The Research On State-owned Enterprise Dividend Policy And Earnings Management Of Listed Companies

Since the reform of the diversion of profits in 1994, due to the situation of poor performance of the large number of State-owned enterprises in China, people are more concerned about how to get out of trouble, so state enterprises are only required to pay income tax, the after-tax profit is used for the further development of the enterprise. However, with the constant deepening of reform in China, State-owned enterprises have shaken off the heavy burden in the past, some enterprise use of its trade monopoly gets justified and excessive investment, on the other hand, construction of all aspects of national security system is still facing a huge funding gap, and State-owned capital can't be a valid configuration. At this point, some profits of the State-owned enterprises is to be handed over, which restart the system of State-owned capital be handed over to begin settling the issue. September 8th,2007, SASAC and the Ministry of finance introduced the views of the State Council on the implementation of State-owned capital management budget, begins on State-owned capital of State-owned asset budget at the central level in 2008, which means that the end of the era of State-owned enterprises do not allocate dividends. December 11th,2007, the central State-owned capital gains charge management measures into effect, start of State-owned capital management budget system implemented pilot and core of the State-owned capital management budget, that is, the State-owned enterprises to national distribution, commonly known as "dividends". December 11 in 2007, central enterprise of the Ministry of State assets Commission has released the administrative measures on the State-owned capital gains charge, began operating the pilot implementation of the budget system for State assets and core of the State-owned capital management budget, that is, the State-owned enterprises to national distribution, commonly known as "dividends"The central State-owned capital gains charge management for pilot for the dividends has finished in 2010,but the study on dividends for State-owned enterprises have become one of the hot issues of the reform of State-owned enterprises in China. But from currently domestic theory research status, view, current domestic for State-owned enterprises dividends problem of discussion main concentrated in Government and social level, start from developed macro policy and solution social problem of angle to research State-owned enterprise dividends system, this article station in Enterprise angle analysis State-owned enterprises dividends policy on Enterprise surplus management of effect, turn to give recommendations on government sector in construction State-owned enterprise profit dividends system of while how specification Enterprise surplus management.(1) Describes the historical evolution of China's State-owned enterprises profit distribution and status of State-owned enterprises dividend at home and abroad for China's State-owned enterprises profit distribution system provides reference;(2) In the notes on the basic premise of the theory of surplus management, analysis of the characteristics of earnings management of listed companies in China, including its unique motivation and means for further analysis of building the Foundation below;(3) Through the analysis of dividend distribution policy of enterprise's financing behavior and change State-owned capital gains after the surrender, combining China's State-owned listed companies earnings management motivations that are specific, further in-depth analysis of the State-owned enterprise dividend policy how to give an impact on earnings management of listed State-owned companies.(4) With the basis of accounting theory-specific,analysis the impact of State-owned enterprise dividend policy at the same time, combining empirical research and the application of corrected Jones Model and introduced variables to weigh policy changes, selected the measures for administration of the central State-owned capital gains charge paid by the provisions in the profit of listed company, comparative analysis of financial data for the year of 2006 and 2007. Empirical analysis confirms the results of the existence of enterprise surplus management under the influence of policy changes.(5) On the basis of the above analysis, summing up suggestions on how to standardize Enterprise surplus management, while the Government in the construction of State-owned enterprises profit bonus system,This article used the methods of the specifications study and empirical analysis, studied on earnings management behaviors of China's State-owned listed companies on the basis of summing up the results at home and abroad.