【正文】 1/13/2023 59 Comparative Study on Measures of Window Dressing G公司案例 “控股權(quán)變動(dòng) =業(yè)績增長” ? 股權(quán)變動(dòng) – 1999年，原第一大股東與 XYZ科技發(fā)展有限公司簽定了《股份轉(zhuǎn)讓合同書》，但尚未辦理過戶手續(xù) – 經(jīng)營權(quán)實(shí)質(zhì)上從 1999年起托管給 XYZ – 2023年 XYZ入主 G公司 ? 經(jīng)營業(yè)績顯著改善 – 1998至 2023年的經(jīng)營成果 1/13/2023 60 Comparative Study on Measures of Window Dressing 控股權(quán)變動(dòng)前后的 G公司經(jīng)營業(yè)績 (單位：萬元） 0500010000150002023025000300001998 1999 2023 2023主營收入 主營利潤 凈利潤年度 主 營 收 入 主 營 利 潤 凈利潤 1998 7,754 1,383 32 1999 15,497 9,106 6,352 2000 22,528 7,867 2,994 2001 25,117 9,446 2,185 1/13/2023 61 Comparative Study on Measures of Window Dressing 控股權(quán)變動(dòng)前后的 G公司經(jīng)營業(yè)績 (單位：萬元） %%%%%%%%1998 1999 2023 2023主營利潤率 銷售利潤率ROE年度 主 營 利潤率 銷售 利潤率 凈資產(chǎn) 收益率 1998 % % % 1999 % % % 2000 % % % 2001 % % % 1/13/2023 62 Comparative Study on Measures of Window Dressing 奧秘所在 —來自分行業(yè)的資料 項(xiàng)目名稱 1998 1999 2023 2023 發(fā)電機(jī)組：主營業(yè)務(wù)收入 主營業(yè)務(wù)成本 毛利率 5,766 4,654 % 5,872 4,597 % 6,836 6,808 % 6,437 5,852 % 通信產(chǎn)品：主營業(yè)務(wù)收入 主營業(yè)務(wù)成本 毛利率 7,124 5,213 % 10,759 7,336 % 技術(shù)服務(wù)：主營業(yè)務(wù)收入 主營業(yè)務(wù)成本 毛利率 7,777 100% 6,889 426 % 5,258 353 % 蓄電池隔板 主營業(yè)務(wù)收入 機(jī)電新材料 主營業(yè)務(wù)成本 及其他： 毛利率 1,988 1,647 % 1,848 1,500 % 1,680 1,367 % 2,667 1,982 % 1/13/2023 63 Comparative Study on Measures of Window Dressing G公司毛利率 %%%%%%%1998 1999 2023 2023發(fā)電機(jī)組 通信產(chǎn)品 技術(shù)服務(wù) 其他1/13/2023 64 Comparative Study on Measures of Window Dressing G公司案例 “控股權(quán)變動(dòng) =業(yè)績增長” ? 審計(jì)問題 – CPA連續(xù)四年均發(fā)表標(biāo)準(zhǔn)無保留意見 – CPA確認(rèn)技術(shù)服務(wù)收入的依據(jù) ? 技術(shù)服務(wù)合同 – 主要為軟件開發(fā)服務(wù)，一頁紙，開發(fā)周期 3至 6個(gè)月 ? 銀行進(jìn)賬單或函證 – 疑點(diǎn) ? CPA是否評估該公司是否具有軟件開發(fā)能力？ ? CPA是否審計(jì)該公司開發(fā)的軟件或提供的服務(wù)？ ? 軟件服務(wù) 1999年只有收入，沒有成本， 2023至 2023年的毛利率也高達(dá) 90%以上， CPA為何沒有保持應(yīng)有的職業(yè)謹(jǐn)慎？ ? CPA是否合理地懷疑這部分收入來源的合法性？ 1/13/2023 65 Comparative Study on Measures of Window Dressing 財(cái)務(wù)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 1/13/2023 66 Comparative Study on Measures of Window Dressing 財(cái)務(wù)報(bào)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 1/13/2023 67 Comparative Study on Measures of Window Dressing 會(huì)計(jì)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 tha