중국 증권거래소 상장기업의 이익조정
Earnings Management in China Stock Exchange
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Recently, direct stock investment in China company is going to be emerging while the China’s economy grows in a rapid speed and Shanghai-Hong Kong Stock Connect was introduced in China stock exchanges. This paper tries to analyze the trend of earnings management of Chinese company listed in 3 stock exchanges in China which are located in Hong Kong, Shanghai and Shenzhen respectively. The earnings management is measured by discretionary accruals using the model suggested in Kothari et al.(2005). Empirical test result shows us that the earnings management of Hong Kong stock exchange company was significantly lower than that of Shanghai or Shenzhen stock exchange company. This means the several restrictions in Shanghai and Shenzhen reduced the diversity of stakeholders of companies, which made the management to exercise more discretionary power in accounting judgement. In addition, I tried to discover the difference of discretionary accruals between the domestic companies of China and the cross-border listing companies because there is common understanding that the cross-border listing results in increase of various stakeholders of companies leading to the decrease of discretionary activities in accounting choices of management. But the empirical results did not strongly support my expectation. The earnings managements of cross-border listing companies are not significantly lower. In the near future, many studies on the China stock exchanges is expected to be increased in Korea to keep pace with the extension of interest in direct investment in Chinese companies together with the implementation of Shanghai-Hong Kong Connect(扈港通) and Shenzhen-Hong Kong Connect(深港 通).
Abstract
Recently, direct stock investment in China company is going to be emerging while the China’s economy grows in a rapid speed and Shanghai-Hong Kong Stock Connect was introduced in China stock exchanges. This paper tries to analyze the trend of earnings management of Chinese company listed in 3 stock exchanges in China which are located in Hong Kong, Shanghai and Shenzhen respectively. The earnings management is measured by discretionary accruals using the model suggested in Kothari et al.(2005). Empirical test result shows us that the earnings management of Hong Kong stock exchange company was significantly lower than that of Shanghai or Shenzhen stock exchange company. This means the several restrictions in Shanghai and Shenzhen reduced the diversity of stakeholders of companies, which made the management to exercise more discretionary power in accounting judgement. In addition, I tried to discover the difference of discretionary accruals between the domestic companies of China and the cross-border listing companies because there is common understanding that the cross-border listing results in increase of various stakeholders of companies leading to the decrease of discretionary activities in accounting choices of management. But the empirical results did not strongly support my expectation. The earnings managements of cross-border listing companies are not significantly lower. In the near future, many studies on the China stock exchanges is expected to be increased in Korea to keep pace with the extension of interest in direct investment in Chinese companies together with the implementation of Shanghai-Hong Kong Connect(扈港通) and Shenzhen-Hong Kong Connect(深港 通).
참고문헌 (16)
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