每一位研究中国上市公司利润指标的人，都不能不面对这样一个现实，即中国上市公司利润被人为操纵。上市公司上市后净资产收益率显著降低甚至上市当年就发生亏损，净资产收益率在1996-1998年各年间集中在10%的现象，以及近几年来濒临亏损公司频频发生依靠资产重组摆脱厄运等等 Everyone who studies the profit indicators of listed companies in China cannot but face the reality that the profits of Chinese listed companies are manipulated. After the listing of listed companies, the return on net assets dropped significantly and even losses occurred in the year of listing. The rate of return on net assets was concentrating on 10% between 1996 and 1998, and in recent years, the loss-making companies frequently relied on asset restructuring to get rid of doom and so on. Wait