The result shows that the earning information has been obviously manipulated by the 2003 Shanghai A-share first-time losing companies.
实证结果表明我国2003年沪市A股首亏上市公司存在明显的利润操纵行为；
Therefore, the paper suggests that CAPM is ineffective and the asset pricing depends on multi-factor model in Shanghai A-share market.
因此，在上海A股市场，CAPM失去了有效性，资产定价可以由多因素模型决定。
At its 2007 peak, the Shanghai A-share index (A-shares are priced in renminbi and can be purchased only by domestic investors) traded at seven times book value.
在2007年，上海A股市场达到其价格巅峰，七倍于其账面价值。
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