Research On The Sustainability Of Industrial Policy And Accounting Earnings

In the capital market,investors can see whether the efficiency of the enterprise’s resource allocation efficiency can be seen by looking at the accounting surplus.It has a good indicator for investors.The quality of accounting surplus is an indicator that investors,operators,creditors,government departments and related institutions are concerned about.At present,the important measure of earnings quality is the persistence of accounting earnings,and the theoretical and practical circles are also concerned about the sustainability of accounting earnings.Theoretical research on the sustainability of surplus mainly concentrated in the enterprise equity structure is reasonable or not,the accounting information quality,optimal capital structure is reasonable or not,whether the capital intensity,the number of dividend payments,the stand or fall of the audit opinion and other factors that affect the sustainability of surplus,the effects of industrial policy of surplus sustained research is not much,but the industrial policy is widely adopted a kind of public policy in our country.industrial policy to the microscopic enterprise economic consequences resulting from it is necessary for us to seriously look at and think to themselves,this is conducive to the rationality of the policy making and implementation of China’s industry is scientific,this for the benign development of industrial policy and microcosmic enterprise sustainable growth has important significance.A small number of existing studies are also focused on the impact of government policy subsidies on the sustainability of earnings.But there is a big difference between the impact of the government’s policy subsidies on earnings sustainability and the incentives for industrial policy to support the sustainability of earnings.In the study of the domestic,on the basis of a large number of relevant literature,summarizes the relevant concepts of accounting surplus sustained and industrial policy,and then from by reading the eleventh five-year plan outline and the 12 th five-year plan outline,the manual will countries made it clear that "developing","key support" and "clear encourage" industry.Then we use STATA13.0 to empirically analyze whether China’s industrial policy has an influence on the sustainability of the accounting earnings of listed companies,and whether the effect is positive or negative.The empirical analysis of 15,605 listed enterprises shows that the negative influence of industrial policy on the accounting earnings of enterprises is continuous.Further through equity properties of sample formula can be divided into state-owned and non-state-owned samples after found in both groups,industry policy of accounting surplus sustained negative effect more significantly in private enterprises,by the level of marketization will samples after grouping,found in regions with high levels of marketization,industrial policy’s influence on the surplus sustained while negative but not significant,the low level of marketization of the local industry policy and the sustainability of accounting surplus regression coefficient is significantly negative.In this paper,the results of the study of industry policy authorities,industry policy enforcement agencies and business activities of listed companies has the certain enlightenment function,the government should play the role of support,in order to achieve the goal of eventually,industry policy to specific issues specific analysis,according to local resource advantages,development characteristic to publish relevant policy.Finally,during the implementation of industrial policy,it is not suitable for the local economy to correct the industrial policy.