This paper first reviews concepts and characteristics of the, earnings , , econometric model of earnings , and empirical studies between and earnings management. Secondly, make a descriptive statistical analysis of the status of related party transactions of listed companies of China, and summarize the existing features, and research motivations of related party transactions and earnings management. Thirdly, discuss how internal and external governance mechanisms influent them, and based on this, propose five hypotheses of this text. Finally, form the reference to the results of previous studies, use Modified Jones model as the measure of earnings management, establish a multiple regression model with Controlled Accruals as explanatory variable for empirical research. In the empirical study, select a total of668A-share manufacturing listed companies of Shanghai and Shenzhen board from2009to2011as study sample, first make a descriptive statistical analysis of each variable, draw characteristics of the transactions and earnings management of the Listed Manufacturing Companies. Then, use spss19.0software to verify the five hypotheses proposed in this paper.The empirical results show that:1, it’s clearly that listed companies use party transactions for earnings management;2, listed companies whose top managers in the implementation of equity incentive plan have larger likelihood of using related party transactions for earnings management;3, the possibility to manage earnings in public companies which the controlling shareholder occupies more than50%is not necessarily greater;4, those the first major shareholders equity is less than15%have less likelihood of using related party transactions for earnings management;5, those listed companies whose governance layer been publicly condemned or administrative punished by the listed companies trading securities commission have larger possibility of using related party transactions for earnings management. Finally, based on the results of empirical analysis, make several countermeasures from the governance of mechanisms for remediating the behavior of using related party transactions for earnings management.
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