| January 1, 2007, China began full implementation of the listed company of new accounting standards, introduced the concept of being dismissed, No. 9 under the new guidelines, "workers compensation" requirement, enterprises in the labor contract expires with the staff and workers to lift relationship, or to encourage employees to volunteer to receive the compensation given cut, under certain conditions are met, it should be recognized as projected liabilities, and profit and loss. According to the 2007 official report mentioned that the conditions meet the expected liabilities are recognized for compensation of the project involves the dismissal of 149 listed companies, shareholder rights and interests of 11.439 billion yuan in early reduction, accounting for the -0.28%. In this paper, Annual Report 2007-2008 data of listed companies to explore the benefits of the measure dismissed by those factors, the impact of such a problem, the factors of relevance.In this paper, preference being dismissed as the dependent variable, the angle of view through the contract affect the welfare of listed companies preferred to dismiss the impact of factors, in his capacity as independent variables, using 2007 -2008 Shanghai Stock Exchange listed company data, using content Analysis by logist model to analyze the impact of various factors on the extent to which the impact of termination benefits, as well as the relevance of each factor. However, the present case, the Chinese listed companies on the accounting treatment of termination benefits have a certain arbitrariness, the need for companies to be further standardized. For example, those in need of restructuring and listing of state-owned enterprises, the assessment of net asset value of shares will be valued as the basis for state-owned assets, restructuring and listing of state-owned enterprises lay off workers in dealing with the issue of welfare need for caution, then the termination benefits to measure, this is our country listed companies have a great impact on the problem. In this paper, preference being dismissed as the dependent variable, the angle of view through the contract affect the welfare of listed companies preferred to dismiss the impact of factors, in his capacity as independent variables, using 2007 -2008 Shanghai Stock Exchange listed company data, using content Analysis by logist model to analyze the impact of various factors on the extent to which the impact of termination benefits, as well as the relevance of each factor.The impact of China's listed companies to dismiss the welfare of the five preference factors, in addition to industry characteristics of this variable is not supported, the other four have been tested, which may explain corporate ownership structure, listing age, financial leverage and employee benefits litigation on preference of listed companies to dismiss some of the welfare impact of industry characteristics, but the welfare of listed companies to dismiss does not affect preference. Years of ownership structure and market the two variables at 1% level, with preference being related to termination benefits. First note that ownership structure variables, because a large number of state holding listed companies and private holding companies co-exist at the present stage of China's distinctive characteristics of a market economy, one of the title character can have different corporate governance mechanisms, management objectives and decision-making have a profound impact and, ultimately, will affect the company's profitability, market performance and behavior-oriented. Then again shows the variable life market, as companies based on financial behavior of listed companies in China most affected by the impact of this theory, financial management behavior more to raise funds through the core, then the financing of listed companies on a company's financial management practices the ultimate goal. The main objective of China's listed companies is the placement of shares and the issuance of new shares, it must meet the China Securities Regulatory Commission established standards on the annual profit margin of the open wire. While avoiding a loss for three consecutive years in order to retain for possible future re-financing opportunities is also ideal for many companies operating results are not the primary behavioral objectives. So the company's operating performance determines the desire of administrators to manage earnings and the level of effort required for this purpose. Many studies have also confirmed that Chinese listed companies in general have on IPO, security cards and placing motivated earnings management. Induced at the beginning of regulatory policies, the Chinese listed company's net return on assets and even appeared surprising 10% of the phenomenon and the phenomenon of 6% You went public life longer Yue Nenggou makes great return on assets, will deliberate the adjust the distribution of profits.Employee benefits litigation in the 10% level, and termination benefits was significantly related to preference. Reputation stems from the company shareholders, employees, suppliers, lenders and long-term relationships between customers and companies in the past on behalf of operating conditions based on the expectations of behavior. Parties to this contract appears to exist a way to act. (Bowen, Ducharme and Shores, 1995) found that high reported profits can improve the reputation of contract management, which can enhance the shareholders to continue to perform the contract management responsibility. (Hughes, 1986) study confirmed the financial statements and other information such as net profit for the investors know the value of the company to provide help, (Clarkson, Dontoh, Richard and Sefick, 1992) study also shows that earnings forecasts to reflect the information value of the company, If the earnings forecast signal is good, give rise to a positive market reaction. According to the effective securities market theory, the use of earnings management to the investors the information is not possible because no information on the efficient markets are open, can be observed, and investors in evaluating and comparing the company net profit and share price will not was the choice of accounting policy confusion. If the earnings management can reveal information the disclosure of other companies, this information is valuable, this will enhance the information content of financial reports. So when managers have on the future prospects of the company's insider information, and the news is favorable, he will use current reports earnings management to convey the company's bright prospects for the future, this could mean a surplus capacity of managers to continue to the best estimate , the market investors will realize that this information, the stock will react to these insider information. |
