Research On The Behavior And Consequences Of JingCheng Mac Performance Manipulation

The disclosure of performance information of listed companies is a very important channel for investors to understand the company.The quality of performance information disclosure directly affects the perception of regulatory agencies,investors,and others on the financial condition and operating results of the company.Performance information disclosure can be divided into two aspects:the financial part and the non-financial part.The financial part is mainly included in the data section of the "Four Tables and One Note",reflecting the financial data and operating results of the enterprise;The non-financial part mainly consists of textual information,mainly including management discussions and analysis,and textual descriptions of business operations.At present,many listed companies have situations of manipulating their performance,especially those facing losses or even delisting pressure,which have a stronger motivation to manipulate their performance.It is worth noting that after using earnings management to adjust profits,listed companies do not truthfully disclose performance information,but rather try to explain changes in performance in a direction that is beneficial to managers,guiding investors’ understanding and attitude towards the company’s performance,thereby achieving the effect of "consistency of words and actions" and achieving the purpose of performance manipulation.This compound performance manipulation behavior,which includes earnings management and performance attribution,is more confusing and difficult for investors to detect compared to previous single means of performance manipulation such as earnings management.It undermines the quality of performance information disclosure and has not yet received widespread attention.It needs to be paid attention to in both academic and practical fields.Starting from the manufacturing industry with a large number of listings and strong comparability,this article focuses on factors such as having been warned of risks and not being optimistic about the business situation after being "capped",and ultimately selects JingCheng Mac as the research company.In the context of the company facing delisting in 2020,it mainly conducts earnings management through non current asset disposal,government subsidies,related party transactions,and financial support.It also demonstrates the effectiveness of its internal governance by emphasizing its self-interest attribution such as strengthening corporate governance,actively expanding sales markets,and strengthening innovation.The external environment is described as facing complex and severe external environment,economic downturn,and other pressures,Contrast the efforts of internal management.The above behaviors,on the one hand,control financial data through earnings management,providing manipulation space for performance attribution,and on the other hand,provide a "rationalization" excuse for manipulating performance information through performance attribution,thereby diluting one’s own earnings management behavior.This article then conducts a study on the reasons and consequences of the compound performance manipulation of JingCheng Mac,and proposes suggestions based on this.The main contribution of this article is to take JingCheng Mac as an example,and first conduct research on its use of earnings management and performance attribution methods separately.Later,it is found that there is a hidden compound connection between the two,and there is innovation in the research of performance manipulation methods.In addition,this article studies non-financial information in performance information disclosure,analyzes the shortcomings of current information disclosure,and conducts research and improvement on non-financial information disclosure,which has received less attention.I hope that through this study,the academic community can enrich the research direction of performance manipulation in listed companies,provide case samples for identifying and responding to performance manipulation in the practical community,help investors establish a correct understanding of the performance of listed companies,and help the orderly development of the capital market.