中国上市公司经营现金流操控程度研究

his study examines the significance and prevalence of operating cash flow manipulation in the Chinese stock market. Using the Burgstahler and Dichev (1997) the Distribution of Earnings and the best-fitted distribution model, examining the operating cash flow of equipment & machine industry, wholesale & retail industry and information technology industry during 1998-2006, we find the evidence of operating cash flow manipulation. We also find the different manipulation prevalence among three industries. The empirical research indicates that: (1) cash flow 0 point and last year’s operating cash flows point are significant thresholds in three industries; (2) at the cash flow 0 point and the last year’s operating cash flow point: the three industries make different cash flow manipulation. Companies in wholesale & retail industry and information technology industry make more cash flow manipulation.