A Research On The Governance Structure And Earnings Management Of Listed Companies

With the Non-tradable Share Reform,the investment value of China's stock market has been greatly increased,and then more and more investors are pouring into the capital market.Accounting information,especially the earnings information of listed companies,is becoming an important reference for investors to make investment decisions gradually.Then whether a company has earnings management phenomenon and whether it truly reflects its business performance is quite essential for investors.Many scholars have found that some companies have lost profits after IPO,and some companies have a net profit of slightly more than 6%for a few years,or some companies may take a bath and so on before the expected loss.These earnings management may also mislead the investor's judgment and decision,and then damage the function of optimizing the resource allocation of the capital market.Thus,it' s high time that we should pay attention to earnings management of listed companies.Compared with the previous researchers,they only focused on the study of accrual earnings management or the real earnings management problem,however,this paper will study accrual earnings management and real earnings management at the same time.Faced with different problems,every company may owns the different motive and the means of earnings management.Similarly,for one company at different stages of life cycles,the way of earnings management is also diversified.What's more,this paper will research the different life cycle of the company,and makes an in-depth study of the company's earnings management.On the one hand,it may help investors and other information users to enhance the ability to identify the accounting information.On the other hand,it can also provide a useful reference for the regulatory department to regulate the earnings management of the company,and promote the healthy and stable development of the capital market in the end.Specifically,through the study of principal-agent theory,stakeholder theory and enterprise life cycle theory,this paper combs the relationship between corporate governance structure and earnings management under different life cycles at home and abroad,and finds those factors,which the ratio of executive stock ownership,whether the chairman and the general manager working are the same time,the size of the board of directors,the proportion of independent directors,the proportion of top one shareholder and the scale of board of supervisors may have different impacts on earnings management.Then,by selecting the relevant data of all A shares listed companies in Shenzhen and Shanghai for 2012-2016 years and further analyzing the regression analysis,we find that,compared to the maturity period,the proportion of executive stock ownership and the chairman and the general manager two position in the growth period may have higher positive correlation on the earnings management.Compared with the growth period,the scale of the board of directors and the proportion of independent directors in the maturity period may have higher negative correlation with the earnings management.Compared with the maturity period,the proportion of the top one shareholder,the scale of the board of supervisors in the recession period may have higher negative correlation of the earnings management.Finally,according to the results of the empirical research and the experience of the previous research,we come up with some suggestions to improve the corporate governance,and hope which may provide some inspiration for our country to improve the corporate governance.