The fraud of elaborate design: Rubbish turn over times through buying share price, later business pr

Attend section class, I popularized business to you praise this financial course, business praise summary rises is a word: Without buy, not business praise.

Regular meeting of classics of a lot of people mixes intangible assets business praise confuse sth with sth else, actually simple point says is business praise can happen when buy only, often corresponding is a few very difficult by the thing of tripartite attestation; And intangible assets often the corresponding specific something that can give tripartite attestation, for instance patent, trade mark right, copyright.

Also because of such, business praise need not go like intangible assets amortize, but want pair of business every year praise undertake decreasing is worth a test. If happen,reduce a cost, can affect a company in those days profit. Once be opposite business praise do the processing that reduce a cost, cannot answer with turning again.

Buffett once was opposite business praise admire substantially, he says: "Analyse experience with indirect enterprise directly, make me special now those have apt amount the very big, economy business that can last praise, however very few to having favour capital requirement enterprise... during inflation, economic business praise it is a great gift that creates rich and generous redound ceaselessly. Economic business praise it is a great gift that creates rich and generous redound ceaselessly..

But, in real world, to a lot of China appear on the market for the company, did not obtain rich and generous great gift, instead by this business praise do body and mind is tired outly.

1, medium of another name for Guangdong Province and sweet a pavilion or house on a terrace beautiful -- of an elaborate design cheat marriage

2014, the way that medium of another name for Guangdong Province buys with distributing share and ready money buys sweet a pavilion or house on a terrace beautiful, pay to be 450 million yuan to valence, the trade that confirmed 160 million yuan praise. At that time, sweet a pavilion or house on a terrace beautiful large stockholder acceptance, parted to the profit 2016 2014 not under 56.83 million, 68.7 million reach 81.56 million yuan.

At that time, during be worth bovine city. The market is opposite this paragraph " the fate brings lovers together " very value, after the message is released, share price of medium of another name for Guangdong Province is climbed all the way litre. But, after a few years past, people just discovers, buy this, it is simply " cheat marriage " behavior.

Sweet a pavilion or house on a terrace beautiful mixed 2014 successive 2015 after acceptance of two years of half-baked outstanding achievement, its build false incident to rise to surface. Appraisal of classics judicatory audit says, before was bought on June 30, 2013, sweet a pavilion or house on a terrace beautiful the contract that fulfils completely with false contract and unfinished, empty adds the income that contain tax to make an appointment with 225 million yuan; After was being bought on June 30, 2013, sweet a pavilion or house on a terrace beautiful continue to make a holiday, empty adds the income that contain tax to make an appointment with 416 million yuan. In addition, came 2011 during 2015, profit of indication net of face of beautiful company Zhang is sweet a pavilion or house on a terrace about 115 million yuan, actual net loss 433 million yuan.

Then, medium of another name for Guangdong Province to was being mixed 2014 money newspaper of two years undertook correction 2015, medium of another name for Guangdong Province is clean 2014 after amending deficit is 450 million yuan, among them deficit of Li Jing of sweet a pavilion or house on a terrace 153 million yuan; Caustic of net loss of medium of another name for Guangdong Province was 54 million yuan 2015,

In addition, 2015 the end of the year, medium of another name for Guangdong Province is right the business of 157 million praise undertook reducing a cost entirely.

The share price photograph of medium of another name for Guangdong Province compares the apogee at bovine city, had dropped went 80% . Nowadays, restoring slowly in pain.

And adviser of finance affairs of business of the bilateral core tall valve that participate in this and buys, certificate also got punish severely accordingly. Among them, sweet a pavilion or house on a terrace beautiful father leaf Mei is sentenced to commit contract bilk and unit bribery crime, sentence a set term of imprisonment 15 years 6 months, fine 5 million yuan; Because Zhao Wenhua of former general manager of medium of another name for Guangdong Province takes bribes blame of blame, neglect one's duty of state-owned company staff is sentenced 11 years...

Listen to above two example, feel shocking?

So, in investing must beware of business praise too big company. In 2014-2015 year in bovine city, a lot of appear on the market the company is being bought ceaselessly buy, accumulated much business praise.

Business praise the scale with net profit, from 2013 8.37% cruel add to 2017 36.01% first half of the year.

If without business praise the enterprise eliminate of enterprise and financial industry, so this data is met shocking. These enterprises up to 2017 the business of the end of the year praise achieve one thousand one hundred and ninety-two billion four hundred million yuan, the proportion that holds net assets is as high as 7.64% , 87.93% what take net profit.

What do these numbers mean? This is meant, be equal to business almost as a result of net profit praise remaining sum, once produce wholesale business praise reduce a cost, company profit can get very big impact.