Research Article
The Impact of Earnings Management of Listed Companies in China on Their Investment Efficiency —— Based on The Adjustment Effect of The Supervision of Independent Directors
@INPROCEEDINGS{10.4108/eai.27-10-2023.2342019, author={Zhengchao Zhang and Anqi Yang}, title={The Impact of Earnings Management of Listed Companies in China on Their Investment Efficiency ------ Based on The Adjustment Effect of The Supervision of Independent Directors}, proceedings={Proceedings of the 4th International Conference on Economic Management and Big Data Applications, ICEMBDA 2023, October 27--29, 2023, Tianjin, China}, publisher={EAI}, proceedings_a={ICEMBDA}, year={2024}, month={1}, keywords={earnings management; independent director;investment efficiency; internal supervision}, doi={10.4108/eai.27-10-2023.2342019} }- Zhengchao Zhang
Anqi Yang
Year: 2024
The Impact of Earnings Management of Listed Companies in China on Their Investment Efficiency —— Based on The Adjustment Effect of The Supervision of Independent Directors
ICEMBDA
EAI
DOI: 10.4108/eai.27-10-2023.2342019
Abstract
In the current market environment, China's listed companies unreasonable resource allocation, low investment efficiency and other problems are increasingly prominent. The earnings management of listed companies for various purposes will cause low investment efficiency, and the supervision of independent directors will alleviate this impact to some extent. In order to investigate how the earnings management of listed companies acts on the investment efficiency and the adjustment effect of the supervision of independent directors (the number of independent directors) in the relationship, the listed companies that meet the requirements of Shanghai-Shenzhen A-shares from 2008 to 2019 are taken as samples, and the multiple regression analysis method is used for empirical analysis. The results show that earnings management has a negative effect on investment efficiency; the supervision of independent directors can weaken the negative impact of earnings management on investment efficiency.