Research On Earnings Management And Influencing Factors Under The Equity Incentive Plan Of Listed Companies

Since the Listed Company Stockholder's rights policing method was issued in 2006,stock incentives have been gradually implemented by more and more listed companies.But many papers discovered that the earnings management followed the stock incentives.Since 2006,"listed companies" equity incentive management approach for the formal implementation of equity incentive of listed companies has been more and more popular,but domestic and foreign scholars have found that the implementation of equity incentive companies tend to carry out earnings management.Due to the historical reasons of China's capital market,the problem of the split share structure in the early stage of China's equity incentive pilot can not really implement the stock option incentive.The implementation of equity incentive mode is still in the exploratory stage,and has not been widely promoted and applied.After the reform of non tradable shares,the capital market of our country has developed rapidly.More listed companies to improve the performance of the company through the equity incentive plan,which makes the importance of equity incentive plan in this period highlights.In this paper,from 2008 to 2014 the implementation of equity incentive A shares of listed companies as samples,the final data obtained by consulting a large number of data,the performance evaluation,the last period before the vesting or unlocking period two time nodes,using the modified Jones model extended to discretionaryaccruals measure,and then considering the the influence factors of earnings management level(explanatory variables and control variables),using multiple linear regression method,the existence of earnings management behavior ismore significant in the implementation of equity incentive of listed companies through comparison.This reference to the relevant research literature on earnings management and equity incentive at home and abroad,the existing equity incentive plans of listed companies as the object of empirical research on earnings management in Chinese listedcompanies after the equity incentive plan,the results show that the listed companies in the implementation of equity incentive and have different degree in different direction the behavior of earnings management,but the implementation of equity incentive after the existence of earnings management behavior is more obvious;stock options and restricted the widely used two kinds of incentive forms will bring earnings management tendency of management,but also has restricted stock performance before the period of negative earnings management behavior in determining the performance evaluation indicators;when used along with a variety of performance indicators can effectively avoid the phenomenon of earnings management;the exercise time increase for management It is difficult to achieve the level of earnings management,so as to inhibit the management in the latter stage of earnings management behavior.Through empirical research,to explore the relationship between equity incentives and earnings management of Listed Companies in China's long-term effectiveness analysis of equity incentive,and provides some policy suggestions for the supervision of earnings management on equity incentive.This article through to the equity incentive mode,exercise time,the performance evaluation index of the three equity incentive program content,the design of incentive effect of the extent of earnings management of equity,in order to provide some more effective and reasonable improvement measures for the future design of listed companies equity incentive programs.