近期股市出现较大幅度的下跌行情，导致这种状况出现的一个重要原因是上市公司业绩不佳。现在上市公司的中期业绩预告已经基本结束，进入了半年报的集中披露期，从实际情况来看，报忧远远多于报喜，特别是其中频频出现的绩优股与新股业绩突然“变脸”现象，对投资者的信心打击极大。不断炸响的“业绩地雷”，成为制约当前股市行情的重要负面因素。

Recent stock market appeared more greatly downturns，Lead to this situation appear a is an important reason for the poor performance of listed companies。Now the medium-term performance of listed company forecast has basically over，Into the half annals of concentration of disclosure，From the actual situation，Suffer far more than good news，Especially the frequent emergence of blue chip stocks and shares performance suddenly“set”phenomenon，The confidence of investors a dent。Constantly exploding of“Performance mines”，Become the main current of the stock market's important negative factors。

　　投资者对于上市公司的业绩都会比较关注，一段时间来，有关方面也不断呼吁大家进行价值投资。有相当数量的上市公司，去年业绩相当好，如果以静态市盈率来衡量，具有很高的投资价值，但去年的宏观调控力度很大，调控效果真正体现在今年。在这样的大背景下，简单地以去年的静态市盈率来衡量当下上市公司的业绩，显然是不妥的。也因为这样，今年以来投资者入市积极性一直不高，股指走势也十分疲弱。

Investors for the performance of listed companies will be more attention，A period of time to，The also constantly called on everyone to carry on the value investment。There are a number of listed companies，Last year performance is quite good，If static p/e ratio to measure，Has the very high investment value，But last year's macro-control is very large，Control effect really reflect this year。In this background，Simply to last year's static p/e ratio to measure the performance of listed companies，Obviously is wrong。And because of this，Since this year investors entering the market has not been high enthusiasm，Stock index trend is also very weak。

　　但是，令人遗憾的是，在进入中期业绩预告及半年报公布期后，出现了相当数量上市公司业绩超预期大幅下降的现象。日前中兴通讯宣布业绩下降60～80%，结果就拖累了整个电子通讯行业股票。它们所带来的负面影响，除了波及同行业股票外，在某种程度上还使人对新股发行制度产生怀疑，担心即便有严格的审核仍然不能彻底抑制企业造假与操纵利润行为。尽管现行的新股发行制度只是对企业进行程序性审核，并不对其业绩“背书”，但不管怎么说投资者很难因此消除这方面的担忧，并会因此动摇对整个市场的信心。

but，Unfortunately，In the medium-term performance forecast and half annals announced after the period，Appear quite a number performance of listed companies than expected the big drop phenomenon。Zte announced its earnings drop a 60 to 80%，The result is to drag down the whole electronic communication industry shares。They are the negative effects，In addition to spread the same stock，To a certain extent make the person for the ipo system suspicion，Worry even if has a strict audit still can't completely suppress enterprise fraud and operation profit behavior。Although the current new shares to the enterprise system is programmed to review，Not to its performance“endorsement”，But no matter how to say it is difficult to eliminate this therefore investor concerns，And will therefore be moved to the entire market confidence。

　　目前股市最令人感到难堪的是，投资者愿意进行价值投资，但业绩地雷却成了价值投资的无形杀手。毕竟，这种业绩的不稳定性超越了市场本身可以容忍的范围，在某种程度上甚至具有人为干预的成分，那么就不只是正常的业绩波动问题了，而是公司的诚信问题了。而诚信缺失的风险，恐怕没有多少投资者愿意承担。这也就是近期股市下跌的一个重要原因。从这个角度出发，如何提高上市公司的诚信度，中介机构怎样把好关以及怎样加强新股发行时的审核等，都存在极大的改进空间。若在这些方面无所作为，那么股市上涨就只能成为一种奢望。

The market most puzzling is embarrassing，Investors want to value investment，But performance but became a value of land mines investment invisible killer。After all，This performance instability beyond the market itself can tolerate range，In some extent, and even with the composition of the manual intervention，It is not just the normal performance fluctuation，But the company's trustworthiness。And the risk of lack of credibility，I'm afraid not many investors are willing to take。This is the recent stock market fell one important reason。From this Angle，How to improve the integrity of the listed company，Intermediary institutions how good close and how to strengthen the audit etc ipo，There is great room for improvement。If these aspects in inaction，So a rising market can only become a luxury。