| According to the data of the financial statements of listed companies in China,the amount of accounts receivable increases year by year.In the main business income,accounts receivable accounts for more than 20%,far higher than 10% of developed countries.This shows that the position of accounts receivable in the financial statements is increasingly important.The increase in its amount mainly comes from two aspects.First,in order to gain a larger market share in the competition,companies often choose to sell their products in a sold form to achieve their goals.Secondly,for the purpose of beautifying financial indicators,managers have increased the amount of accounts receivable through the earnings management of accounts receivable.Accounts receivable has gradually become an important means for managers to manage earnings,as a way for companies to expand their market and seize their share.This paper examines the impact of receivables on the valuation of stocks and proves that their markets recognize the behavior of accounts receivable earnings management and will begin to adjust the valuation of stocks.This requires that companies should improve corporate governance mechanisms and eliminate the occurrence of accounts receivable earnings management.There are five parts in this article.The first part: starting from the research background and research significance,this paper summarizes the related literature on earnings management of receivables and market accounts receivable earnings management,and on this basis,the research content of the article.,research ideas and the innovation of the article were combed;the second part: the theoretical analysis of the valuation of the receivables on the stock,mainly about the concept of accounts receivable and earnings management of accounts receivable on stock valuation Value impact theory;Part III: Analysis of accounts receivables of current listed companies,mainly for environmental analysis and related analysis of accounts receivable earnings management;Part IV: Empirical evidence that the market has recognized the receivables The influence of accounts on the valuation of its stocks and earnings management of receivables indirectly prove the value of accounts receivable for stocks;Part V: Combining with the fourth part,it proposes to listed companies and related regulatory agencies.This article demonstrates through empirical evidence that the market has begun to pay attention to the role of accounts receivable in financial statements.In which the market responds to the receivables,the price-to-earnings ratio is selected as the explanatory variable.Accounts receivable accounts for the ratio of net profit as an explanatory variable.Leverage ratio,growth rate of net profit,operating income growth rate are selected as control variables,and Eviews software is used to pass non-financial companies in the Shanghai and Shenzhen 300 Index from 2007 to 2016.The annual data for empirical analysis shows that the relationship between the price-earnings ratio of its stocks and the ratio of accounts receivable to net profits is negatively correlated.Finally,it is concluded that investors in the capital market are not completely locked in the accounting surplus due to lack of In a large-scale financial auditing system that identifies market accounts receivable earnings management,the market often considers that when account receivables are relatively high,earnings management may occur more likely to reduce its valuation.The enlightenment from this is:(1)The company should strengthen the management of accounts receivable,establish a good receivables system from the two aspects of formulating reasonable credit policies and increasing recovery efforts,and avoid the investors Mispricing.Improve the corporate structure and internal control system to eliminate relevant earnings management practices.(2)Supervisors should improve accounting standards,strengthen management,and eliminate earnings management of accounts receivable. |
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