This article draws from existing research and improves empirical method and analyzes the manipulation over operational cash flow of 554 A share listed companies which refinanced between 1999 and 2004.

• 摘要本文在已有研究思路的基础上，改进了实证方法，考察了1999-2004年再融资的554家A股公司的经营性现金流操纵行为。