Before And After Non-Tradable Share Reform The Change Of Earnings Management In The Listed Companies

For a long time,the listed companies of our country experienced a shareholder structure period,the shares highly concentrated in non-tradable state-owned shares and legal person shares hands.Under such circumstances,the controlling shareholder is easy to use its controlling status to achieve earnings management and manipulate the accounting profits.Many studies have shown that many listed companies in order to raise funds as much as possible,in the initial public offering process to get earnings management.In order to achieve right offerings' purpose,in order to avoid being "delisted" or "ST",listed companies have taken various means for earnings management.After the split share structure reform,our country's stock market no longer exist the circulation shareholders and the non-tradable shareholders,this profound transformation of the system directly urge big shareholders to change behaviors in the full circulation era,they means to achieve earnings management also change.Based on the extensive collection of information,on the basis of manufacture listed companies as a sample basis,around the controlling shareholder of the purposes of earnings management after the full circulation,inspect the trend of earnings management in the listed companies for the orientation of additional,assets into equity and implementation of incentive circumstances,aim at finding the changes of earnings management in the listed companies in the non-tradable share reform.This paper start with the earnings management's theories first,expound the meaning the cause and the means of the achievements of earnings management,detailed summary on the motive and the means of the achievements of earnings management in the listed companies of the split share structure era.In-depth analysis the listed company earnings and the corresponding management act after the split share structure reform.Subsequently, take standardize and empirical studies' measures,discuss the earnings management trends of China's listed companies,measure the level of earnings management in the new circumstances.Finally,draw the following conclusions:before the split share structure reform,the listed companies should be significantly negative in the manipulation of accrued profits;before and after the split share structure reform,the listed companies have significant differences in the manipulation of the accrued profits;after the split share structure reform,additional internal control of listed companies should be significantly negative in the manipulation of the accrued profits,the asset injection of the listed companies should be significantly negative in the manipulation of the accrued profits,the implementation of equity incentive manipulation of the listed companies should be significantly negative in the manipulation of the accrued profits.