Research On The Impact Of Macroeconomic Fluctuations And External Governance Environment On Earnings Management Of Listed Companies

In recent years, Chinese market economic system get a rapid development of the capital market, the legal system construction of our country is also slowly getting mature, which makes the external environment faced by Chinese listed companies, great changes have taken place, at the same time, the motives of listed companies earnings management and the form is complicated, so the external influence factors of earnings management of listed companies is of great significance. Earnings management is the enterprise management USES the means of accounting or related party transactions designed to influence the stakeholders to decision-making behavior. In the 1980 s, earnings management has become the accounting and finance empirical study an important subject. Complicated factors influencing the earnings management of listed companies, not only internal factors(subjective factors), and there are external factors, objective factors, external factors that affect earnings management of listed companies include macroeconomic fluctuations and external governance environment factors two aspects. And about the impact of external factors on the earnings management of listed companies less research results, the existing research in-depth, therefore, this article hopes to from both theoretical and empirical analysis of macroeconomic fluctuations and external management environment and the correlation of earnings management of listed companies.First of all, this article elaborated the research background, significance and research content. Standard research part, the first of macroeconomic fluctuations and external management environment and the definition of earnings management, earnings management, measurement of surplus management, macro-economic fluctuation influence on earnings management and external management environment impact on earnings management of the relevant theory, on the basis of summarizing the existing research, analysis of macroeconomic fluctuations and external governance environment both external conditions are the important factors that affect earnings management of listed companies. The empirical research part, this article selects all a-share listed companies 2007-2009 financial data as the research sample. In the selection of samples, weed out by ST and * ST company, excluding data is not complete, excluding financial listed companies and the resulting 1145 listed companies from 2007 to 2009 in three consecutive years balance panel data, sample size of 3435. Using modified Jones model, descriptive statistics analysis, Pearson correlation analysis and multiple linear regression model, respectively, to study the macroeconomic fluctuations and external governance environment influence on earnings management of listed companies, analyses the relationship.Research conclusions show that macroeconomic volatility both external factors and external governance environment to have great effect on the degree of earnings management of listed companies. Degree of earnings management of listed companies associated with a significant macroeconomic volatility, and the degree of earnings management of listed companies systolic is greater than the expansion of the economy. Degree of earnings management of listed companies and the external governance environment present a significant negative correlation. External governance environment for earnings management of listed companies has restricted effect, the better the namely the external governance environment, the lower the degree of earnings management of listed companies are.