瑞丰光电财务数据前后矛盾 暗藏现金舞弊

瑞丰光电财务数据前后矛盾 暗藏现金舞弊 瑞丰光电财务数据前后矛盾 暗藏现金舞弊 来源:证券市场?红周刊 2011年05月30日09:29 我来说两句 (0) 复制链接 打印 大中小 深圳市瑞丰光电子公司(以下简称“瑞丰光电”)于5月20日向证监会报送了招股说明书(申报稿)及上市申请，24日经发审委审核通过。但《红周刊》却发现公司存在着严重的财务矛盾，背后显现出的虚增资产、 虚构现金流等问题相当突出。 本周初已有媒体对于瑞丰光电关联方 相关公司股票走势 , 雷曼光电23.31-0.56-2.35% 相关公司股票走势雷曼光电 康佳集团低价参股进行了报道，但更值得关注是，根据招股说明书数据披露，2010年对康佳集团及其下属公司康佳视讯的销售收入合计1002.91万元，占全部营业收入的3.83%;截至2010年底对这两个关联 方应收款项合计783.73万元，这意味着针对关联方销售收取现金的比例仅为21.85%((1002.91-783.73)/1002.91×100%)，而且关联方应收款占全部应收款项的17.02%，关联方交易占款比 例显著高于其他正常业务。 这说明关联方通过销售欠款的形式占用上市公司部分短期资金，但与下面四项财务疑点相比，则是小 巫见大巫了。 一、虚报产销OR虚增资产 根据招股说明书产销比显示，2008年到2010年3年产销比均高于100%(见表1)，这意味着瑞丰光电 产成品存货连年净减少，其中2010年产成品净减少数量为90.4KK. LED封装业务的主要原材料包括LED芯片、支架及其他辅助材料和动力，其中LED芯片成本2010年占总成本比重为62.99%，构成主要成本因素。根据“原材料价格波动的风险”信息披露，LED芯片2008 年到2010年平均采购价格每KK分别为96.97元、55.62元和39.65元，呈现显著逐年下跌趋势。 emotionalBecause of the guerrilla forces in the surrounding area have been withdrawn, activities in the Lake's Cheng Wanjun also refuge in Japanese, Zhu Xi forces became the puppet to attack key targets Eve puppet attacking in Wuzhen, face the problem of the retreat was to meet the enemy, in a debate within the leadership, some believe that the elves, concentrate a superior force, surely do, early transfer is the best way to reduce losses. Deputy Commander Wang Hesong impassioned statement: "Wuzhen hold, is our military's duty!" I have win a series of victories, morale, Wuzhen battle to victory, fight this battle, a Chinese miracle in the history of guerrilla warfare."Commander Zhu Xi did not have much, but the final word. On November 5, we flew over the town for several days, bomb bursts, trembling moan tranquil town in the war. People have the feeling of a catastrophe in the town. 6th reconnaissance around the command personnel brought an urgent intelligence, town-wide panic, in the face of news of the Japanese attack town, to avoid the scourge of war, the majority of people young and old fled to the countryside in the town. Also hard to find a boat in the river. Past the bustling town just seems a deserted and desolate. 7th day in implementing low-level flights over the town, fired. That night, the Elves attack Wuzhen confirmed information. Night, bursts of gunfire coming from the distance, reportedly is Deputy Commander Wang Hesong Xu Miao came Nanxun sniper assault of the Elves. 8th, the situation is more severe in the town. One afternoon, outside East Gate and South Gate there was intense gunfire. Enemy attacks by frustrated independent battalion confronted Chen qi. At this time, the command ... 11th, as Commander of Zhu Xi-Kai Wen Yongzhi, Director of 这势必导致产成品单位成本的逐年下降。这一点通过其他相关财务信息进行推导，也能够得出相同结 论。 公司披露2010年综合毛利率为30.98%，相比2009年26.61%的毛利率提高了4.37个百分点，这意味着产品单位生产成本对单位销售价格的相对下降。而瑞丰光电主营产品加权销售价格在过去三年中也呈现显著下跌(见表2)，其中2010年加权平均销售单价为22.12元，相比2009年29.52元的加权销售单价下跌 了25.07%。 我们知道，“存货-产成品”科目反映了年末已经生产加工完毕后，等待销售的库存商品余额，在产成品没有发生实体性贬值而导致可变现净值低于账面成本的情况下，不需要计提存货跌价准备，那么资产负债 表中的“存货-产成品”即反映了期末产成品数量与单位生产成本的乘积。 通过上面的分析得出的结论是，在产成品净减少90.4KK和加权销售均价同比下跌25.07%的共同作用下，资产负债表“存货-产成品”科目2010年末余额应当呈现同比下降状态，且降幅应当在25%附近。 但是财务数据列示结果却令人大跌眼镜，“存货-产成品”科目2010年末余额不仅没有出现下跌，相反还出现了同比大幅上涨，从2009年末的1362.11万元上涨到2010年末的3283.18万元，涨幅高达141.04%，而且库存商品余额呈现连年上涨的态势，其中体现出的产成品积压的经营表现与公司披露的连年高于100% 的产销比数据明显相悖。 对此，《红周刊》认为存在两种可能情况:一种情况是瑞丰光电虚构产成品存货，进而虚增资产;另一种情况则是产销数据中低报了产量数据，进而“描绘”出一派产品供不应求的虚假繁荣，进而为募集资金投资项目提高产能做铺垫。不论是哪一种可能，都意味着瑞丰光电招股说明书中存在重大信息误导或者错 报。 二、虚构现金流量且手法低劣 上市公司年报中出现过的现金舞弊案例不在少数，但财务报表主表数据前后“撞车”的却也不多见，而瑞丰光电的招股说明书在经过会计师事务所审计、券商保荐人把关之后，丝毫不影响现金流量表数据与资 产负债表数据发生冲突，这恐怕只能用“搞笑”来形容了。 现金流量表显示2010年“期末现金及现金等价物余额”为3363.5万元，而资产负债表“货币资金”余额却赫然列示着3586.95万元，二者相差了223.45万元。如果说现金流量表“期末现金及现金等价物余额”比资产负债表“货币资金”余额多的话，还可以用“到期日少于3个月的短期债券投资”来解释，但是反过来就令人百思不得其解了，难道瑞丰光电账上的货币资金不能到银行兑付成现金,这样的财务数据前后矛盾实在 令人哭笑不得。 三、经营性现金流量乱账 经过《红周刊》的分析，现金流量表和资产负债表数据差异或许来源于瑞丰光电对于销售和采购过程 中的现金流量“虚构”。 emotionalBecause of the guerrilla forces in the surrounding area have been withdrawn, activities in the Lake's Cheng Wanjun also refuge in Japanese, Zhu Xi forces became the puppet to attack key targets Eve puppet attacking in Wuzhen, face the problem of the retreat was to meet the enemy, in a debate within the leadership, some believe that the elves, concentrate a superior force, surely do, early transfer is the best way to reduce losses. Deputy Commander Wang Hesong impassioned statement: "Wuzhen hold, is our military's duty!" I have win a series of victories, morale, Wuzhen battle to victory, fight this battle, a Chinese miracle in the history of guerrilla warfare."Commander Zhu Xi did not have much, but the final word. On November 5, we flew over the town for several days, bomb bursts, trembling moan tranquil town in the war. People have the feeling of a catastrophe in the town. 6th reconnaissance around the command personnel brought an urgent intelligence, town-wide panic, in the face of news of the Japanese attack town, to avoid the scourge of war, the majority of people young and old fled to the countryside in the town. Also hard to find a boat in the river. Past the bustling town just seems a deserted and desolate. 7th day in implementing low-level flights over the town, fired. That night, the Elves attack Wuzhen confirmed information. Night, bursts of gunfire coming from the distance, reportedly is Deputy Commander Wang Hesong Xu Miao came Nanxun sniper assault of the Elves. 8th, the situation is more severe in the town. One afternoon, outside East Gate and South Gate there was intense gunfire. Enemy attacks by frustrated independent battalion confronted Chen qi. At this time, the command ... 11th, as Commander of Zhu Xi-Kai Wen Yongzhi, Director of 根据该公司披露的最近3年销售收入、17%的增值税比例以及经营性往来款数据，不难推算出该公司“销 售商品收到现金”的理论金额(见表3)，与现金流量表中披露的数据相比存在明显差异。 同时，对于销售产生现金流入金额高于收入的现象，公司在“经营活动现金流入分析”中解释为“表明公司资产管理水平较高，应收账款的回收情况良好，公司营业收入的收现率高”。但事实却是瑞丰光电2010年末应收款项合计5890.88万元，相比2009年末应收款项余额4133.83万元净增加了1757.05万元，同比增幅为42.5%。而2010年营业收入则同比增加了40.15%，比应收款项同比增幅低2.35个百分点，丝毫未 能体现出“收现率高”的“管理水平”。 不仅销售数据与经营性现金流量数据存在明显的财务矛盾，涉嫌虚增经营性现金流入金额，同时瑞丰光电还以更大金额虚增了经营性现金流出金额，这也是导致现金流量表数据低于资产负债表数据的直接原 因。 从公司披露的相关财务数据对原材料采购导致的现金流出金额进行测算后发现，理论金额显著低于现 金流量表中的披露金额(见表4). emotionalBecause of the guerrilla forces in the surrounding area have been withdrawn, activities in the Lake's Cheng Wanjun also refuge in Japanese, Zhu Xi forces became the puppet to attack key targets Eve puppet attacking in Wuzhen, face the problem of the retreat was to meet the enemy, in a debate within the leadership, some believe that the elves, concentrate a superior force, surely do, early transfer is the best way to reduce losses. Deputy Commander Wang Hesong impassioned statement: "Wuzhen hold, is our military's duty!" I have win a series of victories, morale, Wuzhen battle to victory, fight this battle, a Chinese miracle in the history of guerrilla warfare."Commander Zhu Xi did not have much, but the final word. On November 5, we flew over the town for several days, bomb bursts, trembling moan tranquil town in the war. People have the feeling of a catastrophe in the town. 6th reconnaissance around the command personnel brought an urgent intelligence, town-wide panic, in the face of news of the Japanese attack town, to avoid the scourge of war, the majority of people young and old fled to the countryside in the town. Also hard to find a boat in the river. Past the bustling town just seems a deserted and desolate. 7th day in implementing low-level flights over the town, fired. That night, the Elves attack Wuzhen confirmed information. Night, bursts of gunfire coming from the distance, reportedly is Deputy Commander Wang Hesong Xu Miao came Nanxun sniper assault of the Elves. 8th, the situation is more severe in the town. One afternoon, outside East Gate and South Gate there was intense gunfire. Enemy attacks by frustrated independent battalion confronted Chen qi. At this time, the command ... 11th, as Commander of Zhu Xi-Kai Wen Yongzhi, Director of 同时，针对公司披露的原材料采购数据进行增值税调整后，也能得出相近结论(见表5). 客观来说，对于采购商品导致的现金流入量测算相对复杂，涉及科目较多导致准确性有所降低，但是 《红周刊》通过两种方法做出的测算结果相差不大(二者相差不足600万元)，但是与现金流量表披露数据 相比，均相差8000万元上下，这同样构成了显著的财务矛盾。 现金流量表中的“销售商品、提供劳务收到的现金”和“购买商品接受劳务支付的现金”均用核算日常主 营业务导致的现金收支，与收入成本紧密相关。通常来说，如果现金流量表披露数据显著高于根据其他财 emotionalBecause of the guerrilla forces in the surrounding area have been withdrawn, activities in the Lake's Cheng Wanjun also refuge in Japanese, Zhu Xi forces became the puppet to attack key targets Eve puppet attacking in Wuzhen, face the problem of the retreat was to meet the enemy, in a debate within the leadership, some believe that the elves, concentrate a superior force, surely do, early transfer is the best way to reduce losses. Deputy Commander Wang Hesong impassioned statement: "Wuzhen hold, is our military's duty!" I have win a series of victories, morale, Wuzhen battle to victory, fight this battle, a Chinese miracle in the history of guerrilla warfare."Commander Zhu Xi did not have much, but the final word. On November 5, we flew over the town for several days, bomb bursts, trembling moan tranquil town in the war. People have the feeling of a catastrophe in the town. 6th reconnaissance around the command personnel brought an urgent intelligence, town-wide panic, in the face of news of the Japanese attack town, to avoid the scourge of war, the majority of people young and old fled to the countryside in the town. Also hard to find a boat in the river. Past the bustling town just seems a deserted and desolate. 7th day in implementing low-level flights over the town, fired. That night, the Elves attack Wuzhen confirmed information. Night, bursts of gunfire coming from the distance, reportedly is Deputy Commander Wang Hesong Xu Miao came Nanxun sniper assault of the Elves. 8th, the situation is more severe in the town. One afternoon, outside East Gate and South Gate there was intense gunfire. Enemy attacks by frustrated independent battalion confronted Chen qi. At this time, the command ... 11th, as Commander of Zhu Xi-Kai Wen Yongzhi, Director of 务数据推算结果的话，则意味着公司通过这两个科目对部分非主营项目的资金流动进行核算，那么在瑞丰 光电畸高的现金流数据背后，又在隐藏着哪些资金流动信息, 四、房租“捡漏”OR私下 协议 离婚协议模板下载合伙人协议 下载渠道分销协议免费下载敬业协议下载授课协议下载 , 在深圳市南山区即将有两家从事LED封装业务的上市公司，分别为瑞丰光电和雷曼光电，二者经营业务相同、规模相近，一方面是主要竞争对手，另一方面又是邻居，共同寄租于百旺信工业园内，但是二者 面对租赁条款却有显著不同待遇(见表6). 可以看到，瑞丰光电的租赁价格相比雷曼光电低了约20%，对于同一个出租人来说，这显然违背了一般经济规律。对此，本刊向瑞丰光电的“隔壁”雷曼光电进行咨询，对于瑞丰光电低廉的租金价格，雷曼光电的工作人员也是大感意外。至于瑞丰光电的其他经营信息则更是“不方便说什么”。那么是瑞丰光电在房租领域“捡漏”了吗,恐怕这很难令人相信，按照审计学的观点“非正常经济现象背后必有隐情”，在瑞丰光电违背了正常的经济规律获得低廉房租价格的背后，又会潜藏着什么信息乃至私下协议或者莫名利益, emotionalBecause of the guerrilla forces in the surrounding area have been withdrawn, activities in the Lake's Cheng Wanjun also refuge in Japanese, Zhu Xi forces became the puppet to attack key targets Eve puppet attacking in Wuzhen, face the problem of the retreat was to meet the enemy, in a debate within the leadership, some believe that the elves, concentrate a superior force, surely do, early transfer is the best way to reduce losses. Deputy Commander Wang Hesong impassioned statement: "Wuzhen hold, is our military's duty!" I have win a series of victories, morale, Wuzhen battle to victory, fight this battle, a Chinese miracle in the history of guerrilla warfare."Commander Zhu Xi did not have much, but the final word. On November 5, we flew over the town for several days, bomb bursts, trembling moan tranquil town in the war. People have the feeling of a catastrophe in the town. 6th reconnaissance around the command personnel brought an urgent intelligence, town-wide panic, in the face of news of the Japanese attack town, to avoid the scourge of war, the majority of people young and old fled to the countryside in the town. Also hard to find a boat in the river. Past the bustling town just seems a deserted and desolate. 7th day in implementing low-level flights over the town, fired. That night, the Elves attack Wuzhen confirmed information. Night, bursts of gunfire coming from the distance, reportedly is Deputy Commander Wang Hesong Xu Miao came Nanxun sniper assault of the Elves. 8th, the situation is more severe in the town. One afternoon, outside East Gate and South Gate there was intense gunfire. Enemy attacks by frustrated independent battalion confronted Chen qi. At this time, the command ... 11th, as Commander of Zhu Xi-Kai Wen Yongzhi, Director of