| Financial comprehensive appraisal assess business performance and financial situation of company in many aspects and multi-level comprehensive, it has very important function for improving efficiency of management, guaranteeing the creditor's fundamental interests, department enhancing supervision, promoting the sound development of capital markets. Traditional financial appraise system with financial index of accrual basis receives the influence that administrator profit handle and gloss over the report form, makes financial index lose the authenticity and results in appraising losing efficiency.On the basis of drawing lessons from the foreign financial appraisal system, this text fully considers the accounting criterion of company in our country and the realistic environment, introduces cash flow theory, behavioral finance theory and signal theory, analyses in depth the colluding and checking relation of balance sheet, profit table and cash flow statement, constructs financial authenticity evaluation index system, facilitates to reduce the influence that company's profit handles.On this basis, the paper constructs financial authenticity index through expert's investigation method and analytic hierarch process, reflects the comprehensive state of company's finance in the form of index. And the paper carries on comparative analysis and examine with other appraisal methods, guarantees the validity on the method design. Moreover, The paper examines the applicability and validity of financial authenticity index in terms of real management state and company's value. Studies have suggested financial authenticity index can fully reflect the difference of comprehensive financial situation among the companies, reflect company's business performance and financial risk truly.Then the paper uses financial authenticity index to carry on comprehensive appraisal to the financial situation of listed company of manufacturing industry from 1998 to 2007 in our country, and has carried on dynamic research about company's financial situation through the analysis of typical case. The overall financial situation of listed companies are not optimistic. The financial situation of interfirm is in large difference, most of the company's financial situation is at a common level.Later, the text adopts price model and examines the information validity of two kinds of indexes separately through comparing profit index and cash flow index. On this basis, the paper adopts the guarantee intensity to the profit of cash flow as the measure of profit quality, appraises to profit quality state of listed company of manufacturing industry in our country in 2003-2007. Studies have suggested China's listed companies have lower earnings quality, the majority of company's earnings support the lack of cash flow.Finally, the text uses financial authenticity index to construct the early warning system of dynamic finance, confirms the threshold of financial predicament company through method of statistical analysis. There is a timely warning to the company's financial crisis. And the paper carries on the application study to the early warning system of finance through typical case analysis, which will help managers to carry out risk management and control medium and long term.The setting-up of financial authenticity index facilitates urging on company administrator correct understanding the operations and financial risks, then improves company's quality and competitive power. It facilitates creditor and investor assessing financial situation and value of company accurately, guarantees creditor's fundamental interests, helps investors to make corresponding investment decision. It facilitate the supervision department of government grasping the financial situation and variation tendency of listed company in time, gives supervision department effectively to play the role of supervision of listed company, promotes the lasting sound development of listed company and capital market in our country.
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