Why Does The Profit Margin Of A Share Not Rise And Fall?

< p > > a href= "http://www.91se91.com/news/index_cj.asp" > listed company < /a > 2013 annual report has been disclosed.

An interesting phenomenon is that when the gross profit margin is rising and the cost rate is rising, the profit margin of A shares will not rise and fall. What is the reason? The other items in the income statement give the answer: in 2013, the proportion of listed companies' investment income and fair value change income increased significantly.

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< p > in 2014, there were about 1200 announcements of listed companies related to investment and financial management.

Apart from announcing the relevant investment progress, a large part of these announcements is about the decision to increase the investment amount.

Liu Shiyu, vice governor of the central bank recently pointed out that some listed companies use surplus funds to buy financial products, in fact, there is suspicion of usury.

Some financial products add layers of water and ring up, which directly raises the cost of financing and is not conducive to the development of the real economy.

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< p > < strong > more than 1000 bulletins and investment management related < /strong > < /p >

< p > Chen Jie, a strategic analyst with GF Securities, said that the investment income of listed companies generally came from the proceeds from selling stocks and bonds, the proceeds from buying bank financial products, and the dividends received from joint ventures.

The return on fair value generally comes from floating assets such as stocks and bonds.

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< p > according to incomplete statistics, in 2013, 1002 listed companies participated in securities investment, compared with 949 in 2012, an increase of 53.

At the same time, the amount of investment held by listed companies at the end of the term also increased from 718 billion 55 million yuan at the end of 2012 to 781 billion 224 million yuan at the end of 2013, an increase of nearly 10%.

In addition to the traditional bank certification insurance companies, such as YOUNGOR, Jingwei Textile machinery, Harbin investment shares and other industrial companies, have become "professional speculators".

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< p > with the popularity of "baby corps", the purchase of financial products has become the choice of listed companies after the stock market.

In 2013, there were more than 150 listed companies' more than 1300 investments for the purchase of financial products, with a scale of 100 billion yuan, and in 2012, this amount was only 10 billion yuan.

Entering the 2014, this phenomenon is in full swing.

From the statistics of the 2013 annual report and the quarterly report in 2014, we can see that banks' financial management and trust products are also included in the scope of their investment.

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< p > < strong > part of the company's level of speculation such as retail /strong /strong > < >

The phenomenon of earning extra money with "idle money" in P A has been a long-standing practice in the 2011.

By the end of 2012, the securities and Futures Commission issued regulations that allow listed companies to use idle funds to purchase investment products with high security and mobility. However, they requested that information disclosure be strengthened and the purpose of raising funds should not be changed in disguise.

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< p > insiders pointed out that it is not impossible for a listed company to speculate in stocks.

Theoretically, listed companies belong to industrial capital, and they know more about the industry than outsiders, so they should be more confident in investing.

But the problem is that some of the listed companies put too much energy on stocks, and the main income comes from financial investment, which is no different from equity funds.

In the process of investment, blindly pursuing market hot spots is not much stronger than retail investors.

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< p > from the perspective of financial reports, some listed companies are facing the dilemma of "stealing chickens without turning them into rice."

The Hangzhou branch of the main department store has reached 20 at the end of last year, but the stock market value dropped to 13 million 329 thousand and 600 yuan from the initial investment to 11 million 419 thousand and 300 yuan, with a floating deficit of 1 million 910 thousand and 300 yuan.

The main business is < a target= "_blank" href= "http://www.91se91.com/" > textile > /a > Mechanical warp and weft spinning machine. In 2012, the stock market once tasted the sweetness. In 2013, it suffered "Waterloo", the book value shrank by 72 million 872 thousand and 700 yuan, floating loss 35.82%.

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< p > comparing with stocks, buying financial products seems reliable.

But Chen Jie pointed out that this year, the expected yield of financial products has declined significantly.

In the Internet's "baby Legion", many of the products have fallen below 5%.

More noteworthy is that recently the central bank issued the China financial stability report (2014), said that we must break the rigid payment of financial products in an orderly manner, so that many listed companies keen on this began to feel uneasy.

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< p > < strong > the main reason for the continuous decline of industrial returns is < /strong > /p >

< p > since the risk is not small, why are the listed companies keen on stock speculation and financial management instead of doing the main business? Besides the mentality of making quick money, the explanation of many listed companies is that the macroeconomic situation is not good, and the rate of return on industry continues to decline, so it has to be done to beautify the financial statements and maintain the share price of the two tier markets.

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< p > more representative, such as the liquor industry, affected by the economic situation and the eight provisions, began to enter the downstream channel.

Take Jiugui Liquor as an example. In 2013, its operating income was 685 million yuan, and net profit was 36 million 680 thousand yuan.

The struggling company bought huge sums of money to buy 22 banks' financial products, earning 14 million 660 thousand yuan for them, so that the financial statements would not be too ugly.

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< p > not only traditional industries, but also some new industries.

"Long term R & D investment can even eat current profits, but it will also affect stock prices.

For many entrepreneurs, they do face the choice of entity management or capital operation.

The founder of a small and medium board listed company in Zhejiang said.

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< p > < < a href= > http://www.91se91.com/news/index_cj.asp > > capital > /a > can we avoid industrial risks? Insiders believe that the short term may play a role, but in the long run it will be harmful.

As we all know, one of the important reasons for the decline of industrial returns in China is that a large number of funds indulge in the virtual economy, to a certain extent, push up the cost of entity financing.

A listed company should be a major channel for private capital to invest in the real economy. If it becomes the setter of "money generating money" game, it will only deteriorate the financing environment of entity enterprises.

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