Research On The Impact Of Corporate Strategy Differences And Financing Constraints On Earnings Management

In recent years,it is not uncommon for listed companies to be punished by regulatory authorities for excessive earnings management.By adopting different earnings management methods,enterprises make a great difference between the information disclosed in financial reports and the real earnings situation,which not only damages investor confidence,but also damages the healthy development of capital market.This phenomenon has attracted the attention of the regulatory authorities,and issued a series of relevant policies to curb this behavior.At the same time,the research on earnings management has become one of the hot topics in academic circles.Enterprise strategy,as a global plan to ensure the long-term and efficient development of enterprises,has become one of the focuses of external investors'attention in evaluating project returns.When investors find that the target enterprises or projects have uncertainties in returns due to different strategic positioning,they are likely to abandon investment or increase the rate of return on funds to avoid investment risks.In order to attract social funds,enterprises are likely to borrow earnings.Management means regulate profits.Based on the sample of A-share listed companies in China from 2013 to 2017,this paper constructs the conceptual model of "corporate strategic difference-financing constraints-earnings management" of listed companies on the basis of theoretical analysis,then puts forward research hypothesis and establishes regression model.Finally,it calculates relevant variables with Excel and Stata,carries out correlation analysis and regression analysis with SPSS 19.0,and tests the effect of corporate strategic difference on earnings.The impact of management.The results show that:firstly,when the difference between enterprise strategy and industry conventional strategy is greater,the degree of accrued earnings management and real earnings management will increase;secondly,when the difference between enterprise strategy and industry conventional strategy is greater,the degree of financing constraints will be higher.Thirdly,when enterprises are subject to financing constraints,management will increase the degree of accrual or real earnings management to alleviate the financial situation;fourthly,financing constraints only play a mediating rolc between the positive correlation between corporate strategic differences and real earnings management,that is,corporate strategic differences affect the degree of real earnings management by influencing financing constraints,but will not affect accruals.The degree of earnings management.Finally,combined with the conclusions of the study,the paper puts forward corresponding suggestions for internal management,external investors,government departments and audit institutions,in order to better avoid the risks caused by earnings management of enterprises.