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On the Relation between Equity Incentives and Earnings Management of Listed Companies

Author: LiuHongYan
Tutor: GaoYanRu
School: Harbin Institute of Technology
Course: Accounting
Keywords: Equity incentive Earnings Management Contract Theory
CLC: F275;F224
Type: Master's thesis
Year: 2010
Downloads: 420
Quote: 1
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Abstract


Equity incentive as an advanced way of incentives, enabling the management of long-term interests and business interests together, and can effectively reduce agency costs. With the \However, the equity incentive inherent sides, if we can effectively use, will greatly mobilized the enthusiasm of management, long-term incentive effect; if misused, it will generate moral hazard, prompting management's earnings management behavior, to listed companies bring unexpected negative effects. In this paper, principal-agent theory, corporate contract theory and economic theory, using a combination of qualitative and quantitative analysis methods, to our listed companies equity incentive and the relationship between earnings management made a systematic and in-depth research. Depth understanding of equity incentives and earnings management, improving the design of our equity incentive mechanisms to enhance investor protection and provide a useful reference. This article first equity incentives and earnings management related theories and literature review, and then build equity incentive principal-agent model, the internal mechanism and earnings management analysis, found that as the equity incentive intensity increases, motivation to manage earnings management more strong, if the management of the Board to carry out effective monitoring of earnings management, you can reduce the level of earnings management. On this basis, the paper selected as of December 31, 2006 has been the implementation of equity incentive 49 of 46 listed companies in the sample, in the modified Jones model based on adding inventory and cost of principal operations to estimate the impact of earnings management level, through the one-sample T-test a year before the implementation of equity incentive verify the existence of earnings management behavior. Then create a multiple linear regression model, using panel data on Chinese listed companies in the implementation of equity incentive equity incentive under the conditions of the relationship between earnings management and an empirical study. The results show that: In the year before the implementation of equity incentive, a listed company earnings by reducing maneuverability carried downward earnings management; implementation of equity incentive plans listed company whose equity incentive intensity and extent of earnings management there was a significant positive correlation.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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