| BACKGROUNDFrom the beginning of the end of twentieth Century, large enterprise financial fraud scandals occurred one after another. Internationally, the United States Enron Corp, financial scandals of WorldCom, Xerox Co and other successive exposure. The domestic situation is too horrible to look at:Qiong minyuan, Hong guang, Dong fang Boiler, Zheng baiwen, Yin guangxia dawn shares, and other enterprises have been successively involved in financial fraud scandal.The occurrence of these events is not due to false accounting information disclosure caused, but also encourages people to truly focus on the quality of information disclosure. As these cases exposed, how to improve the quality of information disclosure of listing Corporation, so as to increase corporate transparency, protection of the effectiveness of the securities market and investors interests become the focus of attention of practitioners and theorists.With the accelerated development of China’s securities market and the internationalization process, the problem of earnings management in the West has been widely concerned also entered China, and combined with the Chinese special environment, presents the obvious Chinese characteristics.China’s special system, influence of the planned economy of the allocation of resources has been. For example, the listing Corporation, the issuance of shares required to achieve a given weighted rate of return on net assets, the company losses for two consecutive years by the ST processing, refinancing needs to reach a certain age. Policy to promote the advantages of macro-control, there are many drawbacks, such as managers at will, allotment of shares, additional financing and the enterprise does not meet the prescribed conditions, or in order to maintain its listing Corporation status, will have a strong motivation for earnings management. These earnings management behavior, so that the information asymmetry between the management and the external information users more serious business judgment, investors can not accurately to make the correct investment decision, stability and development will eventually harm to the securities market.PURPOSEInformation disclosure is an important way for the market participants to obtain information, timely and high quality information disclosure provide guarantee for the efficient and effective operation of the securities market. Research on the relationship between information disclosure quality and earnings management, has important significance for standard setters, investors and regulators. First of all, prove that information disclosure quality has inhibitory effect on earnings management, can provide theoretical basis for standard setters and regulators to perfect the information disclosure system, also help regulators to better supervise the listed company earnings management behavior. Secondly, investors can better judge the reliability of the information disclosure of listed companies, more conducive to protect the interests of investors.MAIN CONTENTThe main content of the thesis contains following parts:The first chapter is the introduction. This chapter fist introduces background and significance, and then puts forward the research contents, research framework and research methods of this article. Finally, introduce the main contributions and shortcomings of this paper.The second chapter is literature review. Firstly, define the related concepts of information disclosure and earnings management. And then reviewed and analyzed literatures at home and abroad, respectively from the influencing factors of earnings management motivation, quality of information disclosure and information disclosure and earnings management three aspects.The third chapter is theoretical analysis. Theoretical analysis of relationship between information disclosure and earnings management, also introduce interactional mechanism between them. At the end, current situation of the information disclosure of our country are analyzed. Provide theory support for the later empirical analysis.The fourth chapter is the empirical analysis. Use the general linear regression model to examine the effect of disclosure quality on earnings management. Mainly includes hypothesis, the model design and variables selection, data sources and sample selection, the process and results analysis of four parts.In this section, we examine the quality of information disclosure and its change on the degree of earnings management and the influence of different direction of earnings management, and checking the quality of information disclosure on the degree of earnings management.The Fifth chapter elaborated the conclusions and policy recommendations of the paper. In this chapter, summarized the research of the previous chapter, puts forward the research conclusion of this article. And according to the research conclusion of this paper put forward the policy Suggestions.CONTRIBUTIONSThis paper uses the annual data of2007-2011years in Shenzhen excluding financial and insurance listing Corporation, with global analysis, multi-angle separate earnings direction and distinguish the information disclosure quality change direction method, through descriptive statistical analysis and empirical analysis of China’s listing Corporation effect of disclosure quality on earnings management. The details are as follows:1. The theoretical research. This paper analyses the relationship between the listing Corporation information disclosure quality and earnings management behavior from the perspective of empirical, and testing of the information disclosure of earnings management, and the existing research on information disclosure of earnings management, this study enriches the relevant research literature.2. System development. The Shenzhen stock exchange authority rating as the proxy variable of information disclosure quality, the use of empirical research method to analyze the relationship with earnings management, improves the rating system for the Shenzhen Stock Exchange provides a reference.3. Practice guidance. In this paper, the disclosure of information to the empirical relationship quality change and earnings management analysis, to help investors and other information users better identify the listing Corporation information disclosure. |
PDF Full Text Request