2009年上市公司年报披露工作渐近尾声,部分公司热衷证券投资、交叉持股的现象依然屡见不鲜,更有个别企业将炒股收益作为主要盈利来源以粉饰报表。毋庸置疑,交叉持股对上市公司实现资金融通、产业布局、分散风险、资本运作、狙击恶意收购等方面有着现实的意义。但交叉持股是 In 2009, the disclosure of annual reports of listed companies has come to an end. Some companies are keen on securities investment and the phenomenon of cross-shareholdings is still commonplace. More and more individual enterprises use the stock returns as the main source of profits to gloss over the reports. Undoubtedly, cross-shareholding has practical significance for listed companies in terms of financial intermediation, industrial distribution, risk diversification, capital operation and malicious acquisition of snipers. But cross-shareholding is