Research On The Impact Of High-tech Listed Companies' Equity Incentives On Earnings Management

Equity incentives,as an important means of long-term incentives for enterprises,have been adopted by various listed companies after being introduced into China,which has become an effective method to motivate management.However,in the implementation process of equity incentives,managers are more inclined to use earnings management to meet the conditions of exercise in order to maximize their own interests.This practice has not only improved the performance of enterprises,but also affected the long-term development of enterprises.Therefore,the establishment of a sound equity incentive supervision system has become a major concern in the process of implementing equity incentives.Based on the above situation,this paper combs the relevant research literatures at home and abroad under the support of the theoretical basis of human capital theory and enterprise contract theory,and analyzes the research status of equity incentives and earnings management,and selects the high-tech that implements equity incentives in 2015-2017.The listed company's financial data is a sample.The modified Jones model is used to compare and analyze the differences in the direction of earnings management between the enterprises that have implemented equity incentives in the authorization phase and the exercise phase.Through the multiple regression model,the equity incentive period and equity incentive intensity and earnings management are studied.relationship.The results show that managers in the enterprise authorization stage are more inclined to implement downward earnings management;managers in the exercise phase tend to implement upward earnings management;at the same time,the analysis results show that there is a negative correlation between the effective period of equity incentives and earnings management.The stronger the intensity of equity incentives,the smaller the degree of earnings management of enterprises.Based on the empirical research results of this paper,this paper proposes corresponding research strategies.On the one hand,it is necessary to strengthen government supervision and market supervision;on the other hand,it is necessary to improve the equity incentive system from within the enterprise,formulate appropriate incentive period and incentive intensity,and The corresponding regulatory policies are implemented at different stages to achieve the purpose of equity incentives.