Analysis On The Effect Of Stock Incentive On Earnings Management Of Listed Companies In

In the modern company system,the separation of management rights and ownership is its greatest feature,but also the greatest innovation.However,due to the separation of the two powers,there is a certain degree of information asymmetry between the owner of the company and the senior management,and the situation that the operator has harmed the interests of the company in order to maximize the benefit of the enterprise.The key to solving this problem is to deal with the interests of shareholders and managers of the conflict,so the equity incentive mechanism came into being.Equity incentive mechanism to a large extent reduce the cost of principal-agent,so it has began to be widely applied to the company's daily operations and management.But there are two things in the existence of equity incentive mechanism in the practice,there are some problems,for example,the management of listed companies to manage earnings to maximize personal interests,this behavior greatly interfere with the capital market Order,but also makes the interests of shareholders have been infringed.GEM,as opposed to the motherboard market is also called the second board market,is an important complement to the motherboard market,in October 23,2009 approved by the SFC officially listed on the Shenzhen Stock Exchange,then,China's capital market,the GEM market Began to occupy a place.As with the main board listed companies,GEM listed companies in order to reduce the cost of principal-agent will implement the equity incentive mechanism,the management and corporate interests are closely linked to improve the enthusiasm of the management.But also led to the management of earnings management behavior over the problem,the loss of corporate and corporate shareholders.Therefore,it is necessary to effectively regulate the management of earnings management behavior,to achieve the future development of listed companies on the GEM long-term stability.In this paper,based on the relevant literature at home and abroad,coupled with the development of equity incentive of listed companies in China in recent years as a reference to study the GEM listed companies to implement the equity incentive after the earnings management issues,Agent theory,human capital theory as the theoretical basis for further study,the research link is: first,the relevant literature at home and abroad to sort out and summarize;second,equity incentive and earnings management and other concepts to explain and elaborate;Thirdly,according to the data collection and collection in recent years,it shows the development of listed companies in China,and analyzes the existing problems;Fourthly,the four basic assumptions to be studied in this paper are put forward.On the basis of theoretical analysis of the problems to be studied on the empirical test;Fifth,the empirical analysis of the results discussed.And in the last part of the empirical analysis for the results of the corresponding policy recommendations.