Research On Cmst Earnings Management Under The Background Of Mixed Ownership Reform

The mixed ownership reform of state-owned enterprises is an important breakthrough to improve corporate governance,optimize resource allocation and stimulate the vitality of state-owned enterprises,and earnings management is the focus of corporate governance.As a leading company in the warehousing and logistics industry,CMST introduced Singapore giant GLP through mixed ownership reform,realizing the integration of state-owned capital and social capital,but how has China Reserve’s earnings management level performed after the introduction of GLP? Has the mixed-ownership reform suppressed the earnings management level of CMST? What effect does earnings management bring to the enterprise? This paper takes this problem as the orientation for research.This paper takes the mixed ownership reform event of CMST as the research object.First,through a large number of literature research,it sorts out the related concepts and theoretical basis of mixed ownership reform and earnings management,and sorts out the measurement model,motivation and means of earnings managem ent.Based on property rights theory,decentralized control theory,principal-agent theory,information asymmetry theory and contract theory,the modified Jones model is used to measure accrual earnings management,and the Roychowdhury model is used to mea sure real earnings management;Secondly,it introduces the development process of the mixed-ownership reform of the CMST,and analyzes how the mixed-ownership reform affects the earnings management behavior of enterprises from the perspectives of sharehold ing structure,control structure and incentive mechanism;Once again,the motives of earnings management of CMST are analyzed,and it is found that there are motives f or shaping the company’s image and financing demand constraints in CMST;Then,it analyzes the degree of earnings management of CMST from two perspectives,qualitative and quantitative.The qualitative aspect is based on the window period and lag period of mixed ownership reform.The quantitative aspect is measured b y the earnings management model.CMST use the relaxation of credit conditions,the provision of depreciation of fixed assets,the use of related party transactions and changes in the scope of consolidation and other earnings management methods;Finally,it evaluates the economic consequences of the earnings management of CMST and puts forward suggestions.The results show that mixed ownership reform will indeed inhibit the level of earnings management of enterprises.Earnings management has brought dual economic consequences to enterprises.The consequence is that earnings management makes the company’s earnings unsustainable.Finally,through the research of this paper,it will provide enlightenment for the follow-up mixed ownership reform enterprises to supervise the short-sighted behavior of management from the perspective of diversified ownership structure,perfect control structure and strengthening incentive mechanism.The adverse effects of the report provide a reference for other listed companies.