基于2007年1月至2012年12月沪深两市进行过出售回租的59家上市公司为研究样本,运用事件研究法对其进行出售回租的市场反应进行研究。结果表明:我国上市公司在进行出售回租时,现金流较为充裕的公司会比现金流相对吃紧的公司产生更加负面的市场反应。这一现象可初步解释为投资者对出售回租具有滥用现金流可能性的负面反应。因此,投资者和监管部门须认清出售回租这种融资行为背后的动因和目的。 Based on the sample of 59 listed companies that have been sold and leased in Shanghai and Shenzhen from January 2007 to December 2012, the market response to the sale and leaseback by using the event research method was studied. The result shows that when the listed companies in our country sell back rent, the companies with more cash flow will have a more negative market reaction than the companies with relatively tight cash flow. This phenomenon can be initially explained as a negative reaction of investors to the possibility of abuse of cash flow of leasebacks. Therefore, investors and regulators need to recognize the motivation and purpose behind the financing of rent-back sale.