为了克服会计研究法中盈余管理因素和会计规范变更的影响，以现金流分析作为研究视角考察主并企业收购绩效。
In order to get rid of the effect of earning management and changes in accounting regulation in the accounting study approach, we analyzed the acquiring performance based on cash flow analysis.
当收购活动量水平较高时，唯一的均衡形式是操纵者没有利润，若允许收购者放弃报价则增加了社会盈余。
The conclusion is that the unique equilibrium leads to a non profitable manipulation, and social surplus is increased by the possibility of dropping bids, if the level of takeover activity is high;
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