Independent Financial Adviser,Earnings Management And Discount Rate

In M & A and restructuring,private placement is an important financing method.However,in the private placement,there is a phenomenon of human criticism.Prior to the fixed-income restructuring,listed companies generally had earnings management behaviors in an attempt to take advantage of the private placement.This paper adopts an empirical research method.By analyzing the relationship between corporate earnings management behavior and the discount rate of fixed-income issuance,and considering the influence of independent financial consultants,this phenomenon is studied in order to improve the efficiency of capital market operations.This article takes the data of fixed-income restructuring of listed companies from 2006 to 2018 as the research sample.The study finds the following conclusions:(1)Earnings management behavior has a positive impact on the discount rate of issuance,that is,the greater the margin of earnings management,the greater the discount rate of issuance.(2)The appointment of an independent financial consultant will weaken the impact of earnings management on the issue discount rate.(3)If the issuer establishes a long-term cooperative relationship with an independent financial adviser,this "relationship" will weaken the positive impact of earnings quality on the discount rate of the issue.(4)The reputation of the independent financial adviser can reduce the distortion of the information,thereby weakening the impact of earnings management on the issue discount rate.Through the research in this article,I hope to make some suggestions for the incomplete capital market system and regulatory requirements,and provide a reference for investors to make scientific investment decisions.