Research On The Mechanism Of Earnings Management Influnced By Financing Modes In Hi-tech Enterprises

Nowadays,China's economy is in a new normal,which takes on an on-going process of upgrading the economic structure and a transition of economic growth driven by innovation.At the beginning of 2016,the research of high-tech enterprises became a hot issue with the authority revising the policy of identification for high-tech enterprises.In this dissertation,high-tech enterprises are redefined,and tax financing is defined as income tax exemption,with the characteristics of stability and opportunity cost attribute,obtained by high-tech enterprises that are identified by the authority.On the basis of analyzing the influence of different financing methods on earnings management in high-tech enterprises,the author,using the samples of A shares listed high-tech enterprises from 2013 to 2016,explores whether there is a difference in earnings management influenced by financing between high-tech enterprises and other industries,then,explores indirect influence of earnings management caused by tax financing in the process of other financing modes.Finally,as the further research of this dissertation,the author analyzes the earnings management influenced by policy change in the process of tax financing.I find that: Firstly,commercial credit financing can reduce the accrued earnings management particularly in tax financing,but it can not reduce the real earnings management.In addition,retained earnings financing would effectively reduce the accrued earnings management,but the phenomenon of real earnings management by arranging R&D activities likely to be happen in high-tech enterprises during tax financing.Furthermore,the management will carry out the accrued earnings management and the real earnings management at the same time to meet bank credit conditions,but the tax financing can effectively reduce the accrued earnings management.Moreover,high-tech enterprises use accrued earnings management and real earnings management to cater for the law on the performance of equity financing.Finally,the purpose of the discretionary expenditures manipulation in high-tech enterprises is not to cater for the requirements of policy,but tax financing does create an opportunity for the real earnings management.Therefore,the suggestions are made as follows: Firstly,investors should evaluate the management performance in a long-term.In addition,the financial institutions should take the company's core competitiveness into consideration.Finally,the authority should set standards to disclosure R&D expenditure.This study will be conducive to identifying the listed high-tech enterprises characteristics of the earnings management and protecting the interest of the stakeholders by reducing information asymmetry.