Research On The Influence Of Earnings Management Of Real Estate Enterprises On Investment Efficiency Based On Equity Characteristics

In recent years,our country's real estate industry has developed rapidly,gradually transforming from rough growth to high-quality growth.Most real estate companies have continuously adjusted their investment layout in the wave of economic transformation and pursued the maximization of corporate value.For most enterprises,the value is largely determined by the projects they invest in.The efficiency of investment projects directly affects the development of the enterprise.Therefore,how to achieve the optimal allocation of limited resources,improve the investment efficiency,and increase the value of enterprises has become a concern.In order to reveal the law of investment efficiency of real estate companies and find measures to improve the investment efficiency of the industry,this paper selects earnings management and equity characteristics as independent variables in the process of research to discuss the impact of both on over-investment and under-investment.Based on the principal-agent theory,information asymmetry theory and corporate behavior finance theory,the relationship between earnings management and investment efficiency is expounded,and the moderating effect of equity characteristics on the two is studied,and related hypotheses are proposed.Then collect the data of my country's listed real estate companies in the past six years as a sample,establish a model,and conduct empirical analysis to verify the proposed hypothesis and draw relevant research conclusions.The empirical research results of this paper are that the earnings management of real estate companies promotes inefficient investment,and the concentration of equity significantly enhances the relationship between earnings management and inefficient investment.The degree of equity checks and balances significantly weakened the relationship between earnings management and inefficient investment,and the management's shareholding ratio significantly weakened the relationship between earnings management and inefficient investment.Based on the empirical results and analysis of influencing factors,it is proposed to strengthen the management of information disclosure of listed companies in the industry and reduce the level of earnings management;carry out equity expansion and appropriately dilute the shareholding ratio of large shareholders;adjust the distribution of shares and increase the shareholding ratio of small and medium shareholders;Appropriate allocation of shares to management to alleviate agency problems and other suggestions.