An Analysis of the Motivation, Means, and Screening Methods of Profit Packaging of Listed Companies Liu Wei, Su Jingqin (School of Management, Dalian University of Technology, Dalian, Liaoning 116024, China) In order to realize certain motives, the company will use various means to make artificial adjustments. Kind of behavior. The article analyzes the motives, means and methods of profit packaging of listed companies. The motives of listed companies' profit packaging are mainly divided into two categories: pre-marketing and post-marketing packaging. In order to obtain listing qualifications, in order to buy a shell to go public. The motives after listing are: (1) Poor management, through profit manipulation, trying to make the net assets, rate of return and other indicators meet the minimum requirements of the CSRC, and facilitate the allocation of shares; (2) prevent continuous losses, net assets below par value Faced with the risk of being delisted; raising earnings per share, stabilizing the stock price, and then raising more funds through allotment; (4) cooperating with the banker's speculation, in order to jointly benefit.
Due to the above-mentioned motives, the means of profit packaging are constantly emerging. From the current actual situation, the profit packaging of listed companies is mainly carried out through related party transactions, changing accounting policies and local government “supportâ€. The means of related party transactions refers to the transfer of resources and obligations between related parties, regardless of whether the price is charged. Related parties mainly refer to the parties involved in the financial and operational decisions of the enterprise that have the ability to directly or indirectly control, jointly control or influence the other party, mainly including the parent company and the subsidiary company controlled by the parent company. If the related party transaction is based on the market price as the pricing principle of the transaction, the joint venture will not have an abnormal impact on both sides of the transaction. Otherwise, the related party will be in various needs and take the internal settlement price, which will make the profit in the affiliated company. A transfer occurs between them. The main performances of listed companies using the related party transaction packaging profit are: fictitious economic business between affiliated companies, artificially improving the performance of listed companies. For example, ST Susanshan (Shenzhen stock, due to false accounts, has been picked) passed on the burden of expenses. The listed company and the parent company have business and service relationships. Before the reorganization, the two parties sign an agreement on the payment and apportionment criteria. When the profit level of the listed company is not satisfactory, the parent company may lower the fee standard that the listed company should pay, or assume The management fees and advertising fees of listed companies, in order to achieve transfer costs and increase the profit level of listed companies, use asset transfer, asset replacement or equity replacement for listed companies to pass non-performing assets and equal amounts for the purpose of higher or lower market prices. Debt divestiture or resell bad long-term investments to the parent company (or subsidiaries controlled by the parent company) to reduce financial costs, avoid losses, and improve the performance of listed companies.
Reduce the financial expenses of listed companies by making capital exchanges above or below normal interest rates. According to relevant regulations, enterprises are not allowed to borrow funds from each other. However, in fact, the capital exchanges and demolition between affiliated companies coexist. It is difficult for them to distinguish strictly. Investors cannot make proper judgments on their rationality. In China's current securities market, due to the lack of regulations and operational regulations for custody operations, the operation of custody operations is mostly a form of profit packaging. For example, a listed company entrusts non-performing assets to the parent company for operation, and the fixed amount is collected or returned by the parent company. The stable, high-profit assets are handed over to the listed company for custody in a low-yield manner, thereby directly loading profits into the listed company.
Cooperative investment. Once it is found that the return on net assets is difficult to meet the minimum requirements of the SFC, or if there is continuous loss due to poor management, the listed company will calculate the profit gap and then sign a joint investment contract with the parent company, and the parent company will give a profit.
Accounting policy is the regulations and systems that enterprises should follow in accounting and ultimately produce accounting statements. Different accounting policies may cause significant differences in the financial status and operating results reflected in the accounting statements.
Because the choice of accounting policy has certain flexibility, it can also become the main means for the enterprise to carry out profit packaging. Its manifestation includes: change accounting method. The principle of consistency requires that enterprises should not arbitrarily change accounting procedures and processing methods under normal circumstances, that is, the accounting procedures and accounting treatment methods adopted by enterprises must be consistent before and after each period.
However, in fact, whether or not to change or adopt accounting methods is mostly determined according to the needs of enterprises.
Proportion of artificially controlling the provision for bad debts of receivables. The new supplementary regulations require listed companies to use the allowance method to make provision for bad debts, but they do not specify the accrual ratio, so that some listed companies can achieve the aging control (especially for related party accounts). The purpose of adjusting the profit by using the “inventory price reduction preparation†to change the inventory evaluation method to adjust the value of the inventory at the end of the profit period will inevitably lead to low sales cost. This method exaggerates the current profit and exaggerates the assets of the enterprise. . Understand this truth, then it is not difficult to understand the means of artificially adjusting profits by using the effective period of market price and cost. In addition, the inconsistency of the inventory valuation method also has the possibility of adjusting the profit, so that the listed company has a larger space for profit packaging to use the “long-term investment impairment provision†to adjust the profit. Like the inventory depreciation reserve, the long-term investment impairment provision has a market price that is difficult to confirm when adopting the cost and market price depreciation method. Due to the lack of objective criteria, the market price confirmation is easily affected by human factors, making it one of the means of profit manipulation. .
Use interest capitalization to regulate profits. According to the requirements of the General Rules and Accounting Standards, the interest expenses of the daily production and operation of the enterprise shall be included in the current financial expenses to reduce the current profit; the interest on the funds occupied by the construction in progress that is not completed for delivery shall be capitalized and the assets added. The book value is compensated in the future by depreciation of fixed assets. The performance of the listed company through the processing of interest to adjust the profit is: taking an asset as an excuse for trial production, and even taking the local government functional department to define the "construction in progress", the annual interest capitalization of interest expenses, the value of virtual assets And profit.
Use virtual assets to adjust profits. Among the company's asset accounts, more than three years of accounts receivable deferred expenses, deferred assets and pending assets are called non-performing assets. In order to improve the current operating performance, listed companies are reluctant to deal with the balance of non-performing asset accounts, so that they will hang on the account for a long time (called latent losses), which will cause serious “puffiness†in the assets of listed companies. Greatly use equity investment to adjust profits. As we all know, there are two kinds of treatments for equity investment: cost method and equity method. Listed companies can choose between these two methods according to different needs, so that profit manipulation can use the "other receivables" and "other payables" to make huge write-offs to adjust profits. If the relevant expenses are included in other receivables, The income is included in other accounts payable accounting installment assumptions and accruals, so that the company can transfer profits in different accounting periods by manipulating automatically controllable accruals during the external reporting process. “Giant reversal†is to confirm the costs and losses that may occur in the future to improve the performance of the following years. The specific performance is that the current return on net assets has dropped significantly, and there has been a rebound in the future. This method, especially after the company has suffered two consecutive losses in the listed company, the company avoided the third consecutive year of losses and led to widespread adoption.
Due to the difficulty in obtaining listing indicators and the tight resource of shells, local governments will not let local listed companies lose valuable listing qualifications on the one hand, and on the other hand, they will use the funds raised by listed companies to develop local economies.
Based on this understanding, some local governments have taken support from the back-up of asset restructuring of listed companies to the front, and supported them by means of short-term loss of fiscal revenue. Even proposed to use the shell resources in a unified way, the government financial losses, improve the performance of listed companies and then increase the stock price, through the allocation of funds to raise funds to develop the local economy, and the main means of obtaining tax: local financial subsidies. In order to enable enterprises to obtain listing indicators, or to obtain higher share price, local government departments will adopt a plan to provide certain subsidies to enterprises to improve their annual operating performance and reduce tax burden. According to the tax law, the income tax rates of enterprises in the high-tech economic and technological development zones of the SAR enterprises and those in the Mainland vary. The income tax exemption right is not only stipulated by the tax law, but the local government has no right to reduce or exempt but support the listed company. Many local governments have exceeded the tax return policy of the listed company. Except the income tax, the proportion of the tax rebate income cannot be ignored, and its operation on the listed company The impact of the performance is mainly due to the following types: export tax rebate, imported equipment, raw material tax rebate, value tax local finance 25% divided into partial return, in addition, some enterprises enjoy the tax incentives for the industry, the interest is on the listed company The interest will be written off and reduced, which can reduce the financial expenses of listed companies. If the loss of profits such as Chinese production is basically no profitable assets, the amount is poor! Ishin ICBC writes off Emei Group ed.997 degree loan interest. nP4 million yuan to give preferential policies on asset value. This is mainly when the listed company raises funds for urban development and construction, and gives preferential policies on land resource prices. This will undoubtedly help the listed companies in the real estate sector. .
The above briefly analyzes the three typical methods used by listed companies for profit packaging. No matter what method the listed company uses for packaging, it will bring irrational factors to the securities market, affecting its healthy development. Therefore, it is necessary to strengthen The supervision of listed companies effectively identifies their profit manipulation behavior.
(1 Note that the difference between the profits of listed companies comes from the related companies. If the profits from the affiliated companies account for a large proportion, there is profit manipulation, the suspicion of whitewashing statements. (2) Pay attention to the total profit in the consolidated statements of the parent and subsidiary companies. Excluding the profit portion of the related party transaction) If it is much lower than the profit of the listed company, it means that the parent company transfers the profit for the listed company, and the suspect of profit manipulation excludes the asset bubble, the company's book assets are deducted from the bad assets and the balance of the liabilities is reduced. Or use the net assets of the book to deduct the non-performing assets to reflect the net assets of the listed company. Calculate the relevant indicators to verify whether the CSRC’s relevant provisions of the listed company are compared with the long-term profit margin of the company. The former is larger than the latter, then the company is actually a virtual surplus, it is likely to compare the cash flow of profit-packaging operations with the profit of the main business; the cash flow of investment activities is compared with the net income of investment; the net cash flow is compared with the net profit if the former Sustained less than the latter, then the possibility of profit manipulation Because the net profit is high and there is no cash flow, this is not only puzzling, but also very dangerous. It shows that the liquidity and solvency of listed companies are greatly weakened. There is a large amount of abnormality in the accounting year. If there is any profit, it should be paid attention to in order to prevent the emergence of profit packaging behavior, and clearly understand the motives and screening methods of listed companies' profit packaging. We will find effective measures to restrict profit packaging behavior and further standardize financial securities. The market is very beneficial.
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