An Empirical Analysis Of Surplus Management And Investment Efficiency

In recent years,Earnings management is one of the means listed company operating accruals.In the capital market,accounting information asymmetry and agency are widespread,management personnel in order to pursue their own interests to maximize,tend to have earnings management,this method not only exacerbated the accounting asymmetry of information between users,but also distort investment decisions of information users,influencing investment efficiency.Simultaneously,financing constraints theory,earnings management will lead to increased corporate external financing cost of capital,which would result in corporate financing difficulties,shortage of funds and other issues.In this situation,companies may abandon net present value greater than zero investment projects,thus also affect investment decisions.Research on Earnings Management,The West has 30 years of history.However,our concern is for earnings management of listed companies began to emerge from,Domestic scholars on earnings management include earnings management motivation and methods,our research on earnings management needs to further improve.In this paper,earnings management econometric model using modified Jones model,to calculate the manipulation of accruals,investment efficiency reference Richardson(2006)model of investment expectations,press the efficiency of investment into positive and negative directions of underinvestment and overinvestment,this paper will also detail the sample companies Sort by underinvestment and overinvestment,respectively on Earnings Management and its relevance,for the listed companies to provide their own conclusions in line with objective conditions.Research indicates: earnings management degree and non-correlated investment efficiency,that is to strengthen earnings management of listed companies,more easily lead to over-investment enterprises or caused by insufficient investment.