Research On The Management Of Non-recurring Profit And Loss Earnings Of *ST Xia Gong

ST is a unique delisting risk warning system in China.Its significance lies in reminding investors to pay attention to the operational risks of listed companies,and reminding companies to pay attention to the risks of their main business operation.However,China Securities Regulatory Commission does not clearly stipulate that the actual net profit of * ST company after deducting the non recurring profit and loss business is a positive condition,so it should be said that the condition is relatively simple to some extent.After being forced to delist by the CSRC,the listed companies want to enter the capital and securities market again,the threshold will become more severe than the initial public offering of shares,which leads to many * ST companies choose to use non recurring profit and loss earnings management means to "take off the hat" in key years to whitewash their real business results.There are some loopholes in the definition and disclosure of non recurring profit and loss items in China,which provides many listed companies facing delisting pressure with opportunities to beautify financial statements.However,non recurring profit and loss earnings management can not fundamentally change the profitability of * ST company,most of * ST company's operating conditions are still unsatisfactory after the cap is removed.Moreover,the non recurring profit and loss earnings management behavior will not only destroy the effective operation of China's securities market,but also destroy the equity of the capital market due to the information asymmetry.Based on this,this paper uses the method of case study to analyze the specific problems of the event of "removing the hat" of St Xiagong,an important state-owned enterprise in China's machinery manufacturing industry.First of all,the first chapter summarizes the significance and background of the relevant research,as well as the relevant literature at home and abroad about earnings management of listed companies using non recurring profit and loss items.The second chapter is the definition of ST system,non recurring profit and loss,earnings management and related theories.Next,the third chapter is the specific case of this study,the analysis of the overall situation of the development of the machinery manufacturing industry of * ST Xiamen and the basic introduction of its company's equity structure and financial situation.On the basis of these,the fourth chapter is to analyze the specific motivation of using the non recurring profit and loss earnings management,the nonrecurring profit and loss items used in the process of * ST Xiamen's decapitation and their impact on investors,creditors' rights and interests The harm caused by the development of people and companies.According to these adverse consequences,the fifth chapter will put forward three aspects from the national policy level,the external supervision level and the internal governance level to prevent * ST company from using the non recurring profit and loss to try to take off the hat.Finally,the sixth chapter summarizes the conclusion of case writing and points out the shortcomings in the analysis process.