A Comparative Study On Surplus Quality Of Listed Companies In Different

Improve earnings quality and protect the interests of medium and small investors,which not only the target of the introduction of regulatory policies, but also based on an important topic under asymmetric information analysis framework for corporate governance research. With the introduction of new regulations on delisting, we choose2009-2014 A-share listed companies as the sample, namely before and after the "delisting new rules" introduced three years to go from horizontal and vertical two angles to research on main board, small board and GEM earnings quality companies. It shows that from the horizontal comparison, earnings quality of small plates in most years below the main board,GEM’s earnings quality is not only lower than the main board, but also below the small plates; From the longitudinal changes in perspective, earnings quality of A-share listed companies after three years(2012-2014) of the "delisting new rules was significantly higher than before the introduction of the new regulations three years(2009-2011) average.Among them, in the year before the new regulations introduced after three plates accrued earnings quality is improving year by year, the earnings quality remained relatively stable level after the introduction of new regulations, the differences between the different sectors earnings quality along with the "delisting new rules" introduced and obviously reduced.From the direction of earnings operation, the majority of board companies tend downward earnings management, the majority of GEM companies tend upward earnings management,and small plates are unsure of the direction of earnings manipulation. Results of this study will help us understand the three different sections of the earnings quality of listed companies, but also for the external oversight control mechanisms provide empirical support for the protective effect of small investors.