The Impact of Fund Holdings on the Real Activities Earnings Management

After 20 years of development, the impact Fund holdings in corporate governance has also received more and attention. This paper analyzes effect fund from perspective real activities earnings management, considers nature firm industry reform 2012. took data a-share listed companies 2006 to 2017 as sample, referred model Roychowdhury used measure level activity multiple linear regression method for empirical analysis. The findings are follows: have a significant inhibitory on management; when considering enterprises, inhibiting is non-state-owned but not state-owned enterprises; changes 2012, this inhibition pronounced after change. above results show that can exert its management by supervising restricting major shareholders. enterprise will limit effect, standard development active guidance strengthen effect.