Empirical Research on Earnings Management and its Influence on Investment Behaviors in Listed Real Estate Companies in China : 부동산 주식회사의 잉여관리와 투자행위 관계의 실증분석

K-REITs의 특성에 따른 부채비율 결정요인을 분석했다.

이익관리와 기업의투자행위가자본시장의관심사입니다.본연구는 2012년이전에 상장했던 부동산주식회사의재무제표분석을통하여부동산주식회사의이익관리행위가 투자결정에미치는영향을분석하였습니다.분석결과부동산주식회사의재무제표를 통해 이익관리행위가 존재하는 것을 발견하였습니다. 그리고 부동산주식회사는 부동산 항목의 조절을통하여이익관리를통제합니다.또한잉여관리의 수준과회사의투자수준이양(+)의결과가 존재한다는 결과가 나왔습니다. 따라서 이익관리의 수준이증가하면부동산주식회사의투자수준도증가합니다. 만약부동산 주식회사의연간예상 소득수준에 미달하면 관리자들이 부동산투자를줄이지않고오히려부동산투자를증가시키셔수익을높입니다 Earnings management and corporate investment behavior are the focus of capital market concerns. This research discusses the earnings management behaviors of listed real estate companies and its impact on investment decisions by analyzing annual financial report of all real estate companies that went public before 2012 in China.

The study found that there are earnings management behaviors in the annual financial report in real estate listed companies. And real estate listed companies will manipulate earnings management behavior by inventory. Moreover, the level of earnings management and the company's investment level has a positive relationship, which means with the increase of the degree of earnings management, the investment level of the real estate enterprise also increase. If the expected annual earnings level of real estate listed company did not meet the intended target, the management will increase investment in real estate instead of reducing investment to increase profits.