On the Earnings Management of M&A among the Listed Companies of China's Steel Industry from the Perspective of Efficiency
Shuangjie Li, Yin Xunya · 2012
This article improved Yoon-miller model which measure earnings management degree,calculated the discretionary accruals(DA) and total factor productivity(TFP) in the mergers and acquisitions (MA) of listed companies of China's steel industry among the year 2003-2009,analyzed the inherent relationship between earnings management and efficiency in the MA.The result indicated that,listed companies which had the effective TFP one year after MA behavior,had the upward earnings management in the MA year;listed companies which had the effective TFP both MA year and next year, had the downward earnings management one year after the MA behavior.