In the implementation of important instructions on encouraging enterprise investment,equity investment,and effective investment by investors in the 2024 annual government work report,and in the practice of achieving long-term development of enterprises,the study of the impact of controlling shareholder equity pledge on real earnings management has important theoretical significance and guiding value.On the basis of the existing conclusion that the proportion of equity pledge by controlling shareholders is positively correlated with real earnings management and the consensus reached in this study,the moderating variable of stock price decline is added.Empirical analysis is conducted on the data of A-share listed companies with equity pledge,and it is found that when the stock price drops,an increase in the proportion of equity pledge by controlling shareholders will promote real earnings management of listed companies.Due to the fact that the true earnings management of enterprises can affect the authenticity of accounting information disclosure.Therefore,in promoting the long-term development of enterprises and achieving effective investment by investors,first of all,enterprises should strengthen the management of accounting information disclosure systems.Secondly,individual investors should also strengthen their theoretical learning of investment knowledge,improve their awareness of investment risks,and have the ability to identify the authenticity of accounting information disclosure.
万方数据
维普
