Research On The Relationship Between The Investment Efficiency And Earnings Management Of Listed Companies In The Perspective Of Financing Constraints

Earnings management has been is a hot issue in the accounting research, which is one of the academic research hot spot, the earnings management research literature is voluminous, especially with the continuous development and improvement of the capital market, information for managers and investors have very important significance, investors and stakeholders for the requirement of real, comprehensive information is also getting higher and higher. Therefore, the accounting earnings become more and more concerned by these stakeholders. In modern enterprises, between managers and investors due to separation of powers and responsibilities of unequal information, managers of Listed Companies in order to achieve the maximization of their own interests will earnings management, so as to be able to raise more funds for investment. But our country also has the information asymmetry and the disclosure of information quality is not high, this is for managers to manipulate the accounting earnings, earnings management provides the conditions. And when the company executives earnings management, often choose the way of earnings management under specific circumstances. In order to achieve a better investment, improve investment efficiency.Previous research on the correlation of the earnings management and investment efficiency a lot, but there is little research on financing constraints for the relationship between listed companies from the perspective of earnings management and investment efficiency. Therefore, this paper based on this starting point, in order to better understand the financing constraints of listed companies between the two relations, the introduction of the a new perspective, that is, the financing constraint perspective, to study and analysis the relationship between earnings management and the efficiency of investment under financing constraints from the perspective of. In the study from the research achievements of domestic and foreign experts and scholars in the related field, the asymmetric information theory, information disclosure theory and the investment efficiency theory as the theoretical basis, analyzes the connotation of earnings management, characteristics, measurement methods, the meaning of investment efficiency, measurement method, also describes the relationship in the financing constraints from the perspective of earnings management and investment efficiency and theoretical analysis. Based on the proposed two hypotheses, select the 2007-2013 Shanghai and Shenzhen A-share market non-financial listed companies as a sample, eventually, the study found that, under the perspective of financing constraints, the earnings management and non efficiency of investment showed significant positive correlation, accrual earnings management and real earnings management and non efficiency of investment also showed a significant positive correlation. This result shows that the listing Corporation in the case of financing constraints, the earnings management will make the investment efficiency significantly reduced. Therefore, according to the environment of the capital market of our country, the proposed three policy suggestions, so as to regulate the earnings management behavior of executives of the company, the listed companies to improve the efficiency of investment in to provide theoretical and practical support.