Earnings Management Research In M&A Of Chinese Listed Companies

From the beginning to now China securities market, through the 21 years, this period after a rapid development, and got some achievements, in market capacity, has over 2,000 listed companies. Trading method also unceasing innovation, regulatory rules also gradually improved. In this context, the m&a quickly became a means of listed companies in China, the main way integration expansion in recent years, China's capital market by international m&a wave of mergers influence, but also provide favorable conditions, cause our country to be listed merger deal has soared, formed a wave of mergers of our country. A listed company's m&a and ordinary company merge different, its impact, because the listed company can directly to whole society financing, as China's market economic development is not a long time, there are many historical problems, appeared in the merger of earnings management problems, led to social resource allocation of inefficient.This article from the research results of the elder people at home and abroad, and on this basis of m&a and earnings management first reviewed. Then drawn m&a and earnings management theory, analyses the reason of earnings management merger, the reason. And then points out the existing research merge course surplus management status. And on the basis of Jones model was established by the new model, the empirical test before the acquisition method does the surplus management, compares the new model in Jones model and the effectiveness of Chinese listed company application. Through the review of earnings management estimate, get evidence that Jones model relative to other models of China's listed companies for the applications are the most effective, so this paper take Jones model and the new model is demonstrated by comparing the superiority of the new model. In this paper, after the new model validation for ST company made a research because ST the company's financial problems, compared to more serious for the "shell", have stronger earnings management motivation, so this paper try to research ST company merger presence of earnings management, whether its degree is superior to the ST listed company. The results show that ST company than the ST listed company in before the acquisition of earnings management degree do degree deep.