Analysis Of The Influencing Factors Of Real Earnings Management And Its Governance Path

The unchecked development of earnings management has become a stubborn disease that is hard to cure in capital market.The managements of listed companies make use of the favorable conditions of asymmetric information,distort the management effect,whitewash the performance,and then mislead the investors to make decisions in favor of themselves.This behavior is a kind of concealment and deception to investors,which interferes with the benign operation of the capital market.As early as 1980 s,the financial and accounting fields of western developed countries began to pay attention to the problems of the generation and governance of earnings management.The implementation of the split share reform and the promulgation and implementation of relevant laws in the capital market made the related problems of earnings management receive extensive attention from the theory and practice of our country.At present,scholars at home and abroad have made certain achievements in the related research of earnings management.However,the increasingly mature capital market has brought more opportunities for the rapid development of listed companies,which providing a continuous fund support for the expansion of scale and reproduction of listed companies,and realizing the flow of capital to the most efficient areas.On the other hand,the changes in the political,economic and legal environment related to the capital market have made the living environment of the listed companies more and more complex,and the motives and means of the earnings management of the listed companies are also increasingly diversified.The factors that affect the management of the listed companies include not only the internal indexes of the level of corporate governance,such as the ownership structure,the size of the board of directors,but also the external indexes such as the the level of marketization and the degree of government intervention.Therefore,the article starts with the real earnings management to study the governance effectiveness of governance structure,ownership structure,corporate characteristics,external audit and external macro-environmental factors,then provide further theoretical support to improve the status of real earnings management and assist corporate governance.The contents and conclusions of the article are as follows :First,the framework of the research of real earnings management.On the basis of summarizing the research trend at home and abroad,combining with the development of Chinese capital market and modern company.Then the related theories of real earnings management and the research ideas and methods of the article are elaborated,and the logical framework of the full text is constructed.Second,the index of influencing factors of real earnings management is constructed.Considering the uncertainty of the model and the availability of data,21 indicators that may affect real earnings management are comprehensive selected to build the system of influencing factors about real earnings management from 5 aspects: governance structure,ownership structure,corporate characteristics,external audit and external environment.It is laid the foundations to further discuss the causes of the influencing factors about real earnings management of listed companies in the open complex system.Third,the empirical test of the influencing factors about real earnings management.The empirical analysis of the 2008-2016 year A shares listed companies by the BMA is used to test the mechanism of the macroeconomic legal environment and the micro corporate governance on real earnings management.The results show that the internal governance of the company is an important aspect of the real earnings management,especially the ownership structure and the characteristics of the company have a strong explanatory effect on the earnings manipulation.In the external audit,the type of office and audit fees can significantly improve real earnings manipulation.In the external environment factors,the level of rule of laws helps to improve corporate governance and restricts the behavior of the company's real earnings management.Fourth,the regional comparative study of the influencing factors about real earnings management.In view of the imbalanced development of the external environment in China,according to the differences in the level of the rule of law,the region is divided into two groups: high and low,and the differences in the performance of corporate internal governance on real earnings management are examined respectively under the same rule of law.The results show that when the level of the rule of law in the region is relatively good,the companies that affect the real earnings management behavior include the governance structure,the ownership structure,the corporate characteristics and the external audit.When the development of the rule of law in the region is relatively weak,the real earnings management behavior is mainly manifested in the equity structure and the corporate characteristics.In addition,there is also a large degree of discrepancy in the performance of internal governance factors between the same level of rule of law in different periods.Fifth,countermeasures and suggestions for improving real earnings management.Based on the analysis of the influencing factors of real earnings management and the results of regional comparison,this paper puts forward some pertinent suggestions from two aspects: promoting the reconstruction of the internal and external governance system and the emphasis on the control of the external environment.