基于选择偏好的中国上市公司现金流操控动机研究

It is proved in previous literature that Chinese listed companies’ cash flow are manipulated, and there are three motivations as Earnings Management: reporting positive cash flow, exceeding last year’s cash flows and meeting analyst cash flow forecasts. By using method of conditional distributions, this study analyzed the cash flow manipulation of Chinese listed firms during 2004-2007. We find that managers make more efforts to push cash flow over 0 point than last year’s cash flow or analyst cash flow forecasts, that is to say manipulation in slighted positive cash flow is more prevalent. This study also finds that manager have multiple manipulation motivations, it can be defined as “to be better” psychology.