We empirically examine the cash flow statements for Japanese banks and whether their managers engage in classification shifting to temper concerns about risk exposure. To create a buffer against liquidity shocks, they shift cash flows from investing and/or financing activities to operating activities. We also find robust evidence that classification shifting intensifies in higher risk situations. Although prior research on managerial discretion focuses on earning management, we are the first to show cash flow management to avoid sequential negative changes in operating cash flows. We show that these activities convey valuable information about changes in banks' risk exposure.

中文翻译：

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银行经理是否通过现金流量表发出信号？

我们实证检验了日本银行的现金流量表，以及它们的管理者是否进行分类转移以减轻对风险敞口的担忧。为了缓冲流动性冲击，他们将现金流从投资和/或融资活动转移到经营活动。我们还发现强有力的证据表明，在高风险情况下分类转移会加剧。尽管之前关于管理自由裁量权的研究主要集中在盈余管理上，但我们是第一个展示现金流量管理以避免经营现金流量连续负变化的研究。我们表明，这些活动传达了有关银行风险敞口变化的有价值的信息。