上市公司报表分析与粉饰概述(参考版)

　　

【正文】 5/6/2023 59 Comparative Study on Measures of Window Dressing G公司案例 “控股权变动 =业绩增长” • 股权变动 – 1999年，原第一大股东与 XYZ科技发展有限公司签定了《股份转让合同书》，但尚未办理过户手续 – 经营权实质上从 1999年起托管给 XYZ – 2023年 XYZ入主 G公司 • 经营业绩显著改善 – 1998至 2023年的经营成果 5/6/2023 60 Comparative Study on Measures of Window Dressing 控股权变动前后的 G公司经营业绩 (单位：万元） 0500010000150002023025000300001998 1999 2023 2023主营收入 主营利润 净利润年度 主 营 收 入 主 营 利 润 净利润 1998 7,754 1,383 32 1999 15,497 9,106 6,352 2023 22,528 7,867 2,994 2023 25,117 9,446 2,185 5/6/2023 61 Comparative Study on Measures of Window Dressing 控股权变动前后的 G公司经营业绩 (单位：万元） %%%%%%%%1998 1999 2023 2023主营利润率 销售利润率ROE年度 主 营 利润率 销售 利润率 净资产 收益率 1998 % % % 1999 % % % 2023 % % % 2023 % % % 5/6/2023 62 Comparative Study on Measures of Window Dressing 奥秘所在 —来自分行业的资料 项目名称 1998 1999 2023 2023 发电机组：主营业务收入 主营业务成本 毛利率 5,766 4,654 % 5,872 4,597 % 6,836 6,808 % 6,437 5,852 % 通信产品：主营业务收入 主营业务成本 毛利率 7,124 5,213 % 10,759 7,336 % 技术服务：主营业务收入 主营业务成本 毛利率 7,777 100% 6,889 426 % 5,258 353 % 蓄电池隔板 主营业务收入 机电新材料 主营业务成本 及其他： 毛利率 1,988 1,647 % 1,848 1,500 % 1,680 1,367 % 2,667 1,982 % 5/6/2023 63 Comparative Study on Measures of Window Dressing G公司毛利率 %%%%%%%1998 1999 2023 2023发电机组 通信产品 技术服务 其他5/6/2023 64 Comparative Study on Measures of Window Dressing G公司案例 “控股权变动 =业绩增长” • 审计问题 – CPA连续四年均发表标准无保留意见 – CPA确认技术服务收入的依据 • 技术服务合同 – 主要为软件开发服务，一页纸，开发周期 3至 6个月 • 银行进账单或函证 – 疑点 • CPA是否评估该公司是否具有软件开发能力？ • CPA是否审计该公司开发的软件或提供的服务？ • 软件服务 1999年只有收入，没有成本， 2023至 2023年的毛利率也高达 90%以上， CPA为何没有保持应有的职业谨慎？ • CPA是否合理地怀疑这部分收入来源的合法性？ 5/6/2023 65 Comparative Study on Measures of Window Dressing 财务分析框架 • From Business Activities to Financial Statements Business Activities Operating Activities Investment Activities Financing Activities Accounting System Measure and Report Economic Consequences of Business Activities Financial Statements Managers’ Superior inf. On Business Activities Estimation Errors Distortions fm Managers’ Accounting Choices Business Environment Labor Markets Capital Markets Product Markets Supplier Customers Competitors Business Regulations Accounting Environment Capital Market Structure Contracting Governance Accounting Conventions And Regulations Tax Financial Accounting Linkage Thirdparty Auditing Legal System for Accounting Disputes Business Strategy Scope of Business: Degree of Diversification Type of Diversification Competitive Positioning: Cost Leadership Differentiation Key Success Factors and Risk Accounting Strategy Choice of Acctg Policies Choice of Acctg Estimates Choice of Reporting Format Choice of Supplementary Disclosures 5/6/2023 66 Comparative Study on Measures of Window Dressing 财务报表分析框架 • Doing Business Analysis Using Financial Statements Financial Statements Managers’ superior inf on business activities Noise from estimation errors Distortions from managers’ acctg choices Other Public Data Industry and firm data Outside financial statements Business Application Context Credit analysis Securities analysis Mergers and acquisition analysis Debt/dividend analysis Corporate munication strategy analysis General business analysis Analysis Tools Business Strategy Analysis Generate performance expectations through Industry analysis and petitive strategy Analysis Accounting Analysis Evaluate accounting quality By assessing accounting Policies and estimates Financial Analysis Evaluate performance using ratios And cash flow analysis Prospective Analysis Making forecasts and value Business 5/6/2023 67 Comparative Study on Measures of Window Dressing 会计分析 • Doing Accounting Analysis – Step 1: Identify key accounting policies – Step 2: Access accounting flexibility – Step 3: Evaluate accounting strategy • Key questions – How do the firm’ s accounting policies pare to the norms in the industry? If they are different, is it because the firm’ s petitive strategy is unique? – Does management face strong incentives to use accounting discretion for earnings management? – Has the firm changed any of its policies and estimates? What is the justification? What is impact of changes? – Have the firm’ s policies and estimates been realistic in the past? – Does the firm structure any significant business transactions so that it can achieve certain accounting objectives? 5/6/2023 68 Compa