Research On The Nature Of Property Rights,Management Characteristics And Enterprise Bad News Hidden Problems

Different management layers have different management of enterprise information flow,and it is a hot topic of current financial research to hide bad news.In order to achieve professional development or private interests,the company's management has reason to manage the company's information flow to in:fluence the market's judgment on the company's future development and personal ability.Based on the principal-agent theory,the theoretical basis of information asymmetry theory and high-step team theory,relying on the CSMAR database,the relevant data of China's A-share listed companies from 2010 to 2017 are selected to establish a model.It mainly studies the influence of different characteristics of management on the hidden news of enterprise bad news.On this basis,it divides all samples into state-owned enterprises and private enterprises,conducts regression analysis,and compares the influence of management characteristics on the hidden information of companies under different property rights.The following conclusions were obtained:(1)The older the management,the more likely it is to hide bad news.(2)The higher the management level,the less likely it is to hide bad news.(3)When management is a woman,the less likely the company is to hide bad news.(4)The longer the management term,the stronger the motivation to hide bad news.Since the national policy has different effects on enterprises with different property rights,not only the regression analysis of the whole sample data,but also the state-owned enterprises and private enterprises are divided into groups,and the following conclusions are obtained:Whether it is a state-owned enterprise or a private enterprise,the age,gender,education and tenure of management are consistent with the conclusions of corporate bad news and the conclusions drawn by the whole sample,with the following differences:(1)Compared with private enterprises,the management age of state-owned enterprises has a slightly greater impact on the hidden news of bad news.The management of state-owned enterprises has the pressure of political improvement.Private enterprises do not have such pressure.Therefore,the influence of the management age of private enterprises on the hidden news of enterprises is not as high as that of state-owned enterprises.(2)The hidden relationship between the management's academic qualifications and corporate bad news in private enterprises is not significant for state-owned enterprises.Because of the different selection mechanisms,the average level of academic qualifications with different property rights is different,so the significance is also different.The main contributions:(1)Expanded the related research that affects the company.s bad news hidden factors,enriched the research field of high ladder team theory and information asymmetry theory and the research of management characteristics.(2)It has positive significance for preventing the stock price collapse risk,promoting capital market pricing efficiency,optimizing enterprise property rights reform and improving internal corporate governance,and providing reasonable suggestions for selecting more suitable corporate executives.