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过去的一年已经在风风雨雨和忙忙碌碌中走过,上市公司也将一年的收获展示在所有人的面前。看似年复一年的年报并无太多新鲜的东西,可对于2003年来说,应该是不同凡响的一年。我国的证券市场在近三年的调整中,方方面面的问题——被所有的市场参与者认识,更引起了监管机构和上市公司的重视。所以,无论从上市公司的业绩水平,还是披露质量看,2003年年报都比往年有所提高。但是,仍有很多上市公司为了各自的目的以各种手段在年报中作文章,操纵利润的手法新老并用;信息披露的内容和质量也远未达到投资者的期望和要求。但上市公司的根本问题——公司治理结构问题、上市公司的理念问题并不是在短期内能得到根本解决的。不过,通过年报,我们毕竟看到了一些希望,投资者已经在重新审视我国的证券市场,也重新审视这个市场的主体——上市公司,因为很多市场行为正在走向健康的趋势。
The past year has been in the stormy and busy walk, listed companies will also show the harvest for one year in front of everyone. Seemingly year after year, there are not many new annual reports, but for 2003, it should be an extraordinary year. In the adjustment of China’s securities market in recent three years, all aspects of the problem - known to all market participants, has aroused the attention of regulators and listed companies. Therefore, both in terms of the performance level of listed companies or the quality of disclosure, the annual reports of 2003 have been raised over previous years. However, there are still many listed companies that use various methods to make articles and manipulate profits in the annual report for their own purposes. The content and quality of information disclosure are far from meeting the expectations and demands of investors. However, the fundamental problem of listed companies - corporate governance structure, the concept of listed companies is not in the short term can be fundamentally resolved. However, through the annual report, we have seen some hopes after all. Investors are already revisiting China’s securities market and revisiting the main body of this market, the listed company, because many market behaviors are moving towards a healthy trend.