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Analysis of the financial statements of listed companies and information disclosure case and the revelation of the disclosure analysis of information disclosure of listed companies 001 10 24, China Securities Regulatory Commission's chief accountant Cheung, accounting institutes in the country " independent directors training course "on" Financial Statement Analysis of listed companies and information disclosure "made the following set. He said: financial information of listed companies by the unprecedented attention this year. On the negative side, the "Yinguangxia incident" as a starting point, the whole community financial information of listed companies are vigorously pursued by the accounting firm has become associated with the street rats, kill them. Whether listed company or accounting firm, from the securities market development to the present, have undergone an unprecedented credit crisis. It is not only poor performance of listed companies, even blue chip stocks for the past expressed doubt that all the CPA is also suspicious. From a positive point of view, the listed company's financial information and disclosure and therefore be more attention. He pointed out that: The information problem is listed as a root cause of accounting problems. Therefore, today, mainly from the Public Company Accounting features, characteristics of the financial audit, annual report and analysis to introduce the five aspects of this problem. 1, the characteristics of ownership structure of listed companies (1) the majority of listed companies by state-owned enterprise reform, the "through train" from. Many listed companies in China in the past is not a public offering of shares of company stock, but the state-owned enterprise restructuring in a few months for the stock company; or by a limited liability company transformed into joint-stock companies, and then apply for issue of shares and listing. Since 2000, the Commission requires companies to apply for one year after the completion of restructuring issue of shares. But in the past, especially in 1996,1997,1998 years, many companies are restructuring, issuance, listing in the near future, so we took it as "through train" will come. This is related to a very large difference between the West and also many of our companies will create a source of a range of issues. (2) countries are at the absolute or relative holding position. Many of the problems in corporate governance, in fact, is the largest "Big Stock" issue. At the national "Big Stock" of the case, minority shareholders can not exercise his rights. Ownership structure of listed companies using this relationship, using related party transactions to manipulate profits. Proportion of state-owned shares, if purely by country shares, it is about three per cent more than ten years. However, restructuring state-owned listed companies come from, so a considerable number of sponsors is state-owned enterprises, as well as raise a considerable part of the legal person is state-owned enterprises. So, to say the proportion of state-owned shares to shareholders about 60 percent. The first time that the issuing company, the first major shareholder equity ratio in 1999 was 56.5%, after listing decreased, but remained 52.1%. (3) low percentage of outstanding shares, institutional investors developed. Data showed that the proportion of tradable shares in China in recent years has been about one-third, and in each of the new shares, also accounted for about one third of outstanding shares. In 1999 turnover amounted to 248.5 billion yuan fund, the total turnover of 7.9%; fund A shares trading volume 102.8 billion yuan, accounting for only A shares of 3.31% of total turnover. Although the Mass Transit Fund, there is a better way difficult to reflect the situation of China's institutional investors, but at least this number reflects the underdevelopment of institutional investors in China. (4) the listing of enterprises is often the way with detachment. Taking the year 1999, 85.82 percent of the largest shareholder is the name of a business there, that there is another listed company behind a business. Among them, 85.82% in 69.21% is the group. In the first issue of shares (IPO) of companies 94.6% (in 1998, for example) is a group of top managers of the concurrent listing of part-time, though improving, but still as high as 62.6%. This is another example of description of the features. (5) the stock issuing and listing with a certain amount of planned economy. 2, the Public Company Accounting features (a) the general characteristics of the Public Company Accounting listed companies compared with non-listed companies, has the following characteristics: (1) information more open, more detailed: listed companies to provide investors with more non-financial information, on all the circumstances to be fully explained. (2) more realistic: because the investors, if the information is untrue, he was unable to invest the company's fundamentals, the market did not regulate on the basis of the development. (3) more robust: can not overestimate the profits, assets, but to fully estimate the possible losses and liabilities, risks. (4) financial information of listed companies be audited by certified public accountants. (b) the characteristics of Listed Companies in China , Listing of enterprises in China are mostly train ride, and often peeling or bundled listing, peeling, or bundled with a persistent lack of open and rational norms. , Because most of peeling or bundled, so it is a listed company is listed on the financial data before the simulation, no reliable historical data as the basis. Because a company split in two, ripped out the original subject does not exist. General practice by the securities market, in order to facilitate investment decisions of investors, to provide 3 years of data, requiring simulation, this is a common practice in various countries. But also because the practice of simulation, the reliability of financial information becomes a problem. , Peel, or bundled with market leading to another problem that is not Banqi legal process or false. , Relevant government departments for various reasons, may be all sorts of interference. , Because the relationship between the existing law, companies manipulate the great power profits. By the past, the stock issue price is based on earnings per share and price-earnings ratio calculated, so that listed companies have a great impulse to manipulate net income to net income per share of Molecular bigger, a small denominator. Allotment of the basic conditions of China is relatively simple for placements in the first 3-year annual return on equity of 10% or more, this can easily lead to manipulation. Also, the Company Law has provisions for three consecutive years of suspension loss, many companies in order to avoid suspension, but also manipulate profits. , A higher proportion of state shares, and again stripped listed in this particular loop correction toad? Br&gt; 6, a higher proportion of state shares, and again stripped listed in this particular environment, sham will be possible. Related party transactions and other companies use profits easily manipulated. China's stock market at this point than any other country in the grave. Since the existence of this environment, so many of our securities market with the normal rules of the game no law. , Based on state-owned enterprises to help alleviate the hardship of maintaining stability and control considerations profits, bogus and so becomes natural. From local governments, to make no less than market listed companies, with shares in order to obtain, on a variety of relationships, by many accounts to the company transfusion. sort of reasons as to manipulate our country profits, market manipulation than any country in the formidable, at least it is with Chinese characteristics. 3, the characteristics of financial audits of listed companies (a) of the financial audit of the general features of , Three of the financial audit is to express an opinion. Legitimacy, financial statements prepared in accordance with "Accounting Standards" and other national regulations relating to financial accounting; fairness, in all material respects, the accounting statements are fairly reflected the company's financial position, operating results and financial position of the ; consistency, whether the choice of accounting methods consistent with the principle of consistency. , Check fraud, fraud is not the basic purpose of financial audit. Certified Public Accountant in the audit found irregularities in business, if a violation of the accounting system, CPA, of course it should be clear, but if that is a violation of other laws and regulations, so by CPA professional ethics, he should implement the necessary procedures, such as contact with the company's lawyer said. Because the CPA is not the all-rounder, for some offense against the law in the end, he had no authority to comment, have to rely on other people, so there are problems with false does not necessarily accountants. , Accountability and audit responsibilities with distinction. Sometimes the company with false duty, sometimes the responsibility of Certified Public Accountants, and sometimes both, rather than that all of the company fraud, certified public accountants have a responsibility. , Because of the time and cost constraints, most of the sample audit of Certified Public Accountants. CPA audit is commissioned the audit, he was impossible to check everything. , Certified Public Accountant audit examination object is to be based on sound internal controls. In other words, the enterprise management is based on good faith. (b) financial audits of listed companies in China features , As illegal and non-standardized prevalence of business and accounting system of criteria and incomplete treatment, specific, and it is difficult to CPA audit opinion on the legality of that. , As associated trade is thriving, it is difficult to express an opinion on the fairness. , Because of organizational structure, business, policy and regulation guidelines changing, and therefore   Next / center&gt;
"Analysis of the financial statements of listed companies and information disclosure and revelation of the disclosure case"