The Study On The Relationship Among Managerial Ownership,Ownership Concentration And Real Earnings Management Of Enterprises

The relationship among managerial ownership,ownership concentration and real earnings management,which has attracted the attention of many scholars,is an important aspect of agency problem.However,in the past studies,most scholars pay more attention to the relationship between managerial ownership and real earnings management,or the relationship between ownership concentration and real earnings management,and seldom combine these three aspects into considerations.Based on the previous studies of other scholars,the paper select the all A-share listed company from 2003 to 2016 as the sample.Also,the paper has changed the measurement of ownership concentration reasonably,especially considering the interaction between managerial ownership and ownership concentration,and further explored the relationship between managerial ownership,ownership concentration and the real earnings management.The results of this study show that there is a significant negative correlation between managerial ownership and real earnings management.And the level of real earnings management of companies will be suppressed in the companies with higher concentration of equity.Further,by introducing the interactive item of two variables of managerial ownership and ownership concentration,this paper investigates the relationship between managerial ownership and the degree of real earnings management in two types of companies with different ownership concentration.The empirical results show that the negative correlation between managerial ownership and real earnings management will not be the same significant in a company with a high degree of ownership concentration than a company with a low degree of ownership concentration.The purpose of this paper is to make a useful supplement to the relevant theories of earnings management and provide some reference for further improvement of corporate governance theory.