Empirical Research On Earnings Management And Investment Efficiency

With the rapid development of the securities market,the business situation,the level of earnings and the efficiency of the investment have attracted the attention of investors and supervisors in the securities market.Therefore,this paper hopes to further study the relationship between earnings management and investment efficiency in the perspective of managerial ownership,so as to avoid the enterprise because of the relationship between earnings management and investment efficiency.The decline of accounting quality and other factors result in inefficient investment,causing serious financial burden to investors and shareholders.In this paper,in this paper,the listed companies of A share manufacturing industry in two cities of Shanghai and Shenzhen from 2012 to 2016 as the research object,through the statistics,screening and summary of the data of the samples of 4188 companies of 1402 listed companies,this paper studies whether the managerial ownership of the listed companies in the manufacturing industry of our country has a regulating effect on the relationship between earnings management and investment efficiency.First of all,the empirical research on managerial ownership,earnings management and investment efficiency has positive significance in two aspects of reality and theory.On the one hand,it enriches the research on earnings management and investment efficiency.It puts forward the factors of management shareholding,which provides a new breakthrough point for the research of investment efficiency and earnings management,and enriches the relevant literature.On the other hand,it provides feasible suggestions for the management of enterprises.Enterprises can eliminate the negative effects of earnings management by improving the ownership structure and internal management mechanism,and thus enhance the value of the enterprises.I makes comprehensive use of theoretical analysis and empirical research methods.First,it expounds the relevant definitions,means,influencing factors and measurement methods related to managerial ownership,investment efficiency and earnings management,and further analyzes the relevant basic theory theory.Secondly,it analyzes the reason,effect and degree of the influence of earnings management on investment efficiency from the mechanism,and then introduces the factor of managerial ownership,and further analyzes the influence of managerial ownership on the relationship between the two parties,and puts forward three groups of research hypotheses.Thirdly,I uses the data samples of Chinese manufacturing listed companies from 2014 to 2016.The actual data window is from 2012 to 2016.According to the explanatory variables and the explanatory variables,the revised Jones model,the Richardson model and the Roychowdhury model correspond to the earnings management,the real earnings management and the investment efficiency respectively.In the two groups of assumptions,a set of qualitative variables,a group of quantitative variables,and a definition of the control variables.Finally,we use SPSS data software to do descriptive research,correlation test and regression analysis.Based on the results of empirical research,the following conclusions are drawn: first,earnings management will reduce the investment efficiency of enterprises.Second,when management shareholding,it will weaken the negative impact of earnings management on investment efficiency.Third,when management owns more shares,the negative effect of earnings management on investment efficiency will be weakened.According to the analysis and empirical results of this paper,the following suggestions are put forward in order to improve the enterprise investment efficiency and enhance the enterprise value in a healthy operating environment.First,strengthen internal control and strengthen external auditing.Second,vigorously promote and improve equity incentive policies.Third,it is suggested that relevant departments should improve relevant laws and regulations.The innovation points are as follows: firstly,the study includes two ways of earnings management,which not only enriches the research literature of real earnings management,but also enriches the related literature of investment efficiency.Second,join the regulatory effect of managerial ownership,and find a new starting point for the study of earnings management and investment efficiency.