Home >

The Interest Of Raising Capital Affects The Real Business Performance Of The New Gem Company.

2011/5/19 9:43:00 46

In the current annual report, the author finds that the interest expense of new listed companies is generally more than that of the listed companies.

list

There was a significant increase in the previous year, and also contributed significantly to the company's current profits. This is especially evident in the first half of 2010.

In the first half of 2010,

Gem

Among the 54 new companies, there are 42 companies with relevant data to be analyzed (hereinafter referred to as Sample Firms).

Statistics show that the average interest income earned by Sample Firms in the year of 2010 was 9 million 940 thousand yuan, much higher than the level of 560 thousand yuan before the listing.

At the same time, Sample Firms's interest income accounts for a larger proportion of total profits.

company

Finance

There are two sources of interest income, one is bank deposits, and the other is capital lending. Two

Strict supervision of GEM has basically eliminated the possibility of borrowing funds, and the huge amount of raised capital deposits is the main reason for the rise in interest income.

According to WIND statistics, the initial fund raised by Sample Firms was 34 billion 400 million yuan, and the fund raised by the end of 2010 was 25 billion 400 million yuan, accounting for 74%.

Due to the regulatory restrictions on the high risk investment of stock raising funds, the new listed companies have used time deposits, agreed deposits and notice deposits (hereinafter referred to as time deposits) to store them. The purpose is to get the proceeds that are as high as the interest on demand deposits under the premise of compliance.

At the end of 2010, the Sample Firms raised 24 billion 400 million yuan for fixed deposit, accounting for 96%. At the same time, the time deposit balance accounted for nearly half of the total assets at the end of.

It can be said that the interest on time deposits from raising funds has brought a "extra fast" income to the new GEM companies.

When investors analyze their business performance, they need to eliminate the impact of this extra income.

The CSRC has set a non recurring profit and loss index, which aims to provide investors with more relevant information about the company's continuous profitability and make scientific and rational investment decisions.

However, the interest income from time deposits of the raised funds has not been clearly shown in the first non recurring gains and losses of the company's interpretation of information disclosure of publicly issued securities, so few listed companies regard this as a non recurring profit and loss accounting.

Through the definition of the control, the author finds that the interest income from the time deposits of the raised funds should be regarded as non recurring gains and losses.

First, the interest income from time deposits of raising funds has nothing to do with the normal business of the company.

The reason that the fund is used for time deposits is that this part of the fund is on the safe cash level of the company's normal operation. It is an idle fund. It does not participate in the normal production and operation cycle of the company, nor does it contribute to the company's value-added products.

Secondly, if there is no regulatory limitation, it will not exclude the company from using it to entrust financial management or securities investment, and its proceeds will become non recurring gains and losses.

However, the same thing can not be defined in different ways because of regulatory restrictions. Finally, the interest rate of time deposits raised by funds is reflected in the average rate of return on investment in society, which can not reflect the differential return on investment generated by the normal operation of the company.

The two is that the interest income of the time deposits of raising funds has the occasional characteristics in the frequency of occurrence, and is not sustainable.

Raising funds in the stock market itself is an accidental event.

According to statistics, in the past three years, less than 20% of the average companies get funds from the stock market every year, and the average time for a company to raise funds for two times is more than 5 years.

Secondly, with the input of fund-raising projects, funds for time deposits will be reduced and interest income will not be sustainable.

Three, the interest income from time deposits of raising funds may affect investors' judgement.

If interest income is deducted from non recurring gains and losses, the company with negative growth in net profit after deducting net profit from Sample Firms will increase from 14 to 24.

The above-mentioned Eastern wealth will be reduced by 40.8% from the growth of net profit after deducting the net profit to 6.78%, and the share of the dragon will grow from 27.85% to 4.37%.

This directly affects investors' judgment of the company's true business performance.

As a result, investors need to consider the impact of interest income on the company's current performance in particular when it analyses the performance of new listed companies, especially the new companies with relatively small profit scale and relatively large fund deposit balance.

On the other hand, it is also hoped that regulators will explicitly take the interest income from time deposits as a non recurring profit and loss account to provide investors with more relevant financial accounting information.