Empirical Study On The Impact Of New Debt Restricting Standard On Earnings Management Of Public Company

Debt restructuring has significant meaning for the sustainable development of China's current economic. It can improve the unreasonable debt structure, reduce the overweight debt burden and avoid time-consuming cost of bankruptcy procedure for enterprise, In 1998, ministry of finance in China promulgated the special rules to regulate debt restructuring matters. The existing debt restructuring criterion is the product of compared results between the implementation status of debt restructuring criterion and the economic environment after two revised. However, the new debt restructuring criterion is not absolute comprehensive and reasonable. It reintroduces to "fair-value" measurement attribute and reconfirms debt restructuring gains. This seems to have left space of earnings management. Considering this aspect, this thesis researches how new debt restructuring criterion for implementation effect earnings management, it is of great theoretical value and practical significance to improve enterprise accounting information transparency and perfect governance structure of a company.Specifically to see, the main content of this thesis is divided into six parts.The first part is the introduction.The main content in the second part is theory analysis about debt restructuring and earnings management. On the one hand, expounds the content of debt restructuring criterion and summarizes the characteristics in the implementation of the current debt restructuring; on the other hand, introduces the theoretical basis of earnings management, and make clear definition of earnings management behavior with debt restructuring based on the definition ofearnings management.The main content of the third part is to build an empirical model of debt restructuring and earnings management. From five aspects as the corporate business performance, debt ability, corporate governance structure, regulatory policies and audit supervision selectes variables hypothesis, and screens 522 listed companies happened debt restructuring in Shanghai stock exchange a-share market from 2006 to 2009, and collect the relevant data. Then, design the inspection procedure of the empirical studies.The main content of the fourth part is empirically test based on listed company data and using descriptive statistic, Pearson correlation analysis and multivariate linear regression etc.the data of empirically test indicates that new debt restructuring criterion significantly influence on earnings management, increased the space of surplus management.Main content of the fifth part is to evaluate empirical research results debt restructuring and earnings management, and improve suggestions from six aspects, perfect accounting standards, perfect performance evaluation system and so on.The sixth part is summary.