The Impact Of "Three Kinds Of Shareholders" On Earnings Management

From the perspective of "three types of shareholders",based on the annual report data of Shanghai and Shenzhen A-share listed companies from 2013 to 2017,this paper studies the impact of corporate governance environment on earnings management of three types of shareholders by combining theoretical and empirical research methods.The study finds that under the consideration of corporate governance,the three types of shareholders' shareholding ratio and earnings management level are significantly negatively correlated.When the proportion of the three types of shareholders' shareholding listed companies is high,the earnings management behavior of listed companies will be inhibited.The degree of misallocation of excess cash flow rights,the combination of two positions and the concentration of ownership structure often bring about a favorable governance environment for earnings management.Further research found that the governance environment of listed companies directly affects the environment and motivation of earnings management,will weaken or strengthen the inhibition of "three types of shareholders" holding listed companies on earnings management.Through the study of "three types of shareholders" is conducive to improving the efficiency of capital allocation,and has a positive significance for the improvement and development of China's capital market.