| In today’s current rapid economic development, the role of the capital market is unquestionable with the rapid economic development; capital markets play an increasingly large role. Especially with the foundation of the Shanghai Stock Exchange in 1990 and the Shenzhen Stock Exchange in 1991, the market scale reached a qualitative leap and got a huge development. Although having a rapid development, compared with foreign capital markets, ours’appears to be not mature and monotonous. As an emerging market, these deficiencies is not only reflected in the establishment of a short time, but also the theory which in abroad is mature does not apply on China’s capital market. With the improvement of China’s capital market, the company continued to improve efficiency through rational design of financing structure. Especially from 2008 on-wards, with the awareness of debt financing deepening, increasing the proportion of debt financing has become one of the policies adopted by the majority of enterprises.Studying on earning management has been an important topic of scholars. Agency theory suggests that debt financing can constrain earnings management behavior, but also can improve the motivation of earnings management behavior. Creditors signed debt covenants based on financial information and the disclosure of profitability, so it is essential to the relationship between debt financing and earnings management research. In this paper, we are going to examine the financing structure in China’s capital market applicable, especially corporate debt financing structure on earnings management, contribute to domestic earnings management theory further enriched, and then try to find ways to inhibit the earnings management behavior method for inhibiting the company’s accruals manipulation rationalization proposals, to promote enterprise further optimization of the financing structure.Based on the 2011-2013 capital market in China A-share data to establish the sample, study the relationship between debt financing based on the financing structure variables and earning management of listed company. And both from long-term debt and short-term debt financing structure, discuss about relationship with earning management.This thesis can be divided into six parts:Firstly, it introduces the research significance, background, content and research methods. We put forward the research framework and point out some innovations and limitations.Secondly, it reviews literature and comment on the related research of scholars.Thirdly, this part puts some theories about earnings management and financing structure.Fourthly, Empirical Research on Earnings Management of Listed Companies existence, introduces the selection of sample and variables, and establishes the regression model.Fifthly, it gives the empirical results and analysis, including the descriptive analysis and regression analysis.At last, it comes to the research conclusion and suggestion.This paper has two innovations:(1) Application of the modified Jones model measuring corporate earnings management, earnings management of listed companies confirmed the prevalence of the status quo reasonable explanation at this stage of earnings management. Since the previous literature on the impact of debt financing on less earnings management, research is not sufficient. Moreover, most scholars concluded that only verifies the impact of debt financing structure of earnings management is one aspect, theoretical analysis considers debt financing size only to a certain extent there is a unilateral influence fishes earnings management, theoretically there is a certain breakthrough. (2)Meanwhile, the results of the listed company as inconsistent with the conclusions of the study:short-term debt, the smaller the degree of earnings management, long-term debt, the greater the degree of earnings management, and analysis of this phenomenon made.In this paper, data are mainly from 2011-2013 in Shanghai stock. Nearly three years of data using are timelier. |
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