Institutional Investors,Stock Repurchase And Real Earnings Management

Stock repurchase has gradually become the operating tool favored by listed companies,earnings management behavior of listed companies is also hot topic,in the stock repurchase event,the company will carry out real earnings management operations,and institutional investors have gradually become Capital market important investors,institutional investors to play what role,and the management of real earnings management behavior,whether the future performance of the company will be affected,these are worthy of discussion.Based on this,this paper attempts to study whether there is a real earnings management operation in the stock repurchase event,how the institutional investors play a role in further exploring the impact on the company's future performance,and thus enrich the relevant stock repurchase events Theory,for future research to provide a reference.This paper uses the method of theoretical analysis and empirical research to study the relationship between institutional investors,stock repurchase and real earnings management.The full text is divided into six chapters.The first chapter is the introduction,first elaborated the research background,significance,content and research methods,then put forward the characteristics of this article,and summed up the framework of this article.The second chapter mainly combs the relevant literature,and retrospect the literature.Chapter 3 analyzes the stock repurchase,the real earnings management and the future performance of the enterprise,and puts forward the research hypothesis.Chapter 4 The design of the main model,and introduces the definition of variables.In the fifth chapter,the empirical analysis is carried out,and then the statistical analysis of the indicators is carried out.Then,the regression method is used to test the model.Finally,the robustness test is carried out.Chapter 6 is the main conclusion and puts forward the countermeasures and suggestions according to the empirical research.The research conclusion of this article include the following points:(1)Firms exhibit downward REM around their repurchase announcements;(2)Institutional investors cannot inhibit the real earnings management;(3)stock repurchase will be damaged the company values.According to the results of the paper,the following policy recommendations are put forward for the listed companies:(1)to improve the information disclosure laws and regulations of listed companies,the management of the information caused by the lack of information management,to strengthen information transparency,is to reduce earnings management(2)the establishment of long-term corporate governance structure,improve the supervisory role of the board;(3)improve the ownership structure,the establishment of effective incentive and restraint mechanisms to the manager.The suggestions to government:(1)the government departments to strengthen the system of institutional investors to improve and guide institutional investors to participate in corporate governance,making institutional investors can play a corporate governance role;(2)to strengthen the real estate companies The management and management of earnings management behavior,and reduce the degree of earnings management,so as to promote the healthy and long-term development of the market.