Research on Ownership structure and Earnings Management-Based on investor relations
Under Chinese institutional background, block holders have the incentive to make non-efficiency decision and to manipulate earnings information, which would affect the companys the capital market response and future profitability. After reliability testing of the main variables, this paper examined whether the implementation of investor relations could constraint the earnings management behavior of inners and improve the quality of the information. According to the results of empirical analysis, we got the following conclusions: The higher the level of investor relations, the lower level of earnings management. The implementation of investor relations increased external communication, which could be able to force the company to improve the information quality. This could enforce block holders to re-consider the cost of encroaching the interest of small and medium shareholders, and the containment of investor relations to the behavior of controlling shareholders pursuing private benefits was also supported by the examination result. So, the evidence of this paper supported the theoretical assumptions which investor relations could reduce the “moral hazard, and then optimizing corporate governance.
Yan Hu Ya Liu
Business School, Sichuan Normal University,Chengdu,P.R.China, 610101 Business School, Sichuan Normal University, Chengdu,P.R.China, 610101
国际会议
International Conference on Management and Service Science(2011年第五届管理与服务科学国际会议 MASS 2011)
武汉
英文
1-4
2011-08-12（万方平台首次上网日期，不代表论文的发表时间）