Research on the Influence of the Quitting Regulations on the Earning Management about Listed Company in China
|Keywords||Earnings Management Listed companies Delisting system|
Earnings management of listed companies has become a chronic problem of the securities market, a lot of earnings management in China's securities market, as well as financial malpractice, the underlying motivation is to achieve the relevant securities regulatory requirements, to achieve the purpose of equity financing. From this point, the stock market is not reasonable regime became a listed company earnings management incentives. The late start of delisting system, the implementation of the \The stock's listed qualifications and profit targets linked to some of the delisting of the company can keep its by manipulating profit targets on listing eligibility. In this context, this paper combined with the basic knowledge of earnings management, the use of the public disclosure of listed companies of Shenzhen and Shanghai, the use of normative research and empirical research method of combining inspection the delisting provisions of the securities regulatory authorities in China have been put forward on Listed Companies' Earnings management behavior, combined with research conclusions put forward the recommendations to improve the delisting regulatory system in China. This paper is divided into four parts: the first part describes the basic theory of the earnings management. First international academic representative viewpoint on the definition of earnings management is reviewed, come to the definition of earnings management, analysis of earnings management on the basis of the characteristics of its inevitability, and then describes the theoretical basis of earnings management - contract theory and asymmetric information theory, and its impact on earnings management theory. The second part of the analysis of our the delisting system with earnings management relationship. First, through the analysis of more mature securities market to delisting regulations and China's delisting system, reveals a lack of current delisting system. Then, using standard research methods to analyze the impact of the the delisting system of earnings management of listed companies in China. Related to the interests of the listed companies in China's delisting regulations impact of the revocation of the special treatment of the main measures to deal with the case of listed companies, as well as listed companies was promulgated by the statistical analysis of the listed companies delisting system obtained in response to retire municipal system of listed companies there may be the preliminary conclusions of the earnings management behavior, and proposed delisting system affect earnings management behavior based on preliminary assumptions. The third part of the empirical analysis delisting system earnings management of listed companies, reflect the major part of this innovation. According to the second part of the study of the evolution of the delisting system is divided into three stages, in stages of analysis of the evolution of the delisting system of listed company earnings management behavior. The empirical study is divided into two parts, the first part of the sample selected from 1998 to 2002, 102 companies special treatment as, analyze the impact of the delisting regulations introduced in 1998 and 2001 earnings management behavior of listed companies; second part of the selected 2002 to the 2005 loss of 160 listed companies as samples, analysis of the impact of the Supplementary Provisions introduced in 2003 delisting of listed company earnings management behavior. Part IV concludes. Given the conclusions of the study of the full text, and combine empirical analysis conclusions suggestion to improve our delisting regulatory regime. In this paper, the following innovative features: 1, this paper studies the delisting system changes the earnings management of listed companies, belonging to the field of earnings management motivation, previous earnings management motivation is more concentrated than with previous studies in IPO companies, increasing the allotment companies or losses of listed companies, and rarely involve a the delisting system of earnings management of listed companies, even involving normative analysis is limited to rare empirical research. Delisting system in this paper on the impact of earnings management behavior the delisting system of evolution of three phases, combined with the delisting system of the various stages of evolution of empirical analysis of earnings management behavior change. Phased study earnings management of listed companies to reveal the the delisting system of evolution can be more clear. 3, this article is not only using the the normative analysis method combines empirical analysis method accrued the profit analysis method and Dean Goro model using descriptive statistical analysis, t test, Mann-Whitney U test, the integrated use of research methods can be more Good analysis the delisting system of earnings management of listed companies in China.