Choose listed companies that can find as much financial data as possible. The more information you find, the wider the subject matter of the paper, the more starting points and the more arguments, so that it is not boring to write and the arguments are accurate.

Except for listed companies, the financial data of other companies are generally not public, which belongs to the business secrets of enterprises and there is basically no way to obtain them.

I recommend some for you.

The first one, Kangmei Pharmaceutical

At the end of 20 18, the CSRC found that Kangmei Pharmaceutical, a listed company, was suspected of financial fraud and immediately filed an investigation. On May 7th, 20 19, the CSRC reported the investigation progress of Kangmei Pharmaceutical, and determined that the accumulated inflated operating income and overcharged interest income in the annual and semi-annual financial reports of 201618 were RMB 2,965,438+28 million and RMB 5/kloc-0,000,000 respectively. From June 20 16, 1 to June 20 18, Kangmei Pharmaceutical's accumulated inflated monetary funds exceeded 88.68 billion yuan; In the financial report of 20 18, Kangmei Pharmaceutical inflated fixed assets118900 yuan, construction in progress of 40010000 yuan and investment real estate of 20010500 yuan. . 2065438+On August 6, 2009, the CSRC issued the Notice of Punishment and Prohibition of Kangmei Pharmaceutical by the CSRC, officially informing Kangmei Pharmaceutical of its illegal activities such as inflated operating income, monetary funds and fixed assets, which is a premeditated, organized, long-term and systematic financial fraud. Late that night, Kangmei Pharmaceutical announced that it had received the Notice of Administrative Punishment and Market Prohibition from China Securities Regulatory Commission. Kangmei Pharmaceutical's financial fraud involves a huge amount of money, which is the largest financial fraud case in China so far, and has a far-reaching impact on strengthening and perfecting the information disclosure system of listed companies and the accountability system of government supervision in China.

Kangmei Pharmaceutical's financial fraud is a premeditated long-term behavior, and its financial fraud will inevitably leave traces. We can distinguish financial fraud from the following aspects:

1. The proportion of equity pledge of major shareholders is too high.

2. Both deposits and loans are high. The problem of high loan-to-deposit ratio is one of the most questioned places of Kangmei Pharmaceutical. High deposit and loan means that a company has high bank deposits and bank loans at the same time. On the one hand, the company needs to pay high loan interest, on the other hand, it has a lot of available funds in the bank account. The low utilization rate of funds is a huge waste of company funds, which does not conform to the normal business logic of the company. Kangmei Pharmaceutical's 20 18 semi-annual report shows that the company's monetary fund balance is 39.9 billion yuan, and various interest-bearing liabilities are as high as 34.7 billion yuan, accounting for 1 19% and 104% of the company's net assets respectively. In terms of interest expense, Kangmei Pharmaceutical's net profit in the first half of 20 18 was 2.592 billion yuan, and interest expense was as high as 800 million yuan, accounting for 3 1%. The company's net profit in 20 17 was 4.095 billion yuan, and the interest expense was121800 million yuan, accounting for 30%. The phenomenon of high loan-to-deposit ratio and high interest expense has been going on for many years, and its necessity and rationality are in doubt.

3. Insufficient operating cash flow. Another problem criticized by Kangmei Pharmaceutical is that the company's net cash flow is far lower than the company's net profit, and the cash flow generated by operating activities is insufficient. Net cash ratio is a commonly used index to evaluate operating cash flow. Net cash ratio = net operating cash flow ÷ net profit, which reflects how much cash inflow an enterprise will bring for every dollar of profit earned. Generally speaking, the net cash ratio of an enterprise will be greater than 1. On the other hand, according to the financial data of Kangmei Pharmaceutical before adjusting the financial statements, from 20 10 to the first half of 20 18, the total net profit of Kangmei Pharmaceutical was 20 1 80,000 yuan, while the accumulated net cash flow from operating activities was only 9.465 billion yuan, with a net cash ratio of 47. 1%. Of course, the operating cash flow of the whole Chinese medicine industry is generally low, but compared with other major pharmaceutical companies in the same industry, Kangmei Pharmaceutical's net cash flow ratio is still at the bottom. As a leading enterprise in the industry, it is hard to understand the phenomenon of insufficient operating cash flow of Kangmei Pharmaceutical.

4. Abnormal gross profit margin. In a fully competitive and open market, the profit rate that enterprises can obtain will be consistent with the characteristics of the industry.

Ignoring that economic fluctuations have little correlation with market changes, the emergence of sustained and stable gross profit margin, excess gross profit margin, higher gross profit margin or extremely low gross profit margin needs to arouse our vigilance. According to the 20 18 semi-annual report of Kangmei Pharmaceutical Co., Ltd. before adjusting the financial statements, the company achieved an operating income of 4.803 billion yuan in the first half of 20 18, with a gross profit margin of 26%. Although the gross profit margin of the whole Chinese medicine industry is relatively high, Kangmei Pharmaceutical Co., Ltd. has exceeded 24% for many years in a row, far exceeding the gross profit margin level of the conventional industry, which is amazing and doubtful.