上市公司財(cai)務報表作假,公開披露的信息不真(zhen)實、不完整(zheng)對普(pu)通股民傷(shang)害(hai)有多大?本視頻有部(bu)分專業術(shu)語,不容易懂,可以收(shou)藏(zang)起來,多聽幾遍。
看(kan)不(bu)懂(dong)財務(wu)報表,缺乏(fa)金(jin)融專業知識(shi),拿(na)捏(nie)不(bu)住人性真相,是(shi)散戶(hu)被(bei)割韭菜主要(yao)(yao)原因。本(ben)視頻(pin)不(bu)推(tui)薦(jian)股票,不(bu)提示投資風險,“監管函”是(shi)照(zhao)妖鏡,只要(yao)(yao)上市公(gong)司不(bu)作妖,且知錯就改,還是(shi)好公(gong)司。
閑話少說,言歸正傳。
從深(shen)圳(zhen)證券(quan)交易(yi)所(suo)的公(gong)開信息得(de)知(zhi),2022年(nian)9月27日,昆明某化工股份有限公(gong)司收到(dao)交易(yi)所(suo)“監管函”,經(jing)查明,這家上市(shi)公(gong)司存在(zai)多(duo)項(xiang)違規行(xing)為。
一是 2019 年(nian)(nian)、2020 年(nian)(nian)、2021 年(nian)(nian)年(nian)(nian)度財(cai)務(wu)(wu)報(bao)告(gao)披露(lu)不(bu)(bu)(bu)(bu)準確(que)。直(zhi)白地說(shuo),就(jiu)是該公(gong)(gong)(gong)司(si)(si)(si)在(zai)過往(wang)的(de)(de)三(san)個會(hui)計年(nian)(nian)度,存在(zai)財(cai)務(wu)(wu)造假行(xing)為。監管(guan)函具(ju)體指出,公(gong)(gong)(gong)司(si)(si)(si)因內(nei)(nei)部控(kong)制不(bu)(bu)(bu)(bu)完善和財(cai)務(wu)(wu)核算不(bu)(bu)(bu)(bu)規范,導致三(san)個會(hui)計年(nian)(nian)度財(cai)務(wu)(wu)報(bao)告(gao)都存在(zai)少(shao)計負債,多計凈利潤的(de)(de)違規行(xing)為。堂堂上(shang)市公(gong)(gong)(gong)司(si)(si)(si)居(ju)然(ran)可以連續(xu)三(san)年(nian)(nian)財(cai)務(wu)(wu)做(zuo)(zuo)假,絕不(bu)(bu)(bu)(bu)是偶然(ran)的(de)(de),是別有(you)用(yong)(yong)心的(de)(de)。根據《深交所(suo)上(shang)市公(gong)(gong)(gong)司(si)(si)(si)規范運作指引(yin)》,公(gong)(gong)(gong)司(si)(si)(si)年(nian)(nian)度報(bao)告(gao)公(gong)(gong)(gong)告(gao)前(qian)30日(ri)內(nei)(nei);或公(gong)(gong)(gong)司(si)(si)(si)業(ye)績(ji)(ji)預告(gao)、業(ye)績(ji)(ji)快報(bao)公(gong)(gong)(gong)告(gao)前(qian)10日(ri)內(nei)(nei);上(shang)市公(gong)(gong)(gong)司(si)(si)(si)的(de)(de)控(kong)股(gu)股(gu)東、實際(ji)控(kong)制人(ren)和董、監、高不(bu)(bu)(bu)(bu)得買賣(mai)上(shang)市公(gong)(gong)(gong)司(si)(si)(si)股(gu)份及其(qi)衍生品種(zhong)。這(zhe)里所(suo)說(shuo)的(de)(de)30日(ri)內(nei)(nei)和10日(ri)內(nei)(nei)就(jiu)是之前(qian)所(suo)說(shuo)的(de)(de)窗口期。基礎資料(liao)都不(bu)(bu)(bu)(bu)真實,那基本盤分析、技術面研究(jiu)、波浪理論(lun)就(jiu)得統統失效(xiao)。事(shi)實證明(ming),在(zai)股(gu)市里,你所(suo)能看(kan)(kan)到(dao)的(de)(de)股(gu)票資訊正是某些(xie)人(ren)想讓你看(kan)(kan)到(dao)的(de)(de),有(you)用(yong)(yong)的(de)(de)藏起(qi)來,不(bu)(bu)(bu)(bu)讓你看(kan)(kan),有(you)些(xie)人(ren)就(jiu)是能做(zuo)(zuo)到(dao),這(zhe)上(shang)哪說(shuo)理去。
二是(shi) 2020 年(nian)2021 年(nian)年(nian)度財務報告附注披露不完(wan)整。該公司故意(yi)隱瞞了 2020 年(nian)和2021 年(nian)因兩起違規用(yong)地(di)行(xing)為被行(xing)政處(chu)罰的事項,涉及到(dao)土(tu)地(di)及地(di)上(shang)(shang)建筑(zhu)物(wu)(wu)、構筑(zhu)物(wu)(wu)等無(wu)形資產(chan)、固定資產(chan)產(chan)權(quan)證手續不全的問題。報喜(xi)不報憂(you),專撿(jian)好聽的說,很顯(xian)然,他(ta)們擔心如實披露會造成股(gu)(gu)價下跌。表面(mian)上(shang)(shang)看(kan)是(shi)信(xin)息披露不完(wan)整,本質是(shi)有意(yi)誤導投(tou)資者,達到(dao)操縱股(gu)(gu)票(piao)價格目(mu)的,如此騷操作,普通股(gu)(gu)民毫無(wu)勝算,只能自認倒霉(mei)。
三(san)是(shi)公(gong)(gong)(gong)司(si)治(zhi)理(li)不規(gui)范和內(nei)部(bu)控制(zhi)(zhi)不完善(shan)(shan)。公(gong)(gong)(gong)司(si)治(zhi)理(li)方面存在(zai)19 個制(zhi)(zhi)度(du)已近 10 年未(wei)進行修訂,公(gong)(gong)(gong)司(si)制(zhi)(zhi)度(du)滯后于(yu)現有法(fa)律法(fa)規(gui);沒有按規(gui)定把(ba)內(nei)幕(mu)(mu)信息(xi)知(zhi)情(qing)人(ren)登記在(zai)冊。可見(jian),公(gong)(gong)(gong)司(si)經營管理(li)層沒有把(ba)心思(si)放在(zai)公(gong)(gong)(gong)司(si)管理(li)上,對內(nei)幕(mu)(mu)信息(xi)知(zhi)情(qing)人(ren)管理(li)不嚴(yan)(yan),造成(cheng)了(le)內(nei)幕(mu)(mu)消(xiao)息(xi)泄漏(lou),形(xing)成(cheng)了(le)內(nei)幕(mu)(mu)交易的(de)溫床,為某些(xie)人(ren)操(cao)縱股價(jia)創造機會。內(nei)控制(zhi)(zhi)度(du)不完善(shan)(shan),結果就是(shi)公(gong)(gong)(gong)司(si)管理(li)混亂(luan),影響(xiang)公(gong)(gong)(gong)司(si)正常的(de)生產運作,直接導致(zhi)公(gong)(gong)(gong)司(si)的(de)效(xiao)益(yi)衰退(tui)。產業(ye)結構隨之會變更,內(nei)部(bu)結構會損壞,嚴(yan)(yan)重時候,公(gong)(gong)(gong)司(si)將面臨(lin)破產和倒閉的(de)雙(shuang)重危險。致(zhi)使上市公(gong)(gong)(gong)司(si)可能觸(chu)發退(tui)市條件,或被強(qiang)制(zhi)(zhi)退(tui)市,這對于(yu)普通(tong)股民傷害極大,對資(zi)本市場(chang)傷害極大。
我注意到,這(zhe)份“監(jian)管(guan)函”是(shi)發給上市(shi)(shi)(shi)公司(si)董(dong)(dong)事(shi)(shi)會(hui)的,而(er)董(dong)(dong)事(shi)(shi)會(hui)秘書對這(zhe)些(xie)違規(gui)行為應負直接責任,信息(xi)披露(lu)是(shi)董(dong)(dong)秘的重要(yao)工(gong)作(zuo)之(zhi)一(yi)。大多數股民并不(bu)了解董(dong)(dong)事(shi)(shi)會(hui)秘書是(shi)一(yi)個怎樣的存在,他(ta)既熟悉公司(si)業務又(you)是(shi)最(zui)懂資(zi)本(ben)市(shi)(shi)(shi)場,《公司(si)法》也規(gui)定董(dong)(dong)秘應當是(shi)上市(shi)(shi)(shi)公司(si)高管(guan),向(xiang)上對接董(dong)(dong)事(shi)(shi)長(chang),向(xiang)下統(tong)領(ling)公司(si)各主要(yao)部門,中間對接交易所,在上市(shi)(shi)(shi)公司(si)里,董(dong)(dong)秘既能呼(hu)風喚(huan)雨(yu),又(you)左右(you)逢源,我可以很不(bu)負責地說,如果沒人管(guan),董(dong)(dong)秘完全有能力操縱(zong)股票漲跌。
證監會要求上市(shi)公司信(xin)息(xi)披露應遵循真實(shi)、準確、完(wan)整、及時(shi)、公平(ping)五原(yuan)則,只要其中之一個原(yuan)則搞點小動作,就夠普通(tong)股民喝(he)一壺了,歷史沒有假設(she),但歷史總在重演。
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