The paper found China's Listed Companies' Operating Cash Flow volume deviated from Net Profit and such Deviations will continue, showed the evidence of the perspective that Net Profit growth of China's Listed Companies was supported by Asset Growth and Financial Leverage but not by Operational Efficiency. The paper also found that there is abnormity in Depreciation and Amortization, Financial Expenses, Inventory, Operating Payables and Receivables.

发现我国上市公司的经营现金流量和净利润发生了偏离,从趋势上看,这种偏离还将拉大;还发现我国上市公司业绩增长是通过资产规模的膨胀和财务杠杆的提高而得到的,其经营效率并没有明显的提高;此外,还发现折旧摊销、财务费用、经营性应付项目、经营性应收项目等项目有异常行为,存在现金流操纵和盈余管理的嫌疑。