什么样的公司有财务造假嫌疑_来自香橼和浑水的启示.pdfVIP

Abstract: In 2011, many China concept stocks listed in the United States markets were accused of accounting fraud, triggering widespread concern. Two U.S.-based research institutions, i.e. Citron and Muddy Waters, seemed to be very accurate in detecting these companies with crooked books. Through analysis of the reports disseminated by these two institutions, we found that those accused companies frequently exhibited the following characteristics: gross margins much higher than competitors; material discrepancies between docs fi led to different regulation bodies; hided deals by insiders; dubious stock deals by the controlling parties or senior managers; hiring infamous or bad-imaged auditors; dishonest and unreliable management teams; history of replacing auditors or CFOs; excessive outsourcing, sales relying on agents or intermediaries; far too complex company structures; ultralow issue price, etc. The success of the Citron and the Muddy Waters reveals that it helps to discover accounting fraud by regulating according to industries, and, an early warning indicator system will be helpful for investigating and screening accounting problems of listed companies. Keywords: China concept stocks, accounting fraud, ci