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论文编号：	3180
作者编号：	2120092322
上传时间：	2011/6/3 12:35:11
中文题目：	中国上市公司现金流操纵行为及其影响因素研究
英文题目：	The Research of Cash Flow Manipulation and Influencing Factors in Chinese Stock Market
指导老师：	周宝源
中文关键字：	现金流操纵 现金流 长期负债率 终极控制人性质
英文关键字：	Cash Flow Manipulation; Cash Flow; Long Debt Ratio; Ultimate Controller Nature
中文摘要：	现金流量是财务信息中非常重要的一个指标。从1998年我国上市公司被强制要求披露现金流量表以来，现金流量信息得到越来越多的关注。现金流像企业的血液，是企业生产经营成果的一种体现，也是企业经营活动的物质基础。基于权责发生制的应计利润往往被认为易受到管理层的操纵，而基于收付实现制的现金流则被认为是不可操纵的。随着盈余管理现象逐渐普遍，银行等利益相关人越来越看重现金流数字。越来越多的研究发现，现金流也是可以被操纵的。本文试图对此进行验证，并进一步对现金流操纵的影响因素进行研究。这是在前人研究基础上的拓展，有助于增加现金流的信息含量，并了解一些可能对现金流操纵程度起到约束作用的因素。 本文的主要内容分为三大部分。第一部分是引言、理论基础和文献综述。本文从会计视角、财务视角和公司治理视角三个方面对现金流操纵的概念与方法进行了较为深入地介绍。同时，本文结合有关理论对现金流操纵的动因进行了相关文献回顾。第二部分，在第一部分的基础上，本文对现金流操纵程度的影响因素进行了相关文献回顾，并提出了五大假设。第三部分是实证部分，本文创新性地采用分布检验法和多元回归模型法对现金流操纵行为进行验证，并分别检验上述三方面的影响因素对现金流操纵程度的影响。综合两种研究方法的结果，本文发现：上市公司存在现金流操纵行为，并且有强烈的“扭负”和“超越”上一年度现金流量动机；资产负债率越高，现金流操纵程度也稍偏高；长期负债率越高，现金流操纵程度越低；第一大股东持股比例对现金流操纵程度的影响不确定，还需要进一步的研究支持；国有控股的上市公司现金流操纵程度更低。
英文摘要：	Cash flow has long been a very important index in financial information. Since 1998, when public companies in China were forced to disclose Cash Flow Statement, cash flow has received more and more focus. Cash flow, like “blood” of corporations, is achievements of operating outcomes, and is also the physical basement of operating activities in corporations. Accruals are said to be susceptible to management manipulation, where cash flows are said to be unmanageable. As Earning Management becomes popular, bank and other related parties value cash flow outcomes more and more. A lot of research recently discovered the fact that cash flow is also manageable. This paper is trying to verify this statement, and one step further, to study the influencing factors of cash flow manipulation. This is an extension on past research. It contributes to incremental information on cash flow, and also helps in discovering possible restrictive factors on cash flow manipulation. The main content of this paper can be divided into three parts. The first part includes Introduction, theory exploration and literature review. This paper explored the descriptions of basic concepts and methods of Cash Flow Manipulation in the perspective of Accounting, Finance and Corporate Governance, respectively. In the mean time, this paper explored the four motivations of Cash Flow Manipulation: Performance Evaluation; Transaction Cost; Debt Financing Requirements and Equity Financing Requirements. The second part is literature review on influencing factors of cash flow manipulation and the presentation of five hypothesizes. The third part is empirical research. This paper uses Distribution inspection method and multiple regression model method to verify the existence of cash flow manipulation, separately. Using these two methods, this paper also explored the influencing factors mentioned above to cash flow manipulation. Given the results of these two methods, we discovered: the existence of cash flow manipulation with strong motivations to avoid negative and last year cash flow; positive connection between debt-to-asset ratio and cash flow manipulation; negative connection between long debt ratio and cash flow manipulation; positive connection between shareholding ratio of 1st shareholder and cash flow manipulation; State owned corporations represent lower cash flow manipulation.
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