企业上市-透过财务指标发现上市公司异常 精品

透过财务指标发现上市公司财务异常 一年多前，笔者曾写过一篇文章《透过畸低债权债务识别重大错报风险》，此文强调“细节决定成败”，总结如何通过往来账会计科目迅速发现财务错报，一家公司如果债权债务畸低，则可

透过财务指标发现上市公司财务异常 一年多前，笔者曾写过一篇文章《透过畸低债权债务识别重大错报风险》，此文强调“细 节决定成败”，总结如何通过往来账会计科目迅速发现财务错报，一家公司如果债权债务畸 低，则可能其业务量也畸低。今天，笔者将债权债务延伸至财务指标，透过财务指标发现上 市公司财务异常。 一、存货周转率畸快 中国福建石狮男装制造商希尼亚20XX年11月23日赴纽交所上市，笔者发现该 （XNY） 公司存货周转率畸低，作为一家服装制造商，该公司在招股书中是这样描述其存货管理的 Inventory Management We recognize that controlling the level of inventory is important to our overall operational efficiency and cost control. Based on the purchase orders our distributors and the department store chains place at our biannual sales fairs, we are able to anticipate the demand for our products in advance and plan ahead for our own manufacturing and the orders we will be required to place with our contract manufacturers. We generally plan purchases of raw materials and place manufacturing orders with our contract manufacturers immediately after each of our two seasonal sales fairs, usually in May for our autumn and winter products and in October for our spring and summer products, where we confirm sales orders with our distributors and department store chains. This enables us and our contract manufacturers to have sufficient time, ranging from two to eight weeks, to produce the products and provide our products suitable for aspecific season to our distributors and department store chains on ajust-in-time basis so as to minimize our inventory levels. 该公司主要客户是经销商，理论上应该保留一定存货余额，包括原材料、在产品及产成 品，但该公司存货余额畸低： 据i美股测算，