Sub-industry Information Disclosure Supervision And Earning Management

In order to improve the effectiveness and pertinence of information disclosure and supervision of listed companies,the CSRC has gradually promoted the supervision of listed companies by industry since 2015.Then,the effectiveness of supervision by sub-sectors,the change of supervision mode will be the information disclosure behavior of listed companies and even the operation.What kind of influence does decision making have?In order to adapt to the reform of the regulatory model,the Shanghai Stock Exchange has systematically adjusted.On the one hand,it has developed industry information disclosure guidelines for a total of 27 industries in four batches,and differentiated industry information disclosure in different industries.Besides they deploy first-line supervisors and conduct industry knowledge training according to industry,so it is an ideal sample for research on sub-industry supervision.Therefore,the above-mentioned exchanges and listed companies in Shanghai stock market are the research objects,and the earnings management is selected as the research perspective.We try to figure out the possible economic consequences of information disclosure supervision by industry and its Mechanism through empirical analysis.This paper believes that the implementation of the regulatory policies of the Shanghai Stock Exchange will curb the accrued earnings management behavior from the perspective of improving the quality of information disclosure of listed companies and strengthening the supervision of exchanges,and verifying this judgment through empirical research.On this basis,this paper finds that the audit firm's industry expertise and performance forecast will weaken the restraint effect of the sub-industry regulatory policies corresponding to earnings management to a certain extent,and analysts' attention will enhance the suppression of sub-industry supervision.Further research in this paper also found that the introduction of detailed information disclosure guidelines will promote the reduction of the earnings management level of listed companies.In addition,this paper also believes that after the SSE implements sub-industry information disclosure supervision,due to the stricter regulatory environment,based on the cost-benefit trade-offs,listed companies will tend to adopt more subtle and more difficult to find real earnings management,which is reflected in the reduction of accrued earnings management.Real earnings management has increased,and two types of earnings management have shown an alternative relationship.The existing research on securities supervision mainly focuses on the administrative supervision bodies such as the CSRC,and there are few studies on the supervision of exchanges.As the main body of self-regulation,the exchanges are an important part of securities supervision and have the special status of front-line supervision.The innovation and significance of this paper is based on the information disclosure oft the above-mentioned exchanges in the industry as a background,examining the effect of exchange supervision on listed companies,and exploring how the changes in exchange management policies affect the earnings management behavior of enterprises.To a certain extent,it has supplemented and improved the existing securities regulatory research,and also provided some reference for the research of the follow-up exchange supervision.