英语翻译摘 要本文以1998～2006年的中国上市公司为样本,研究其基于银行借款融资动机而进行避免报告负经营现金流量的现

英语翻译
摘 要
本文以1998～2006年的中国上市公司为样本,研究其基于银行借款融资动机而进行避免报告负经营现金流量的现金流量管理行为.本文运用描述性分析法将银行借款融资动机与其他动机区分出来,得到了样本公司基于银行借款融资动机进行现金流量管理的证据.本文的主要发现为：①将经营现金流量为正的公司与经营现金流为负的公司进行比较,发现在零经营现金流量门槛附近,前者占样本公司总数的比例大于后者；②通过将样本分为下期银行借款融资变量大于零组A、为零组B以将银行借款融资动机与其他动机粗略区分出来后,比较发现A组在零经营现金流量门槛附近微正公司多,而微负公司少而B组微正公司和微负公司则相对均等；③进一步通过更严格地分组分为下期银行借款融资变量、本期银行借款融资变量以及本期期初银行借款余额变量三项中有一项大于零组C和均为零组D,比较发现在零经营现金流量门槛附近C组微正、微负比例差异更明显地大于D组,为此更有效地获得了公司基于银行借款融资动机而进行现金流量管理的证据.
关键词：上市公司；银行借款融资；动机；现金流量管理

Abstract 1998 to 2006 to the listed companies in China as a sample,based on its bank borrowings to finance motivated to avoid the negative经营现金流of cash flow management behavior.This paper describes the use of the analysis will be motivated in bank borrowings and other financing distinguish motives,have been based on the sample companies in bank borrowings to finance cash flow management motive evidence.The main findings:① will经营现金流capacity of the company and the经营现金流are negative for the company,is经营现金流found in the vicinity of the threshold,the former accounting for the total sample is greater than the proportion of the latter;; ② through the sample into the next phase of bank borrowings financing variables greater than zero Group A,Group B to be zero bank borrowings and other financing motive motive rough distinguish,in comparison with group A,经营现金流near the threshold of being micro-company ,And the negative micro-and small companies are in group B-negative and micro-companies are relatively equal ③ further through more rigorous division into the next phase of bank borrowings financing variables,the current bank borrowings financing variable opening bank borrowings and the current balance of the three variables in a Group C greater than zero,and both groups D,compared found经营现金流zero threshold in the vicinity of group C-positive and negative-ratio differences more clearly than in Group D,for more effective access to the company's bank borrowings financing motives based on cash flow management and the evidence