Relevant Research On Information Disclosure Quality And Earnings Management Of Listed Family Companies

With the support of Principal Agent theory and Asymmetric information theory, this paper used Total Accruals Model to measure earning management and the information disclosure quality evaluating result of listed companies from Shenzhen Stock Exchange, studying the relationship between information disclosure quality and earnings management of listed family companies with 660 panel data from 2011 to 2014 in Shenzhen Stock Exchange and analyzing the moderate effect of pyramid ownership structure and discussing the moderating effects of pyramid ownership structure in different listing road.This paper uses panel data analysis method to test the hypothesis. It concludes that the disclosure quality has a negative relationship with earnings management. The cash flow rights of listed family companies moderate the relationship between disclosure quality and earnings management negatively. The separation of cash flow rights and control rights of listed family companies moderates the relationship between disclosure quality and earnings management positively. Under IPO, the cash flow rights of listed family companies moderate the relationship between disclosure quality and earnings management negatively. Under non-IPO, the moderation of cash flow rights of listed family companies on the relationship between disclosure quality and earnings management is non-significant. Under IPO, the moderation of separation of cash flow rights and control rights of listed family companies on the relationship between disclosure quality and earnings management is non-significant. Under non-IPO, the separation of cash flow rights and control rights of listed family companies moderates the relationship between disclosure quality and earnings management positively.