中文摘要：

本文考察在会计准则框架内，公司交叉持股行为可能导致公司账面价值虚增。在大量创业板公司陆续发行上市，发行市场和交易市场存在较高股票价差的背景下，这种交叉持股行为可能进一步导致公司实体资产的真实价值与公司市值出现严重背离，引发资本市场的泡沫化。

英文摘要：

The article finds out that by current accounting principles, cross holding would increase the face value of companies. In the background of emergence of growth enterprise market, cross holding would cause the real value of companies enormously deviated from the market value. This is so-called capital market bubble. The research is expected to help regulatory committee enhance supervision.