Earnings Of The Listed Company Under The Pledge Of Controlling Shareholders' Equity Management Research

With the increasingly fierce competition in the capital market,more and more controlling shareholders of listed companies obtain financing through equity pledge.If the share pledge ratio is too high,the company's shares reach the closing line,and the capital turnover of the controlling shareholders fails to make up the positions in time,the shares will be sold,and the listed company will be forced to change its shareholders.In order to avoid this kind of situation,the controlling shareholders will carry out earnings management on the listed company at the same time of stock pledge.After earnings management,the financial statements and annual reports of listed companies can not truly reflect their operation and financial situation,so it is more and more important to analyze earnings management under the pledge of controlling shareholders' equity,identify and prevent.As a new material high-tech enterprise,kangdexin was listed on Shenzhen Stock Exchange in 2010.After listing in 2010,its controlling shareholder,Kangde investment group,began to pledge its equity.Less than half a year later,Kangde Investment Group's equity has basically been pledged.Since 2014,the company's operating revenue and net profit have risen rapidly,which is called "white horse stock" in the stock market.Now,however,due to the default of kangdexin bond and the decline of revenuc kangdexin is about to face the delisting crisis.With such ups and downs,kangdexin is very representative of the research on "arnings Management under the pledge of controlling shareholders' equity.Therefore,this paper takes the case study method to analyze the earnings management under the equity pledge of kangdexin controlling shareholder.Based on the analysis of the equity pledge of the controlling shareholder of kangdexin in recent years,and based on its equity pledge and earnings management motivation,combined with the financial statement project and the situation of the same industry company,identify the earnings management of kangdexin.Then,through the factor molecular analysis of the overall financial situation of the company after earnings management under the equity pledge of kangdexin,it is found that kangdexin began to pledge equity in 2010,and then the operating situation began to decline.In addition,the research finds that kangdexin increases operating revenue through real earnings management means such as related party transactions,and increases net profit by reducing accrued bad debt reserves and depreciation of fixed assets.Finally,through the analysis of kangdexin,this paper puts forward the corresponding enlightenment and suggestions from the four aspects of corporate governance,securities companies and regulatory departments,investors and third-party audit institutions.