【正文】 不斷推進(jìn)我國(guó)證券市場(chǎng)建設(shè)，大力培育理性機(jī)構(gòu)投資者，降低市場(chǎng)投機(jī)成份，使市場(chǎng)產(chǎn)生內(nèi)在制衡力量，使財(cái)務(wù)守信者能從資本市場(chǎng)和金融機(jī)構(gòu)不斷進(jìn)行再融資，為上市公司獲得規(guī)模經(jīng)濟(jì)效應(yīng)和范圍經(jīng)濟(jì)效益創(chuàng)造條件。改進(jìn)公司治理結(jié)構(gòu)，發(fā)揮董事會(huì)、監(jiān)事會(huì)、獨(dú)立董事、股東會(huì)的作用，優(yōu)化決策過(guò)程，確保決策民主化、程序化、科學(xué)化，建立決策失誤責(zé)任追究制度?！　。?）端正財(cái)務(wù)行為。　?。?）夯實(shí)資產(chǎn)。經(jīng)營(yíng)現(xiàn)金流是企業(yè)持續(xù)經(jīng)營(yíng)和維持簡(jiǎn)單再生產(chǎn)的基礎(chǔ)?！　。?）樹(shù)立會(huì)計(jì)誠(chéng)信觀念，正確處理股東之間的關(guān)系，努力在開(kāi)拓市場(chǎng)上下功夫，要靠實(shí)在的盈利來(lái)回報(bào)投資者，注重可持續(xù)發(fā)展和資本市場(chǎng)上的融資信譽(yù)，拋棄“算計(jì)”利潤(rùn)做法。配股價(jià)越來(lái)越高，但從未分紅，而累計(jì)每股送紅股及轉(zhuǎn)增達(dá)2股，在信息不對(duì)稱的情況下投資者是無(wú)法驗(yàn)證該公司的盈利質(zhì)量的（股票股利、轉(zhuǎn)增股票、股票分割等只是一種財(cái)務(wù)幻覺(jué)，在成熟的資本市場(chǎng)上基本上不受“歡迎”）。銀廣廈從2007年6月17日上市后每隔1年就配股?！　「鶕?jù)優(yōu)序融資理論（PeckingOrder Theory），一個(gè)企業(yè)如果需要上新項(xiàng)目，首先應(yīng)該使用留存收益融資；其次是舉債，在耗盡舉債能力之后才無(wú)奈進(jìn)行發(fā)行新股融資。一般來(lái)說(shuō)，會(huì)集中體現(xiàn)在：應(yīng)收賬款、預(yù)付賬款、其他應(yīng)收款數(shù)額龐大，賬齡過(guò)長(zhǎng)，客戶集中，信用或財(cái)務(wù)狀況不佳；存貨占用大量資金而且“年齡”過(guò)大；應(yīng)該進(jìn)入當(dāng)期費(fèi)用的支出被轉(zhuǎn)移到“長(zhǎng)期待攤費(fèi)用”之中?！　≠Y產(chǎn)是利潤(rùn)的物質(zhì)基礎(chǔ)。根據(jù)計(jì)算，銀廣廈200200%、%、%，從它后來(lái)的東窗事發(fā)，正好印證了這一指標(biāo)對(duì)于分析上市公司盈利質(zhì)量有重要的參考價(jià)值?！　”娝苤纳鲜泄俱y廣廈，%；，%；，%.單從這些數(shù)據(jù)分析，用傳統(tǒng)的財(cái)務(wù)分析方法判斷，大都會(huì)認(rèn)為該股具有良好的發(fā)展前景、業(yè)績(jī)優(yōu)秀、收益好、值得投資，當(dāng)時(shí)也確有不少的投資者被銀廣廈的這些表面現(xiàn)象所迷惑，紛紛投資于銀廣廈。同時(shí)，人們也開(kāi)始關(guān)注現(xiàn)金流量表，對(duì)利潤(rùn)與現(xiàn)金的內(nèi)在聯(lián)系更為關(guān)心。如果企業(yè)的資產(chǎn)在未來(lái)不能給企業(yè)帶來(lái)利潤(rùn)和現(xiàn)金流入量，應(yīng)該作為當(dāng)期費(fèi)用處理，而不應(yīng)繼續(xù)作為一項(xiàng)資產(chǎn)核算?！镀髽I(yè)會(huì)計(jì)制度》頒布以來(lái)，理論界和實(shí)務(wù)界對(duì)資產(chǎn)的認(rèn)識(shí)發(fā)生了改變。而在我國(guó)，不少上市公司利用穩(wěn)健原則來(lái)肆意調(diào)節(jié)資產(chǎn)和利潤(rùn)，在需要產(chǎn)生盈利的時(shí)候虛計(jì)資產(chǎn)價(jià)值抬高利潤(rùn)水平，導(dǎo)致資產(chǎn)質(zhì)量和盈利質(zhì)量信息嚴(yán)重失真；而在需要“扭虧”的前一年“洗大澡”，濫用穩(wěn)健原則?！　【唾Y產(chǎn)價(jià)值與市場(chǎng)的關(guān)系而言，資產(chǎn)負(fù)債表上所反映的資產(chǎn)價(jià)值應(yīng)近似于市場(chǎng)價(jià)格。ST上市公司中有不少是通過(guò)“算計(jì)”方式實(shí)現(xiàn)第三年成功“扭虧”，這應(yīng)該引起監(jiān)管部門高度關(guān)注?！? 企業(yè)的利潤(rùn)應(yīng)該來(lái)自市場(chǎng)，企業(yè)所形成的資產(chǎn)其價(jià)值應(yīng)該與市場(chǎng)價(jià)格接近，否則產(chǎn)生的會(huì)計(jì)信息必然會(huì)誤導(dǎo)報(bào)表用戶。經(jīng)驗(yàn)數(shù)據(jù)表明，主營(yíng)業(yè)務(wù)收入占企業(yè)全部收入、主營(yíng)業(yè)務(wù)利潤(rùn)占利潤(rùn)總額的比重應(yīng)該在70%以上，盈利質(zhì)量較佳。比如，企業(yè)損益表中來(lái)自于政府補(bǔ)貼收入、變賣固定資產(chǎn)、轉(zhuǎn)讓無(wú)形資產(chǎn)等等收入在本期有，下期極可能就沒(méi)有了。企業(yè)的主營(yíng)業(yè)務(wù)反映企業(yè)的核心能力，其所創(chuàng)造的利潤(rùn)具有持續(xù)性、穩(wěn)定性和可預(yù)測(cè)性等特征。s profits the ability to prevent the purchase of the technology behind. Return to shareholders of corporate financial goals rather than as a means to put an end to phenomenon. To improve the corporate governance structure， play a board of directors， board of supervisors， independent directors， shareholders will be the role of and optimize the decisionmaking process to ensure the democratization of decisionmaking， procedures and scientific， the establishment of system of accountability for decisionmaking errors. Improve the business and delivery of information systems， timely detection and management of business problems. Constantly push forward the building of China39。 investment in fixed assets， it is necessary to conduct a feasibility analysis and rational planning， to prevent blind investment。 in accounts receivable， the attention of the investigation and assessment of credit， credit risk control。s core issues. Correctly handle the relationship between shareholders， in an effort to make efforts to open up the market to rely on it to return the profit investors， focused on sustainable development and capital market financing credibility， abandoning the calculating profit practices.Cash flow from operations is the continued operation and maintenance of the basis of simple reproduction. Cash flow from operations out of the context， attention should be paid to save as much as possible to defer cash outflow time， in strict accordance with the budget to control， reasonable tax avoidance。 the former like the stock repurchase， which is like the issue of shares of equity financing to show the hunger and thirst. Allotment price is getting higher and higher， but in 2009 a year ago while EPS are more than yuan， but has never dividends per share and a total of shares， not in the information The case that investors are unable to verify the quality of the pany39。 should enter the current period costs were transferred to the longterm prepaid expenses According to pecking order theory (PeckingOrder Theory)， a business If you need a new project. From the financial behavior， the real money in the financial business is different from those nominally profitable enterprises， such as: the former would maintain a relatively high dividend rate， while the latter often find under the pretext of nondividend or do not pay dividends。s assets to the enterprise in the future can not generate profits and cash flows， Should be dealt with as a current cost rather than continue as an accounting of assets. At the same time， people begin to pay attention to cash flow， profit and cash are more concerned about the internal relations. Enterprises in the realization of profits， through the market or to obtain a rather more close to the net cash flow from operating activities of business operators and owners in terms of such profits is reliable and trustworthy. Assets are the material basis of the profit. The authenticity of the profits will be reflected on the financial situation， and false profits is often associated with a false price of the asset or assets are too high there. Generally speaking， would be embodied in: Accounts receivable， prepayments and other receivables amount， is an aged too long， customer concentration， poor credit or financial situation。湯普金斯．解讀期權(quán)（第二版）．經(jīng)濟(jì)管理出版社，200421．附錄Should e fro