Study On Recognizing Cash Flow Manipulation In Chinese Listed Companies

Since the 1980s, the authenticity of surplus information based on accrual basis has been gradually received people's questions. While the cash flow information receives an increasing number of attentions because of avoiding the accrual basis's flaw. Through cash flow information, people may get more management information and financial situation. But the executives of listed companies as the agent possibly manipulate the cash flow information based on their own private interest. The cash flow manipulation leads to serious consequences, therefor recognizing the cash flow manipulation, to a certain extent, can eliminate asymmetry of the capital market information, optimize the allocation of resources, reduces the benefit counterparts'harm by the manipulated cash flow information. But how to recognize the cash flow manipulation effectively, is a question which urgently to be solved. This article begins to do some research about the recognition on cash flow manipulation in Chinese listed companies.In the part of theory, this article firstly introduces the cash flow manipulation's related concepts, carries on the comparative analysis to the cash flow manipulation and the management and the profit manipulation, elaborates the theory foundation; secondly take the recognition of cash flow manipulation as the research's focal point, and carries on system's summaries basing on reading the domestic and foreign massive literature; thirdly according to the practical situation, analyses the manipulation means and recognition methods about cash flow manipulation; finally from the multiple perspectives, constructs the recognition indicator system about cash flow manipulation in Chinese listed companies on the foundation of the above analysis. In the empirical content, this article firstly choses 28 listed companies as the manipulation samples which were publicly punished because of illegal funds from 2005 to 2009; secondly choses 28 listed companies as the control samples according to following three standards:the same profession, the same time and the similar property scale, finally carries on the empirical analysis to cash flow manipulation, and constructs the recognition model of cash flow manipulation.The result of Logistic regression indicates that there are 8 recognition indicators entering to the recognition model, and these 8 indicators have the significant recognition capability to the cash flow manipulation. They are:operation cash net flow in debt, the ratio of net profit including cash, the ratio of total asset growing, the amount of each operation cash net flow, other receivable in the assets, the ratio of payment to staffs cash, share concentration and non-standard audit opinion, separately represents company's financial situation, profit, development, the cash flow information, the related-party transaction, the employing, the corporate governances structure and the audit opinion.In the end, this article summarizes the main conclusion, proposes the related suggestion, and points out the research's limitation...