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———*1211．1000292．【】“→→→→”。20012011、、、、、、、。【】、1998《》、、。、。、·2004。。。———、、、、“”。、、。Christensen2010《》、。。32*11YJA63011112YJC63003071272042。。“→→→→”。。、“”。、。。2011。。2004。。。。。、、、、、、、、、、。、2005。、。Casadesus2010。“”2001。KeithWard《》“、”。。、、、、、2001。、。、Newman2002。、、、、、42、。1234。FCF。、。、、、、20022009。。“→→→→”1。1、、、、2010。market－basedas-sets、、、、、、Barney1986Furrer2004MahoneyandPan-dian1992、2003。、、。、、、、、。、。OEMOriginalEquipmentManufacturerOBMOriginalBrandManufacture。OEM52、。OBMOBM、、、、。、。、、。。。1。1、、、、、、、。。、、、、、、、。2。2、2012824·CEO、6211。201262116.22153.84391.8647.4%1100126。2011iPhone72296%80%。2010iPad90%iPad2、iPad3。、3200140%。。2001201110%。32001200220032004200520062007200820092010201153635742620782791393119315240063247942905652251082494128413944996020988913717158522133425683395416443112351603170822594042559881541114517222256844381823.0%27.9%27.5%27.3%29.0%29.0%34.0%34.3%40.1%39.4%40.5%4304464714895357127821109133317822429、11381111121214211864243329633761414955177599261209193206287338467486501691933157915861709193323993145374548705482729910028/8.0%7.8%7.6%5.9%3.8%3.7%3.3%3.4%3.1%2.7%2.2%、/21.2%19.3%19.5%17.2%13.4%12.6%12.3%11.6%9.7%8.5%7.0%/4.9%3.6%3.1%2.5%2.1%1.7%1.9%1.5%1.2%1.1%0.9%/29.4%27.6%27.5%23.3%17.2%16.3%15.6%15.0%12.8%11.2%9.3%－256569276132819893496483482351401325922602162986815805011516172052534739572475017518311637143639238632825627132336537034332322455677775“+iTunes+”iPad、iPod、iPhone、Mac、、。IT“+”30%50%、“”———99223∶7。“”SmilingCurve。iTunes、、、、、。72“”4。1、、70%1143.4815.71922001200880%2009310%1%1.4%4200310%200420117%530%2003。、、、90。70%－－154。CEO1998、“”。、。200120111%10%10%7%。。“”“”12ODM345“”。。。———iPhoneiPad。、。“”“”。8290。1997199820007800、2000330021、42。420012011。420012002200320042005200620072008200920102011224556777755433445878910%。2001200880%－。。“”、=+++－－－“”。5520012002200320042005200620072008200920102011－324－301－332－576－719－1868－2987－2589－1785－5454－8487114556101165270346509455105177646656576677489512521637242233615510536980191111541451177933904970552056011201514632“”“”。“”。。200132。2004862011357。50%200721.3%2010201144.2%42.4%。、、、、。、92。15%“”。6、。80%。“”“”。6、20012002200320042005200620072008200920102011921069210413220029438936940461420935443660688711001400150017002400315446540738108713941789186921043014/66%79%81%82%82%79%78%80%81%80%19283621118523503359411563156574979814127/0.91.42.23.23.133.53.54.74.7－22－5391511988751337139223643344/－0.100.10.20.20.60.70.71.11.12004130.7。“”、、。。8.84%BraeburnCapital。、、、70%。、。“”。2001－2011、、IBM、、“”。80101120112.2%。。、。2008P．A．Semi2010IntrinsityiPhone、iPad、03。121Intrin-sity、、。120012011200332103201117。。“”“”。。。·－。。7。7200120022003200420052006200720082009201020112321741641762606578221091114426044614185892899342535222054709596101591859537529－47－851257582275156346488505901515991329151、、23“”“”4“”556161“”。20015.38%20112%、、“”5.2。CFO“”。、、、、、、“→→→→”。、。。、、、13、、、、、。“”。、、、、、、、。。“”“”。··．2005．．．2006．．987～93．2002．．95～13．2001．．438～41．2011．———．1248～51·．2002．．．2003．．．2004．、、．1131～37．2003．VBM．1223～27·．2002．—．．2007．———．24．2007．———．20113～115·．2011．·．．2003．．319～23··．2004．———．·J·．2000．．·A·．2002．．．2004．．538～46．2002．———．214～17．2010．．BachmanJ．A．BlackA．andWrightP．1997．InSearchofShareholderValuePitmanCharlesDuhiggDavidKocieniewsk．．201275Dedrick．J．Kraemer．K．L．Linden．G2010．WhoprofitsfrominnovationinglobalvaluechainsAstudyoftheiPodandnotebookPCs．IndustrialandCorporateChange19181～116．Fen－MayLiouYing－chanTangandChih－PinHuang．2011．Asset－lightBusinessModelATheoreticalFrameworkforSustainedCompetitiveAdvantageworkingpaperGeorgianaSurdu．2011．TheInternationalizationProcessandtheAsset－LightApproach．RomanianEconomicBusinessReview61184～188HuntShelby．D．2000．AGeneralTheoryofCompetition．ThousandOaksCASagePulicationsJoelWestMichaelMace．2010．BrowsingasthekillerappExplainingtherapidsuccessofApple'siPhoneTelecommunica-tionsPolicy34270～286KraemerK．LLindenG．DedrickJ．2011．CapturingValueinGlobalNetworksApple'siPadandiPhone．workingpaper23EnglishAbstractsofMainPapersStrengthentheResearchofAccountingIndextoEnhancetheInfluenceofAccountingintheEconomicandSocialAreasWangHuachengetal．Theroleofaccountinginformationistotrulyaccuratelyandfullyreflectthefinancialstatusandoperatingresultsofcorporates．Inthe18thWorldCongressofAccountantDr．WangJunviceministeroftheMinistryofFinanceP．R．ChinadescribedtheAccountingIndexasanimportantpartoftheaccountingsystemwithChinesecharacteristic．TheAccountingIndexcansupplylotsofusefulinformationforeconomicanalysisandmacroeconomicpolicy－making．BasedontheaccountingtheoryandmacroeconomictheoryandusingfinancialinformationofcorporatesthispapertriestobuildupanindexsystemincludingtheAccountingMacro－ValueIndextheAccountingComprehensiveEvaluationIndexaswellastheInvestmentValueIndex．Fi-nallythispaperpresentssomerecommendationsabouthowtostrengthentheresearchofAccountingIndexMeasuringandEvaluatingCostofEquityCapitalEvidencefromChineseStockMarketsMaoXinshuetal．CostofequitycapitalCofECisthemostimportantfactorweneedtoconsiderwhenmakingfinancingandinvestmentdecisions．Howeverhowtomeasureacompany＇scostofequitycapitalisstillanunsolvedproblem．Basedonexistingresearchinthispaperwemeasur