2. In examining the state-owned listed companies and non-state-owned listed companies between earnings management degree between the systematic differences exist not only use the traditional correction for accruals Jones model is verified, first introduced from overall surplus distribution method was verified.3. On earnings management level influence factors variables selection, comprehensive selection factors restricting variables in addition to consider the internal management variable outside, also introduced exterior governance variables, the selection of incentive factors variable selection when fully consider Chinese characteristics of earnings management motivation.4. On the listed company earnings management degree study factors, taking into account the existing research often only for one or a few items listed company earnings management level influence factors of study, will influence factors into the restricting factors and incentive factors two categories, first introduced factor analysis classification about this problem entire study.5. On the listed company earnings management impact factors for item by item, specific analysis, besides the traditional research approach build multivariate regression model outside, still using for reference the stepwise regression thoughts, for the first time to the degree of earnings management specific influence factors of the relative importance of put in order.