摘要
以1998～2007年中国A股市场的上市公司为研究对象,构建了现金流量操控程度度量模型,分析了上市公司现金流量操控行为。研究发现,上市公司为确保经营活动现金流量为正、超越上年度经营活动现金流量以及迎合分析师经营活动现金流量预测,存在操控现金流量的现象。上述结果不仅证明了现金流量操控程度度量模型的有效性,而且为中国上市公司现金流量操控行为的识别及其程度的度量提供了新的途径。
Prior researches have not resolved the measure of the manipulation of cash flows. This paper develops a model to measure the manipulation of cash flows and study the behaviors of cash flows manipulation in Chinese A-share market during the period 1998-2007. The authors find that those companies with reporting positive cash flows, transcending cash flows in previous year or meeting analyst cash flow forecasts have stronger incentive to manipulate cash flows. The results not only verify the model＇s effectiveness, but also provide a new way to identify the behaviors of cash flows manipulation and measure the level of it.
出处
《山西财经大学学报》
CSSCI
北大核心
2010年第5期93-100,共8页
Journal of Shanxi University of Finance and Economics
基金
教育部博士点基金项目"中国上市公司现金流操控行为研究"(20070698047)
国家社会科学基金资助项目"资产结构
资产流动性与企业价值研究"(07BJY025)
教育部新世纪人才支持计划项目(NCET-07-0309)
关键词
现金流量操控
度量模型
阈值
cash flows manipulation
measurement model
threshold
