对股份制改制上市企业改制前形成的住房周转金红字余额如何处理,关系到证券市场的公平原则。为保护潜在投资者,笔者建议,这类企业可考虑上市前报大股东(发起人)的主管部门和财政部门审批后,冲销大股东的权益,冲销方式可直接冲销盈余公积或净资产。其次,发行定价时也可考虑住房周转金红字余额;发行人作盈利预测时,由证券监管部门指导,假设住房周转金在一定年限内摊销,预测发行前后的每股净收益、净资产等对发行价 How to handle the balance of the working capital Golden Red Account formed before the restructuring of the shareholding system in listed companies is related to the principle of fairness in the securities market. To protect potential investors, the author suggests that such enterprises may consider the approval of the competent department and the financial department of the major shareholders (promoters) prior to listing to offset the interests of major shareholders, and the write-off may directly offset surplus reserves or net assets. Second, the issuance pricing can also consider the balance of the working capital red balance; issuer for earnings forecasts, the guidance of the securities regulatory authorities, assuming that the working capital of the housing amortization within a certain period of time, before and after the forecast net income per share, net assets The issue price