A Study On Corporate Governance, Cash Dividends And Over-investment Behavior: Based On Manufacturing Listed Companies

The nineteen Party Congress report pointed out building a modern economic system is an important part of socialism with Chinese characteristics in the new era.Deepening the reform of the financial system is the key to building a modern economic system.Under this background,the reason why equity financing can become the financing channel of most enterprises is mainly due to the non-standard financial market and the high risk of credit market.At present,equity financing has attracted wide attention,and has been recognized by many enterprises,in this context,it's scale and IPO financing scale gradually revealed as the situation.The increasing scale of equity refinancing also brings many problems.For example,many enterprises in order to achieve relevant indicators of equity refinancing,they use manipulative accruals and real transactions to manage their earnings.Most investors often rely on corporate policies,business news and corporate financial statement information.They can't identify these painted companies' performance,which provides an opportunity for enterprises to make earnings management.From the Lantian company events,Yinguangxia financial fraud incident to the events of the Yunnan green earth listed companies are faced with severe challenges of social credit.The occurrence of these events also verified that the company did manage earnings for financing.The sequelae of earnings management,which manipulate company performance,is the decline of corporate performance after equity refinancing.That is the so-called "SEO puzzle".The main research object of this study is on the equity refinancing of listed companies,through empirical research methods,the following problems are discussed:(1)the relevant listed companies refinancing of the current year and the previous year have accrued earnings management and real earnings management activities in equity.(2)if it is assumed that the above two kinds of earnings management exist at the same time,will it affect the efficiency of the listed companies,and what influences will the two different management forms have?(3)the changes in the company's performance after the initial equity financing of the listed companies with the willingness to follow up financing.The main research object of this study is on the equity refinancing of listed companies,through empirical research methods,the following problems are discussed:(1)the relevant listed companies refinancing of the current year and the previous year have accrued earnings management and real earnings management activities in equity.(2)if it is assumed that the above two kinds of earnings management exist at the same time,will it affect the efficiency of the listed companies,and what influences will the two different management forms have?(3)the changes in the company's performance after the initial equity financing of the listed companies with the willingness to follow up financing.