我国股票的发行一直以来采取相对于成熟市场经济国家更为严格的审查。目前我国使用的是发审委核准制，而在成熟市场经济国家更多的采用注册制。核准制和注册制之间走向任何一个极端都不利于本国证券市场的成熟和稳定。所以现在重点应放在核准的具体内容上的逐步改进。本文通过对不同行业6家在美上市中国公司的几项财务状况及其趋势的比较分析试图寻找核准制实质性条件中不合理的项目。经过分析，得出净利润指标、经营活动产生的净现金流量指标、最近一期末不存在未弥补亏损指标等部分不甚合宜，希望能够有所改进。

The issuance of stock in our country has always been censored more strictly than that in countries with mature market economy. At present, we take the approval system while registration system is widely used in mature market economy area. It is not reasonable to either choosing total registration system or picking total approval system. So what we should focus on is the improvement of the specific content of the substantive conditions. In this paper, we try to find the unreasonable part such as the net income\the net cash provided by operating and to make some change on that part.