—— Liu Shuwei, a student of Chen Daisun and Li Yining, a famous economist, is a researcher at the Research Institute of Central University of Finance and Economics, specializing in credit research.
—— President of Qu China Blue Sky Corporation, 1948 was born in Qujiawan, Honghu City, 1968 enlisted in the army, once served as the propaganda minister of Shenyang Telecommunications Bureau and the vice president of Shenyang Administration College, 1992 founded Blue Sky Company, 1999 was fined 65438+ by China Securities Regulatory Commission for cheating in blue sky stock issuance materials.
Since the listing of 1996, Lantian's share capital has expanded by 360% in five years, creating the myth of China stock market. However, in February 2000 1,1,a scholar named Liu Shuwei directly questioned the Lantian myth with a 600-word essay, thus involving himself in an unexpected storm. This 600-word article was written by Liu Shuwei to Financial Internal Reference. Its title is "Lending to Lantian shares should be stopped immediately". A few days ago, CCTV news survey made an exclusive interview with Liu Shuwei.
1, my conclusion is that Lantian has become an empty shell.
Liu Shuwei: I wrote this article because I was writing a book at that time, that is, Identification Technology of False Accounting Statements of Listed Companies. After the completion of the first draft, some comrades suggested that I analyze one or two listed companies in detail in this book, so that readers can understand and master these analytical skills as a whole and comprehensively. I think it makes sense. Just then, Lantian issued an announcement, which I saw online. I didn't notice Lantian until then.
(20011/0/8 October, the board of directors of Lantian co., ltd. announced that it had been put on file for investigation by the CSRC and drew investors' attention to investment risks. )
Liu Shuwei: I started to analyze Lantian's financial report on June 9, 65438/KLOC-0. I was very shocked when this analysis came out.
(Liu Shuwei found in his research that the current ratio of Lantian shares is less than 1, which means it is difficult to repay its current debt within one year; Lantian's net working capital is-65.438+0.27 billion yuan, which means that its short-term debt of 65.438+0.27 billion yuan cannot be repaid within one year. )
Reporter: What conclusions do you draw from these indicators?
Liu Shuwei: The final judgment is that it (Lantian) has lost its ability to create cash flow and is an empty shell.
If the bank continues to lend to it, Lantian's debt burden will become heavier and heavier, and it will be unable to repay these huge debts; Then it's even more dangerous for banks. If banks continue to provide loans to Lantian, a shell enterprise that lives on bank loans, one day, banks will have no money to pay due savings deposits, and the situation will be terrible.
Reporter: Have you always believed your conclusion?
Liu Shuwei: Because it's too simple. If I use the method I invented or a standard I invented to come to this conclusion, I will be very careful. But Lantian, this is too obvious.
Reporter: How long will it take to write this paper after reaching the conclusion?
Liu Shuwei: Right away. 1October 26th, 10, I wrote it without hesitation and faxed it to the editorial department of Financial Reference.
(The financial internal reference is the internal publication of the Financial Times, and the scope of submission is limited to the leaders of the Central Financial Working Committee, the head office of the People's Bank of China and relevant department-level leaders. )
Reporter: When was it published?
Liu Shuwei: It was published on the same day. Because only 180 copies were printed.
(200110/On October 26th, Financial Reference published a 600-word essay by Liu Shuwei. Shortly thereafter, the relevant state banks stopped issuing new loans to Lantian shares. )
Reporter: Is it because of your 600-word article?
Liu Shuwei: I don't know. I think, under normal circumstances, it is unreasonable for banks to stop lending to a company just because of my 600-word article.
2. Qu Roar: You killed Lantian.
Twenty-four days after the article was published, two strangers suddenly came to Liu Shuwei's work unit. )
Liu Shuwei: One is Qu, the president of China Lantian Group, and the other is the vice president. I said, what can I do for you? He took out a copy of Financial Internal ReferenceNo. 16. I was particularly surprised when I saw it. Then he began to lose his temper. He said that (because of) your article, all banks in the country stopped lending (to Lantian). We're all dying. I said that in your financial statement, at least your cash income from aquatic products in 2000 was 654.38+0.27 billion yuan. How can you be short of money? Then he cried. He said our business stopped.
Reporter: What is the purpose of their coming?
Liu Shuwei: Qu said that you published your analysis report publicly. I said yes. He asked if you could let us have a look at the analysis report before publishing it publicly. I said it was unnecessary. If you think I'm wrong, you can publicly refute it. When I left, I said I was responsible for Lantian.
Say that finish, Qu roared: You killed Lantian! I sent them downstairs without saying anything.
I was shocked by Lantian's lawsuit against Soviet conscription.
(Liu Shuwei thought it would be over soon, but things gradually went beyond her expectation. 2001165438+1October 26th, Liu Shuwei wrote a written report on his analysis of Lantian shares and submitted it to relevant leaders. )
Liu Shuwei: In this article, let me first explain that the scene description of the word 100 in that article is quoted from an article by Su Junbing, a reporter of Guangdong-Hong Kong Information News.
(The reporter Su De 100 of Guangdong-Hong Kong Information News described the scene, mainly introducing the desolate scene of Lantian aquatic product base, which confirmed the suspicion that the income of Lantian aquatic products reached 127 billion yuan in 2000, but the author of this passage was not indicated at that time. )
Liu Shuwei: Then in 65438+February, 1, another thing that shocked me happened: I read a report on the Internet that Lantian sued Su conscription because he published an article with the word 100 that I quoted, and (Lantian) claimed 200,000 yuan from Su conscription.
Reporter: Why did the news of suing Sue for conscription shock you so much?
Liu Shuwei: Because I mentioned in the report of165438+1October 26th that the word 100 was quoted from Soviet conscription.
I received a summons from honghu city court.
Liu Shuwei: On February 3rd, 65438+65438, our director called me and said that the honghu city People's Court had issued a summons to you.
(200 1 12 13) Liu Shuwei received a summons from the People's Court of honghu city, Hubei Province, and the cause of action was Lantian Co., Ltd. v. Liu Shuwei's reputation infringement case. Blue Sky said in the indictment that Liu Shuwei fabricated facts in the article and asked the court to order Liu Shuwei to apologize publicly, restore his reputation, eliminate the influence and compensate the economic loss of 500,000 yuan. )
Liu Shuwei: After the handover procedure, I asked the president of the civil court, do you know where this article was published? He said it was published in Financial Internal Reference. I said, do you know what the classification of financial internal reference is? What is the scope of submission? He froze. He said I don't know. I said, how can you take the state secrets stolen by Lantian as evidence to file a case? How can you accept this case? Finally, he said, this is not the question I should answer. After I received the complaint, I called the financial staff immediately, but they didn't make any statement.
17 February 17 I sent a fax to Qu, saying that if I didn't drop the complaint about me and Sue's conscription, I would make my analysis process public to the world. Qu called me that afternoon, and he said, Did you know that the 19 issue of Financial Reference published a statement?
At that time, I was even more shocked than when Qu came to me, because I knew nothing about it. Later, I learned that on June 5438+February 12, the financial reference number 19 issued a statement, saying that "the article" Lending to Lantian shares should be stopped immediately "published in the first issue of this journal 16 is purely the author's personal opinion".
On February 28th, 65438, according to the secrecy law, I filed a jurisdictional objection with the honghu city court.
The threatening letter declared that 65438+1October 23rd was my death date.
(The court summons completely broke Liu Shuwei's quiet research career. On June 65438+1October 10, 2002, Liu Shuwei received some threatening emails of unknown origin, which cast a shadow over her life. )
Liu Shuwei: I opened my email at 8: 00 p.m. on June 65438+ 10 (2002), and received four threatening letters-that is, "June 65438+1October 23rd is your death date".
Reporter: What is the date of 65438+1October 23rd?
Liu Shuwei: That was the day I started my experiment.
I immediately dialed 1 10, and a few minutes later, the captain of 1 10, who is in charge of public security patrol in our jurisdiction, came to my home. I told him the whole story. When he left, he said a word. He said that good will triumph over evil. Don't be afraid, I support you. This is the first public protection and support I have received and put into action since I received the summons on February 3, 20001year. I will always remember him, and I will thank him all my life.
Reporter: Were you really scared?
Liu Shuwei: To tell you the truth, I wasn't afraid at that time. I'm afraid it's useless. I'm scared when I think about it now. I think, at any time and under any conditions, I will not say that my article is wrong.
Reporter: You are just a scholar, and all you have done is to publish your research conclusions on an undisclosed confidential internal reference. Why do you let your life fall into another world?
Liu Shuwei: This is not normal. It defiled the law.
6. The trial was suspended and Lantian fell.
(From 65438+200210.3, Liu Shuwei sent her analysis report "The Mystery of Lantian" to more than 0/00 domestic media. Soon, all major news organizations in China paid close attention to the dispute between Liu Shuwei and Lantian. )
Liu Shuwei: On October 22nd, 65438, I received a notice from the court in honghu city by express mail, saying that they had not ruled on my objection to jurisdiction, so the trial in 654381October 23rd was suspended. When the court session will be held, it will be announced separately.
(Before this, the development of the situation was beyond the control of Liu Shuwei and Lantian. In June this year, 65438+ 10/2 10 company managers, including Qu's successor and chairman Bao Tian, were arrested on suspicion of providing false financial information. Qu, former president of China Lantian Group, was also investigated by relevant departments. On June 5438+1October 2 1, 22 and 23 this year, eco-agriculture was forced to suspend trading, and fell across the board in the afternoon. )
7. I don't want it to disappear
Reporter: Just 600 words shattered the myth of a listed company. The matter itself sounds unbelievable to us. I don't know how you feel as a party.
Liu Shuwei: I correct you, not because my 600 words shattered a myth. Before me, the CSRC has already started an investigation.
Reporter: But you are the first person to sound the warning signal.
Liu Shuwei: Then you underestimate our bankers. Why shouldn't the loan be issued? Why can't the loan that should be stopped stop? This shows that there must be other factors interfering.
Reporter: What does this factor mean?
Liu Shuwei: As a listed company, how can Zhao Yu get financial information so quickly? If this factor is not eliminated, it will be difficult to guarantee our credit security.
In a healthy market economy, these factors cannot exist. And my previous research is just like Qu's evaluation of me-you are too academic.
Reporter: Do you mean power?
Liu Shuwei: I think this problem should be analyzed by the public.
Reporter: Do you think it will go away?
Liu Shuwei: I don't want it to disappear.
(At present, Lantian Co., Ltd. has not revoked the reputation lawsuit against Liu Shuwei, and it is still unknown when the trial will be held. It is understood that the China Securities Regulatory Commission is conducting a comprehensive investigation on Lantian. I believe that the truth of Lantian will soon be revealed to the world. )