Research On The Characteristics Of ST's Earnings Manipulation

Delisting system being unique to Chinese delisting risk warning system, its core connotation is to remind ST companies improve business performance. And a large number of ST companies in the securities market, to not violate the rules of the securities supervision and punishment, usually adopts the non-recurring profit and loss way to hedge the risks of public platform.Based on the principal-agent theory, the theory of asymmetric information and opportunism theory as the instruction, adopts the method of case study, at least in the database of ST company search, and find out the two typical cases the company in the pearl river holdings and steel songshan. They represent the non-recurring profit and loss control surplus category and smaller category. Case found:ST company in order to implement the turnround will adopt means of non-recurring profit and loss, and increase accounting surplus; ST company as a removable cap for non-recurring profit and loss increase profit means of performance for the previous two years loss, third year profits, after two years and the characteristics of the loss; ST companies in addition to use the existing literature research techniques, through non-recurring profit and loss adjustment of accounting surplus:there may be other circumstances such as non-financial enterprise capital takes up costs. Case study of the enlightenment:regulators should further perfect the system of non-recurring profit and loss adjustment, investors should strengthen identify non-recurring profit and loss of non-durable profit, to make rational investment.