At present, A-share listed companies have entered the period of intensive disclosure of annual reports. As a compass for investors to understand listed companies, financial statements reflect the profitability, cash flow, solvency and other indicators of listed companies, and are an important reference for investors to choose to buy A shares. However, in recent years, financial fraud incidents of listed companies have been staged in the A-share market, casting a shadow over value investment. These financial frauds mislead investors and greatly damage their legitimate rights and interests, which deserves investors' vigilance.
Throughout the world, financial fraud of listed companies is like a "mine", which is filled with almost all capital markets, even in the United States, where the capital market is relatively mature. 1999 to 2002, a large number of financial fraud cases were exposed in the American market, which caused huge losses to investors. 20 1 1 There are frequent cases of fraud in Chinese stocks, and many Chinese stocks have been suspended or ordered to withdraw from the market due to financial fraud.
In recent years, financial fraud cases of A-share listed companies have occurred frequently, which has brought negative effects on the healthy and sustainable development of the capital market. From 20 13 to 20 17, it was found that 59 listed companies were involved in financial fraud in recent five years, and nearly 12 companies were fined every year on average. In the past 20 17, * * 1 1 listed companies, such as Abbott, Jiu Hao Group, Shandong Mo Long, Erkang Pharmaceutical, etc., received administrative punishment decisions issued by the CSRC for financial fraud.
Generally speaking, the gross profit margin and the growth rate of main business income are the main indicators for investors to identify the financial situation of listed companies. Gao, a researcher in the research and development department of Pengyuan Credit Rating Co., Ltd., said that the gross profit rate is the financial reflection of the core competitiveness of enterprises. Compared with the net profit, the gross profit rate is most suitable for comparison with companies in the same industry. Unless the external environment changes significantly, the company's gross profit margin will generally show the following characteristics. Vertically, the company's gross profit margin is generally stable, and there will be no big fluctuations; Horizontally, the company's gross profit margin is not much different from the average of comparable objects or industries, and it is rarely much higher than the average of comparable objects or industries. Therefore, enterprises with high gross profit margin, especially those whose gross profit margin is much higher than that of comparable objects or the average level of the same industry, have great possibility of financial fraud.
Mergers and acquisitions of listed companies are frequent places of financial fraud, which is not only the focus of investors' attention, but also the focus of market supervision. The relevant person in charge of the Shanghai Stock Exchange reminded investors that with the increase in the number of mergers and acquisitions in recent years, the promised performance of some listed companies is "rising tide", but the restructured underlying assets may not be able to achieve the promised performance in the later stage. In this regard, some people began to "use their brains" and "find ways" to whitewash their achievements and make false disclosures. Investors need to be extra vigilant against these violations.
Content source: Economic Daily