The Research Of Pricing On Earnings Management By Policy-based

As for the enterprise, the capital is the blood to maintain its survival and the development, and in the majority situations, the enterprise may produce blood through its own operation, however, sometimes the enterprise also needs to solve the capital problem through exterior financing which the corporate growth needs. The stock market is an important channel for listed companies to gain the financing; therefore many listed companies adopt the method of earnings management to solve their own capital difficult position, and to achieve the policy-type request of the share matching finances again, then to gain capital support. Because the financial information listed companies disclosed already could not really respond its solid achievement after the earnings management, it will violate investor's benefit inevitably, and do not favor the stock market's healthy development. How to discover this kind of policy-type earnings administrative action as well as the relation ship between it and the correlation share matching financing policy and the fixed price especially to be important. Ever since the emergence of effective market hypothesis (EMH) and capital asset pricing model (CAPM), lots of fruitful studies have been made by overseas accounting scholars. Parts of research results indicated that it had obvious earnings management induced by policy-based factors in the voluntary accounting policy change, and these earnings management played the role to plaster accounting report in the stockholder's rights to financing again. Based on the above mentioned reason, a series of theoretic and practical problems of the foundation of the share matching policy revises repeatedly in our country, the influence of its share matching fixed price made by earnings management which existed in share matching finances again, the market response as well as relationship between stock price's unusual return rate etc. were discussed in this paper by methods of theoretic analysis and empirical testing. Then, theoretic support and policy suggestions were provided for the supervision of stock market of Chinese listed companies.There are three parts in this paper. Corresponding contents and conclusions are as follows:In the first part of this paper, expatiating on a voluntary change in accounting policy, the earnings management and pricing theory. On this basis, using standard analysis to study the logic of the three, and reviewing the empirical literature of their logical relationship, this lay a solid theoretical foundation for the follow-up empirical study.In second part, firstly, establishing the share matching pricing forecasting model, and isolating on pricing differences based on the policy induced by the earnings management; next to a voluntary change in accounting policy for earnings management tool to research the share-matched companies, and making a linear regression to the extraordinary rate of return in share price. The last, discussing whether there is a significant correlation between the listed companies through voluntary changes in accounting policies arising from their current profits and the share-matched price differences.In the third part of this paper, In the third part of this paper, its research content was mainly policy-type suggestions about how to distribute market resources and control earnings management in the share matching financing effectively, specially evil accounting policy change policy suggestions, based on the summary of the second part of real diagnosis research conclusion foundation, started with consummates the disclosure system, stock market supervising of our country's accounting information. These policies suggested includes: 1) consummate the government management supervision function; 2) strengthen the financial information disclosure to the share matching companies when carried on the earnings management; 3) improve the effectiveness of distributing market resources.