Research On The Influence Of Earnings Management On The Performance Of Listed Companies After Convertible Bond Financing

As an innovative financial tool,convertible bonds have the characteristics of both bonds and stocks.After the regulators strengthened the supervision of the private placement market in 2017,the financing scale of convertible bonds in my country has increased rapidly.Financing is the preferred financing vehicle and becomes an important part of the refinancing vehicle.In the context of the "convertible bond boom",its financing effect remains to be studied.This article not only conducts theoretical and empirical analysis,but also selects typical cases for analysis.First of all,it conducts an empirical analysis on the performance of listed companies after convertible bond financing.It is found that the financial performance of listed companies after convertible bond financing shows a downward trend.,and further analyzes the impact of earnings management on the company’s performance after convertible bond financing from the perspective of earnings management,and finds that earnings management is one of the important reasons for the decline of listed companies’ performance after convertible bond financing.This paper mainly uses the Wilcoxon signed-rank test to compare and analyze the sample group and the control group to explore the performance changes before and after the issuance of convertible bonds.Then,the existence of earnings management before the issuance of convertible bonds of listed companies is verified,and the impact of accrual earnings management on the company’s performance after convertible bond financing is further analyzed by multiple regression analysis.Then,it conducts an empirical analysis on the impact of real earnings management on the company’s performance after convertible bond financing,and finally selects Blue Shield for case analysis.Its earnings management is mainly reflected in the use of impairment provision policies and the manipulation of sales revenue.The purpose of the issuance was achieved,but the performance of the company’s convertible bonds after financing was greatly harmed.The research of this paper shows that:(1)The performance of listed companies in my country before the issuance of convertible bonds has an upward trend.After the successful issuance of convertible bonds to obtain funds,the performance of the companies has declined.Compared with the control group in the same industry,the performance before convertible bond financing is better than that of the control group,and the performance after convertible bond financing is worse than that of the control group.(2)Listed companies have earnings management before issuing convertible bonds,and accrued earnings management has a negative impact on the company’s performance after convertible bond financing.(3)Real earnings management has a negative impact on the company’s performance after the issuance of convertible bonds,and this impact is long-term.Earnings management is one of the reasons for the performance decline of listed companies after convertible bond financing.