Pay Gap,Earnings Management And Enterprise Investment Efficiency

The problem of information asymmetry is closely related to the business activities of enterprises.It has been the focus of many scholars and has been the focus of research.Earnings management is one of the important ways of business management and has an important impact on the economic activities of enterprises.So is the efficiency of enterprise investment affected by earnings management activities? Based on the above considerations,this paper selects the 2009-2017 Shanghai and Shenzhen A-share listed companies as research samples,and studies the relationship between pay gap,earnings management and enterprise investment efficiency.The research results show that:(1)Earnings management reduces the investment efficiency of enterprises.(2)The expansion of the pay gap will reduce the level of earnings management and improve the investment efficiency of enterprises.That is,the pay gap effectively inhibits the adverse impact of earnings management on enterprise investment efficiency.(3)Compared with non-state-owned enterprises,the relationship between the pay gap of state-owned enterprises and the suppression of earnings management to weaken the investment efficiency of enterprises is more obvious.The article combines earnings management with enterprise investment efficiency to study,enriches the research literature of earnings management and enterprise investment efficiency,and studies the relationship between earnings management and enterprise investment efficiency from the perspective of pay gap,and expands the research perspective of earnings management.The article further studies the pay gap from the perspective of property rights,inhibits the effect mechanism of earnings management to improve the efficiency of enterprise investment and makes corresponding empirical tests,which provides a useful reference for guiding the salary system of enterprises and improving the investment efficiency of enterprises.Finally,the median is used as a standard to group the pay gaps,and the impact of higher and lower pay gaps on earnings management and enterprise investment efficiency is tested.