What are the means of financial fraud of listed companies?
1. Use related transactions between enterprises to improve business performance and whitewash financial reports.
Generally speaking, most listed companies in China belong to group enterprises, and most of them are in a complex and diversified structure, no matter from the company structure, organizational form, business scope or various operational links. The data of the consolidated accounting statements disclosed to the outside world cover the economic activities of the parent company, subsidiaries, various joint ventures, associated enterprises and various enterprises that are controlled, jointly controlled and have great influence. All affiliated enterprises are independent legal persons with independent accounting. However, affiliated enterprises often cooperate with each other within the whole group, even as commercial customers, which theoretically provides a platform for listed companies to adjust consolidated data through internal transactions.
2. Pursue a flashy short-term profit-seeking behavior through "bubble restructuring" or surprise asset transfer.
At the end of each year, in order to avoid the bad luck of market suspension and delisting, various "st" or quasi-"st" companies make every effort to adjust their statements through various means such as restructuring, asset transfer and equity transfer, so as to turn losses into profits and tide over risks.
There are also some enterprises with good performance, in order to give people the impression of high growth or other purposes (such as manipulating secondary market prices, etc.). ), "substantially" increase profits. In fact, this kind of non-recurring income obtained through debt restructuring and asset transfer is not always there. Because the main business has not actually increased, these enterprises often have a sharp decline in performance after a year or two of substantial improvement, and investors fail to invest because they only value the growth of superficial income.
3. The book assets deviate from the actual value of the assets themselves, and the virtual assets in the balance sheet penetrate a lot.
After carefully reading the financial and accounting reports disclosed by some listed companies, it is not difficult to see that in the balance sheet, the relatively intuitive virtual assets such as property losses and surpluses, prepaid expenses and long-term prepaid expenses listed in the assets of listed companies account for a large amount in many companies, some of which are as high as more than 10 million yuan. To some extent, this is the result of unsound accounting policies in previous years, and it is also a burden that must be digested with profits in the future. Not counting this, there is another point that only listed companies know, that is, how many bad debts are uncollectible in accounts receivable? How many unsalable, depreciated or even scrapped parts are there in the inventory? In fact, how many parts of fixed assets deviate far from the actual fair value, how many can not bring foreseeable economic benefits to enterprises but are still reflected in the accounts, as well as intangible assets and so on. Often, it is only fully revealed when the enterprise is finally liquidated, which is why many enterprises will have "big holes" when they encounter liquidation, reorganization and restructuring.
4. The controlling shareholders of listed companies openly or invisibly occupy their share allotment funds, and the risk disclosure is unknown.
Some listed companies are not completely reformed and the supervision mechanism is not perfect, which leads to the dominance of controlling shareholders and affects the business behavior of listed companies to some extent. It is not surprising that listed companies become ATMs for major shareholders. In fact, it can be said that large shareholders misappropriate the rights issue funds of listed companies, which accounts for a large part, but the degree and amount occupied are different. In the acquisition war in the secondary market, the transfer of corporate shares of listed companies and various reorganizations, there are attempts to "circle money" by holding listed companies and using the convenient financing conditions in the secondary market. In the form of misappropriation, there are direct forms, such as internal financing and borrowing, as well as invisible forms, such as internal bank settlement and occupation. Listed companies tend to avoid or be vague when disclosing. In fact, the funds misappropriated by the controlling shareholders often cannot be returned on time or are greatly discounted when returned, or become other non-monetary assets because of poor investment. It can be said that "it is easier to borrow money than to pay it back", which often forms long-term accounts receivable of listed companies, and the risk is great over time.
5. Publicly falsifying, artificially fabricating original vouchers, and issuing extremely deceptive financial and accounting reports.
In the China stock market, public fraud incidents of listed companies occur from time to time. From the earlier "Qiongminyuan" incident to the recent "Yinguangxia" incident, people have more and more doubts about the reliability of accounting information, which has led to the "accounting information crisis". Under normal circumstances, pure fraud, deliberately fabricating original vouchers and false business contracts are very few in listed companies, but I think this is the worst kind of accounting information fraud, because it is different from adjusting financial data in a limited range by using the imperfection of laws and regulations and the flexibility of accounting rules. For example, it is a kind of fraud to increase profits by omitting various impairment reserves. By fabricating false contracts or agreements such as purchase and sale, agency, etc., and cooperating with the original delivery vouchers that can reflect the increase of income and profit, according to the income and profit figures set by them, the intermediary audit institutions and investors who are not strict in practice are deceived on the appearance of specific economic matters. Listed companies that adopt such fraudulent behaviors have ulterior motives behind them. For example, the secondary market colludes with Heizhuang to manipulate the stock price, maliciously circle money, avoid delisting and put all your eggs in one basket.