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