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管理层收购(MBO)自2003年在中国兴起后,有关这方面的研究也逐渐增多。但是关于管理层收购中现金流操控问题的研究并不多见,不足以引起相关部门和利益相关者的重视。本文首先对现金流操控的概念进行了阐释,然后对管理层收购中现金流操控的动机进行了剖析,并对实施了管理层收购(MBO)的上市公司存在的现金流操控行为以及经济后果进行了分析比较。然后采用案例分析法,详细分析了宇通客车股份有限公司在管理层收购前后的现金流操控行为,包括现金流操控的动机、手法和经济后果,以期为识别公司及利益相关方的现金流操控提供指导。
Since the rise of MBO in China in 2003, there has been a growing number of studies in this area. However, there are few researches on the control of cash flow in MBO, which is not enough to arouse the attention of relevant departments and stakeholders. This paper first explains the concept of cash flow control, and then analyzes the motivation of cash flow control in MBO and analyzes the cash flow manipulation and economic consequences of MBO Analysis and comparison. Then, by using the case analysis method, this paper analyzes in detail the cash flow manipulation behaviors of Yutong Bus Co., Ltd. before and after the management buyout, including the motivation, tactics and economic consequences of cash flow manipulation in order to provide cash flow control for identification companies and stakeholders guide.