The Empirical Research Of Earnings Management Of Listing Corporation Occuring Debt Restructuring

Debt restructuring guidelines prescribed debt restructuring using fair value measurement model and debt restructuring gains or losses recorded as non-operating income included in the income statement.The new debt restructuring guidelines is consistent with the international debt restructuring guidelines,helping to improve the quality of accounting information,but it increases the space of the earnings management.In addition,new listing rules canceled the request of net profit deducted non-recurring profit and loss being positive to cancel the risk warning,which may affect earnings management of listed companies occuring debt restructuring.Therefore, this article using the specification and empirical combination methods,using the listed companies occuring debt restructuring of A shares of shanghai and shenzhen from 2009-2013 as samples,research earnings management behavior of listed companies occuring debt restructuring,and the effects to the earnings management behavior of the revision of listing rules.The results show that :(1)The debt restructuring gains and losses directly included in the current profits and losses makes the listing corporations have the motivation to manage earnings by debt restructuring.(2)ST corporations have bigger possibility to manage earnings by debt restructuring,in order to meet the requirements of the securities market.(3) The new listing rules makes the degree of the earnings management greater than before.At last,based on the empirical results give some suggestions from the following several aspects:(1)improving the debt restructuring guidelines;(2)improving the governance structure of the company;(3)strengthening the regulation of the securities markets and improving the listing rules;(4)improving the using environment of fair value.