Empirical Analysis Of Earnings Quality About Manufacturing Listed Companies In China Before And After The Financial Crisis

Public disclosure of information of listed companies has been plagued by quality problems in the Chinese capital market has just started, of which the quality of earnings the most attention. Since 2004, state-owned economy into the strategic adjustment of the layout of an advanced stage, dominated by state-owned economy stock market began to tilt to the private economy, more and more private enterprises in the door opened to the stock market. So far, the unique system of property rights in China, the relevant state-owned holding companies and private holding company earnings quality has become a hot start of the study, continues today. On the other hand, after joining the WTO in 2001, with China's rapid economic growth, the rapid development of China's manufacturing industry in 2008 after the outbreak of the international financial crisis, China's manufacturing industry fell from a high hit bottom. In this paper, the manufacturing sector as the research object of listed companies to reveal the private manufacturing sector after the financial crisis of state-owned listed companies and listed companies in the manufacturing sector earnings quality differences. In this paper, empirical analysis, selected manufacturing industries for 2004-2009 annual reports of listed companies publicly disclose the data, using modified Jones model of state-owned listed companies in the manufacturing sector of listed companies and private industry a comparative analysis of earnings quality. The empirical study found that: before and after the financial crisis, private industry can be controlled listed companies should be listed in both larger than the state-owned manufacturing company, the private manufacturing earnings quality of listed companies is lower than the state-owned listed companies in the manufacturing sector; financial crisis, private manufacturing earnings quality of listed companies is reduced, the state-owned listed companies in the manufacturing sector improved earnings quality. In the end, for the conclusion of the study, the author provides some suggestions, first, to strengthen the supervision of listed companies in the private manufacturing sector. Second, the government, especially local governments need to increase efforts to support private capital.