Research On The External Supervision And IPO Companies Earnings Management

Accounting information is an important basis of investors judge the value of the company, is the foundation of the securities market and stable operation, the company stock issuance and listing price have a significant impact. IPO companies to list in order to obtain qualification, obtain higher than real yield of raised funds, there are strong earnings management incentives to manipulate accounting information. At present, China’s stock issuing system is to convert from the audit system to the registration system, strengthen supervision and improve the quality of IPO of the company’s accounting information is the key to the success of registration system reform.Effective external supervision to restrict the company’s earnings management behavior, improve the quality of accounting information. In order to explore the government regulation on securities market in China in the role of accounting information of listed company governance, This paper choose the CSRC started in December 2012 IPO company financial verification as the research background, Using event study to 2011-2014 a-share market IPO 476 companies as samples, using modified Jones model measuring its accrued earnings management degree,Choose stability test of real earnings management model, through correlation analysis, multiple regression analysis and other methods, studying the relation between IPO companies earnings management and government regulation.Secondly, on the basis of general research, in order to further validation of the external supervision of the role of the IPO earnings management, this paper choose the external supervision of government regulation as the independent variable, the other important factors in financial verification in 2012 as the research background, using event study analysis of government regulation as external supervision and management between IPO earnings management, how to register under the construction of accounting information quality supervision system to find a foothold. Finally, choose real earnings management level as the dependent variable substitution variable stability inspection. The empirical results show:(1) the government regulation is negatively related to the IPO companies earnings management level, the financial verification effectively restrain the earnings management behavior of listed companies; (2) the independent auditor, marketization of external supervision factors such as institutional investors and securities analyst earnings management behavior with the IPO was not significant, the reason may be that in our country’s capital market is not mature, the government-led stock issuance examination system, the independent auditors, institutional investors such as external forces did not play their supervision effect; (3) securities analyst tracking number accrued with IPO companies earnings management level correlation was not significant, but negatively related to the IPO of the company’s real earnings management level, indicates that securities analysts, although not accrued in the IPO company earnings management behavior did not play a role of effective supervision, But for the real earnings management behavior of listed companies play an inhibitory effect, on the stock issue market, analysts’attention to a certain extent, played the role of market supervision. Stock distribution system in our country to the registration system under the background of reform, should strengthen the supervision of the accounting information, the construction of the government regulation as the core of the external supervision system, guarantee the IPO company accounting information quality.