价值创造观念的转变 一般企业习惯于以利润来反映公司创造的价值,认为企业创造价值的主要方式是增加收入和降低成本;我国证券市场也习惯于按净资产收益率的大小排定上市公司的位次。但是,不管是利润还是以利润为基础计算的净资产收益率(净利润／平均净资产),都存在明显的缺陷:其一、利润是按公认会计原则计算的,管理人员可以通过选择或改变会计政策而人为地调节利润; Change of value creation concept Generally, enterprises are accustomed to reflect the value created by the company through profits. It is believed that the main way for enterprises to create value is to increase revenue and reduce costs; China’s securities market is also accustomed to scheduling listed companies according to the size of net assets return rate. Location. However, both the profit and the profit-based return on net assets (net profit/average net asset) have obvious defects: First, profits are calculated according to generally accepted accounting principles, and managers can choose or change them. Accounting policy and artificially adjusting profits;