An Empirical Study On The Relationship Between Earnings Management And Investment Efficiency Of Real Estate Listed Companies

Earnings management has always been the focus of academic research.Because in the process of rapid development of capital market,information asymmetry,principal-agent and other phenomena are widespread.Earnings management activities are usually carried out based on top managers'desire to maximize their own interests.In this way,information asymmetry will inevitably become more serious,and may even have a more adverse impact on investors'decision-making.Furthermore,it restricts the further improvement of investment efficiency.At the same time,earnings management will also lead to a significant increase in the cost of external financing required by enterprises,resulting in a series of problems such as financing difficulties,insufficient funds and so on,which will eventually make enterprises have to abandon good projects,thus affecting the investment decisions of enterprisesIn this paper,we adopt the modified Jones model to measure earnings management.We can judge whether the real estate listed companies have earnings management behavior by calculating the residual.By using Richardson model to measure investment efficiency,and according to the positive and negative direction of investment efficiency,it is divided into insufficient investment and excessive investment.Then it is classified into insufficient investment and excessive investment in detail.Then it is deeply analyzed and explored the correlation between earnings management and it,so as to provide a more realistic conclusion for enterprises to a certain extent.Further,we distinguish the nature of property rights and the level of economic development to analyze the impact of earnings management on investment efficiency.It is found that state-owned enterprises will lead to over-investment through earnings management,while private enterprises can alleviate under-investment through earnings management in areas with high level of economic development and over-investment in areas with low level of economic development.This article is based on the existing research results,and then from the perspective of the background of executive banks,based on the relevant financial intermediation theory and stakeholder theory,using the cross-correlation model of design earnings management and bank-enterprise association,empirical research on the relationship between bank-enterprise Association and earnings management of A-share real estate listed companies in Shanghai and Shenzhen Stock Exchanges from 2013 to 2017 The relationship between investment efficiency weakens and helps to improve investment efficiency.After a thorough analysis of the impact of bank-enterprise linkages on the investment efficiency of enterprises with different property rights and economic development,we can see that:(1)the effect of bank-enterprise linkages on improving the investment efficiency of private enterprises is stronger than that of state-owned enterprises.(2)Compared with enterprises with relatively high level of marketization,the effect of bank-enterprise linkage on investment efficiency of those enterprises with low level of marketization is more significant.The purpose of this paper is to provide more sufficient and effective evidence for the rationality of bank-enterprise linkages,and to provide more references for the majority of enterprises to further improve the efficiency of investment,hoping to provide corresponding guidance and help for the financing and investment decision-making of enterprises in China.Finally,according to the final research conclusions,this paper gives some feasible and reasonable suggestions,and makes prospects and expectations for the shortcomings of this research and future research.