An Empirical Study On Earnings Management Of Listed Companiesfrom The Perspective Of Valuation

In our country, with the rapid development of capital market, listed companies andother enterprises have more and more frequent assets transaction. Assets valuation andpricing is the core of the two most important part of the deal, however, due to therestriction of market environment in our country, in the practical work usually is tradingassets evaluation value as the main basis of pricing or even as the only basis. At thesame time, because of the assets appraisal industry development of our country is notperfect, relevant laws and regulations is also not perfect, probably in the trading of listedcompany earnings management is studied by using the asset appraisal. From the Angleof assets evaluation, this paper further explains the intrinsic mechanism of the earningsmanagement of listed companies, the path of implementation, and control methods andeffect.This article first to the earnings management of listed companies related theory andassets assessment theory generalizes the research literature, the results showed that bothat home and abroad literature study of earnings management are very mature, but thestudy of assets evaluation is relatively small, the research on the relationship betweenliterature are few.In theory analysis, this paper based on the book value, evaluation value and tradingprice of the three concepts, understanding in the process of trading in listed companiesto obtain regular or mechanism of non-recurring profit and loss.Then this paperanalyzes the influence factors of appreciation rate, that impact assessment of listedcompanies by using increment rate, and hence the path of the earnings management.This article also discusses the use of the asset appraisal for earnings management oflisted companies and accrued earnings management the selective preference of twoways.In empirical study, this article through to the sample data of descriptive statistics,mean value test and regression analysis and other methods to verify this hypothesis ofthis article. In this paper, according to the trade in the direction of the overall samplecan be divided into purchasing and selling, according to the motivation is divided into asurplus management motivation and no earnings management motivation, throughempirical test on purchasing assets sample mean motives of earnings managementincrement rate was significantly higher than that of no earnings management motivation increment rate averages, and sell assets in samples have motivation and no significantdifference of the sample mean no motivation, shows the path of the earningsmanagement of listed companies purchased by an undervalued assets. To be evaluatedin total assets as the dependent variable, hence evaluation sheet assets as independentvariables, and hence in the regression results of fixed assets, intangible assets andcurrent assets increment rate significantly positively related to total assets. Evaluationmethod for statistical analysis, the results showed that under the cost method ofappreciation rate are mainly distributed in the low level range, but volatile, stableincome method in the higher level, hence to buy assets under the situation of a surplusmanagement motivation of listed companies prefer the use of cost method. This articlealso studied by building a model of assessment and hence maneuvering accrued profitearnings management effect and the interaction of the two, found in the case ofintroducing model respectively all significantly affect the return on assets, but at thesame time the introduction of accrued under the condition of surplus management leveldecreased, and the use of the asset appraisal the effect of earnings management did notchange, that the latter is more helpful to improve the return on assets of listedcompanies.In this paper according to the research conclusion put forward the correspondingpolicies and Suggestions, and reflects on the deficiency of this article. Then, the paperputs forward prospect on future research.