Monetary Policy,Controlling Shareholders' Equity Pledge And Accounting Information Comparability

In recent years,the controlling shareholders' equity pledge in listed companies has become even more violent.However,most of the existing researches analyze the economic consequences of controlling shareholder equity pledge from the perspective of control transfer risk and agency issues.These studies mainly focus on the relationship between controlling shareholders' equity pledge and its economic consequences.It does not explain the underlying problem that controlling shareholders' pledge of equity is facing the financing problem,nor does it explain the ways in which controlling shareholders' equity pledge affects its economic consequences.Therefore,through an empirical analysis of the data of listed companies in China,we try to expand and extend this to clarify the transmission mechanism of controlling shareholders' equity pledge behavior.Further combined with the macro-policy environment,under the government's macro-economic policy control,the effect of controlling shareholders' equity pledge on the enhancing qualitative characteristic--accounting information comparability?For the above reasons,in combination with monetary policy environment,literature analysis and empirical method were adopted,this paper investigates the influence of controlling shareholders' equity pledge on the accounting information comparability based on the transmission mechanism of earnings management in a sample of 2007-2016 years' nonfinancial listed companies with A shares in Shanghai and Shenzhen.The results show that there is a significant positive correlation between the current period of the controlling shareholders' equity pledge and the accounting information comparability,but there is no significant negative correlation between the period before the controlling shareholders' equity pledge and the accounting information comparability.When the monetary policy is loose the positive correlation is more significant,while in tight-money policy the negative correlation is more significant,which satisfies the transmission mechanism of "monetary policy--the controlling shareholders' equity pledge--earnings management--accounting information comparability".Further analysis indicates,financing constraints are significantly positively correlated with accounting information comparability and conform the transmission mechanism of earnings management.For companies with pledge of controlling shareholders' equity pledge,the accounting information comparability has been significantly improved from one year before the pledge to the year of the pledge.Significant positive correlation between the current period of controlling shareholders' equity pledge of non-state-owned enterprises and the accounting information comparability.Selecting a high-quality external audit company,the controlling shareholders' equity pledge period has a significant positive correlation with the accounting information comparability.This paper proposes a study on the transmission mechanism of earnings management between the controlling shareholders' equity pledge and the quality of accounting information,and incorporates monetary policy,the controlling shareholders' equity pledge and accounting information comparability into a research framework,which expands the research on the transmission mechanism between macroeconomic policies and enterprises' microeconomic behaviors.