The Governance Structure Of Listed Companies Empirical Study Of The Impact Of Earnings Management

As a parallel financing market with the main board market and small or medium-sized market, the growth enterprise market has provided a wide financing platform for the large number of small and medium-sized enterprises. In addition, the growth enterprise market has made outstanding contribution to promoting the capital market diversificaiton and to the prosperity of social economy. But in recent years,some GEM listed companies provide false information to investors by the means of earnings management such as beautification of financial statements, inflated profits. These intensified behavior have attracted wide public concerns. Accounting information is the object of surplus management. It does not only act as the connection between stakeholders on the capital market, but also as a close relation with the corporate governance structure. Corporate governance structure, as a kind of institutional arrangement adjustment between stakeholders, has a direct influence on the information quality of earnings of the listed companies. so this paper starts from the governance structure of listed companies to study the its influence on earnings management. This paper aims to be able to inhibit earnings management behavior of listed companies and enhance the healthy development of the growth enterprise market.This article is divided into six parts. The first part is introduction, which mainly introduced the research background, research significance, the domestic and foreign research literature review, research purpose, research contents, research methods and possible innovation points. The second part is the relevant theoretical research, which mainly includes the surplus management theory, governance structure theory and the theory about the influence of governance structure of listed company on earnings management. Each theory is analyzed from different aspects. The analysis on earnings management theory has mainly been carried on from the following aspects: the meaning, characteristics, motivation, means and econometric model. The analysis on governance structure theory has mainly been carried on from the governance structure definition, the content and characteristics. The third theory has mainly been analyzed from the following aspects: equity of the governance structure features, the characters of the board of directors and board of supervisors, characters of management. These aspects will have impact on earnings management. The second part lays theoretical foundation for the later empirical research. The third part is about the research design, including the research hypothesis, variables design, model design and data sources. This part uses the data from 2012-2014 of 290 companies of the growth enterprise market as research samples and select nine explanatory variables which contain The ownership concentration and equity balance degree, the unity of two jobs, the board size, board meeting frequency, the proportion of independent directors, board of supervisors scale, the number of meetings of the board of supervisors, and senior executives shareholding and two control variables including company’s overall size and the asset-liability ratio to build up multiple regression model. The fourth part is the empirical analysis. Descriptive statistics, correlation analysis and multiple regression analysis are the methods adopted to process the selected research samples to draw empirical research conclusions. The conclusion is : Ownership concentration is positively related to the degree and earnings management; equity balance degree and earnings management is negatively correlated; "position" on the earnings management has a role in promoting; the board of directors is positively related to the size and earnings management; board of directors meetings on earnings management has a large resistance; the proportion of independent directors on earnings management has a great role in promoting, the board of supervisors of scale and the board of supervisors meetings on earnings management to promote the effect can be more obvious; executives shareholding ratio and earnings management has negative correlation.The fifth part is the countermeasures and suggestions including the four aspects of governance structure. These countermeasures and suggestions mean to inhibit earnings management behavior. The last parts the summary and expectations.