| This paper discussed one hot phenomena-earnings management in finance proclamation of our listed companies. Securities market took more and more important function in our economy and finance reports provided by listed companies had become the important basis to people related benefits such as investors making decision. Accountant surplus was the most important information in all accounting information and was the important criterion in evaluating listed companies, so each one related benefits pay attention greatly. Followed securities market development of China, earnings management of our listed companies became more and more. The paper firstly comment on the basis theory of earnings management, in which earnings management and accounting chouse was differentiated, and from contract theory and information economics analyzing its deep foundation, point out earnings management must be existed in market economy, then expatiating on earnings management characters qualities. On this bases, after express Chinese listed companies economy system circumstances, listed companies earnings management forming process was analyzed from accounting and principal-agent, in the former analysis, the paper carried on from accountant inherence characters and our accountant circumstances, and in principal-agent analysis, the paper carried on through two game models(between shareholder and operator, large shareholder and small shareholder), in succession expounding our listed companies earnings management motivations. The paper tried to sum up the mostly means of our listed companies, which had three: accounting management, relative exchange and the government especial policies, in analyzing each means combining with many cases. Demonstration analysis is exerted to our listed companies characters, and the results showed our listed companies managed earnings through accruals. At last, according to our practical circumstances countermeasures and proposes to our earnings management were suggested.
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