Earnings Management of Chinese List Companies During Announcing Rights Issue
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Abstract:
The listed companies have strong motivation earnings management beforerights issue (RI) in order to achieve the qualification of equity refinancing. After dealed with a positive study on earnings management of RI in 242 Chinese list companies, it is discovered that Chinese RI firms have earnings management that is much more than developed securities market and other emerged securities market before announcing year, but there is not earnings management after announcing second third year, and it is discovered credit business is a main tool of earnings management.
