Research On Earnings Management Of Energy Conservation And Environmental Protection Of The Listed Company In China

With the increasingly global competitiveness and the developing trend of world economy, energy and environment plays an essential role in maintaining a sustainable development and constitutes of a infrastructural ground for human’s survival and development. From that, the twelfth five-year plan for national strategic innovative industry, applying to demands of rapid economy society, puts energy-conservative and environment-friendly industry at priority that holds broad market perspective and sound development potential. During the twelfth five-year plan, it will embrace the golden era. Thus, this thesis aims to the subjects operating in the industry and plays a instructive role in development and formulation of policy in the industry.Combining with factual situation of bond market, reviewing the research outcomes from in and abroad about earning management in listed companies, sampling financial data publicized by energy-conservation listed companies from2011to2012. The first step is defining the terms-earning management and the listed companies operating featuring with energy-conservation and environment-friendly and analyzing the fact including low net profit, local protectionism and technological bottleneck. Furthermore, from that, the earning management existed in the listed companies featuring with energy-conservation and environment-friendly was corroborated:income ratio of net assets and earning per share in the selected listed companies featuring with energy-conservation and environment-friendly in2012was normal-districted processed by software SPSS. On the basis of corroboration, which was analyzed and concluded surplus managerial behavior negatively affecting the business and capital market. There was indeed surplus managerial behave in listed companies featuring energy-conservative and environment-friendly, from which managerial degree was analyzed with experimental research. And focusing on the unique feature in the companies, the fixed Jones model with more cohesion and extension was designed on the fixed Jones one. The analyses to earning management in the listed companies featuring with energy-conservation and environment-friendly, by the method of OLS estimate, shows that a small number of listed companies never operate earning management, the majority of companies have positive and negative surplus managerial behavior to some extent, and even certain companies overused the earning management. What preferring method to earning management is the companies looking for? By the multiple regression equation established by the factors effecting profit and the coefficients responding to due factors, the thesis shows that income-and-expense net out of business and business profit are tow main items affecting net profit, from which some preferring methods to earning management in the listed companies featuring with energy-conservative and environment-friendly are assets rearrangement, government subsidization, the operation of factual economic activities, and usage of policy choice and estimate of accounting. Given that existence of overuse in surplus managerial behavior in the listed companies featuring with energy-conservative and environment-friendly, some suggestions and measures are pointed out to improve the particular situations.