Recently, 2,537 A-share listed companies announced the first half of this year's annual report, net profit increased by 10%, but the report shows that the government's financial subsidies increased by 13% over the same period, exceeding the growth rate of earnings. Many companies that depreciated seriously should be delisted by the government alone. The subsidy miraculously turned losses into profits.
Sixty seconds to read the topic: a huge number of government subsidies have a large number of names, subsidies exceed the company's profit growth rate, so that many listed companies do not rely on their own profitability, relying on subsidies can turn losses into profits. In the industries where steel, cement, chlor-alkali, photovoltaics and other production capacity have been seriously over-resourced, local governments still provide huge subsidies to relevant listed companies on a regular basis in order to maintain their political achievements, so that long-term loss-making enterprises can not fall for a long time and exacerbate industrial surplus.
Government subsidies over corporate earnings growth rate, over ninety percent of the company can get numerous government subsidies <br> <br> Recently, the 2537 A-share listed companies reported 2014 semi-annual report, the first half of 2235 total The listed companies received government subsidies, accounting for 88.1%. In 2013, 95% of listed companies obtained a total of 112 billion financial subsidies. In the first half of this year, the government's subsidy has exceeded the profit growth rate of listed companies. The report shows that the total net profit is 1.266 trillion yuan, a year-on-year increase of 10.13%, while the total amount of government subsidies increased by 13.63%. The number of subsidies is also varied. In addition to special funds such as technology research and development, energy conservation and environmental protection, there are even various names such as compensation for demolition and relocation.
Monopoly of state-owned enterprises to obtain subsidies in the name of losses, the actual net profit is far higher subsidies, among these subsidies, state-owned enterprises have always occupied a large position, PetroChina took the most for three consecutive years, but huge subsidies only account for the single digits of its net profit <br> < Br> Among the enterprises that receive government subsidies every year, state-owned enterprises have always occupied a large part. In the first half of this year, half of the subsidies of more than 32 billion yuan went into 58 listed companies, and these 58 households have 40 state-owned enterprises, accounting for nearly 70%. In the 2013 annual report, 7 of the top 10 companies receiving subsidies were central enterprises and local state-owned enterprises. Among them, PetroChina ranked first in the list for three consecutive years, and the subsidy increased by 8 times from 1.1 billion yuan in 2009 to 10.347 billion yuan in 2013. In the past ten years, PetroChina and Sinopec have received government financial subsidies of 125.883 billion yuan. However, it is worth noting that the huge subsidies obtained in the name of “policy losses†account for a low proportion of their net profits, such as net profit in the first half of 2014. 7.5%.
Listed companies rely on subsidies to be profitable in recent years has 278 listed companies rely on government subsidies was able to turn around, and even companies to obtain financial assistance is a thousand times its net profit of these companies <br> <br> In the middle, there are still many long-term losses, which can be turned into losses by government subsidies. For example, in the first half of 2014, there were 131 companies whose net profit was positive but became negative after deducting non-recurring gains and losses. Among them, 73 were turned into losses due to government subsidies. In the first half of 2011-2014, there were 278 listed companies that turned losses through government subsidies. Some companies have turned losses through subsidies for three consecutive years. The subsidies received by some listed companies are even thousands of times the net profits generated by their main business. For example, Luxiao Technology, its net profit for the first half of 2014 was 4,616,241 yuan, but the government subsidy it received was 4,615,102 yuan, which means that after the government subsidy was removed, the possible "net profit" of Luxiao Technology was only 1139 yuan.
On the one hand, these enterprises that should be delisted are constantly receiving generous subsidies from the government, and on the other hand, they are issuing large-scale financing in the capital market. For example, the government subsidies of Sanan Optoelectronics and Derun Haoda accounted for 79% and 90% of the net profit in 2011, but in the same year, the two companies issued two additional issuances, respectively financing 11 billion and 3.2 billion. .
In order to protect the shell and create political achievements, the local government will not hesitate to subsidize the company that has been listed as a delisting risk warning in 2012. The revised delisting system requires that the company ’s financial accounting report in the most recent year shows that the audited net assets at the end of the year are negative. Will face delisting. As a symbol of the local government's performance, listed companies not only affect the government's performance evaluation, but also have a negative impact on local employment and taxation. Therefore, in order to protect the shell, the government will not hesitate to regularly warn the company that has been delisted. The issuance of government subsidies has made the company “turning losses into profitsâ€. In the 2013 annual report, 41 *ST companies received government subsidies, with a total subsidy of 796 million yuan, and the average amount of subsidies received per family was about 19.41 million yuan. For example, has two years of consecutive losses * ST Yaxing, is to rely on the last day of the two pen subsidies to 17.49 million in 2013 and 136 million yuan of losses security clearance <br> <br> against market principles, serious excess capacity in the industry to provide subsidies, the long-term loss of business still can not fall all year round, even exacerbate overcapacity <br> <br> had received financial subsidies every year to enjoy the benefits of enterprise from death, as well as a significant component of serious excess capacity in the industry, as The half-year subsidy amount is ranked in the top 10 of Chongqing Iron and Steel and Midea Group. From chlor-alkali to steel, from cement to building materials, from LEDs to non-ferrous metals, these large surpluses and backward production capacity are huge subsidies, but the production line can only be opened and closed, and the output is not reduced. Taking *ST Nanhua as an example, the company's main business is the chlor-alkali chemical industry. In 2013 and 2010, it twice escaped the risk of delisting due to the government's timely provision of hundreds of millions of financial subsidies. The relevant person in charge of the China Chlor-Alkali Industry Association told the media that the overcapacity and the slowdown in downstream demand growth have led to increased industry pressure, but the chlor-alkali chemical capacity will continue to expand in the next two years, and the surplus will continue to intensify.
Huge subsidies to attract businesses to find ways to money, 2013, the Audit Commission announcement said the company defraud financial situation of endless subsidies, and government subsidies too freely the same <br> <br> numerous huge subsidies often mean gray area, 2013 In June, the National Audit Office issued a notice on the illegal subsidy of government subsidies by some Chinese enterprises. Many of them have defrauded the capacity to phase out subsidies. In the notice, there were as many as 126 enterprises involved in the violation of regulations and the central government's elimination of backward production capacity award funds, accounting for 36.2% of the total number of illegal enterprises. Among them, Chongqing Iron and Steel adopted a method of false elimination, defrauding the financial elimination of backward production capacity incentive funds of 7.65 million yuan.
According to the statistics of the National Audit Office, in 2013, local governments concealed revenues of 82.3 billion and illegal subsidies of 126.1 billion. Moreover, the government's issuance of these subsidies is often very random. For example, in early 2014, *ST Zhuye issued a notice stating that the Zhuzhou Municipal Finance Bureau issued a grant of 89.48 million yuan for environmental protection comprehensive treatment, which was offset into the loss of the first three quarters after being included in the annual profit and loss. amount. However, the staff of the Zhusui Group’s Office of the Secretary-General told the media that the number, how the government figured out, the company did not know. As for how to use the money, the company can continue to be an investment in environmental protection, but it can also be used in other areas. The government has no specific requirements.
Sixty seconds to read the topic: a huge number of government subsidies have a large number of names, subsidies exceed the company's profit growth rate, so that many listed companies do not rely on their own profitability, relying on subsidies can turn losses into profits. In the industries where steel, cement, chlor-alkali, photovoltaics and other production capacity have been seriously over-resourced, local governments still provide huge subsidies to relevant listed companies on a regular basis in order to maintain their political achievements, so that long-term loss-making enterprises can not fall for a long time and exacerbate industrial surplus.
Government subsidies over corporate earnings growth rate, over ninety percent of the company can get numerous government subsidies <br> <br> Recently, the 2537 A-share listed companies reported 2014 semi-annual report, the first half of 2235 total The listed companies received government subsidies, accounting for 88.1%. In 2013, 95% of listed companies obtained a total of 112 billion financial subsidies. In the first half of this year, the government's subsidy has exceeded the profit growth rate of listed companies. The report shows that the total net profit is 1.266 trillion yuan, a year-on-year increase of 10.13%, while the total amount of government subsidies increased by 13.63%. The number of subsidies is also varied. In addition to special funds such as technology research and development, energy conservation and environmental protection, there are even various names such as compensation for demolition and relocation.
Monopoly of state-owned enterprises to obtain subsidies in the name of losses, the actual net profit is far higher subsidies, among these subsidies, state-owned enterprises have always occupied a large position, PetroChina took the most for three consecutive years, but huge subsidies only account for the single digits of its net profit <br> < Br> Among the enterprises that receive government subsidies every year, state-owned enterprises have always occupied a large part. In the first half of this year, half of the subsidies of more than 32 billion yuan went into 58 listed companies, and these 58 households have 40 state-owned enterprises, accounting for nearly 70%. In the 2013 annual report, 7 of the top 10 companies receiving subsidies were central enterprises and local state-owned enterprises. Among them, PetroChina ranked first in the list for three consecutive years, and the subsidy increased by 8 times from 1.1 billion yuan in 2009 to 10.347 billion yuan in 2013. In the past ten years, PetroChina and Sinopec have received government financial subsidies of 125.883 billion yuan. However, it is worth noting that the huge subsidies obtained in the name of “policy losses†account for a low proportion of their net profits, such as net profit in the first half of 2014. 7.5%.
Listed companies rely on subsidies to be profitable in recent years has 278 listed companies rely on government subsidies was able to turn around, and even companies to obtain financial assistance is a thousand times its net profit of these companies <br> <br> In the middle, there are still many long-term losses, which can be turned into losses by government subsidies. For example, in the first half of 2014, there were 131 companies whose net profit was positive but became negative after deducting non-recurring gains and losses. Among them, 73 were turned into losses due to government subsidies. In the first half of 2011-2014, there were 278 listed companies that turned losses through government subsidies. Some companies have turned losses through subsidies for three consecutive years. The subsidies received by some listed companies are even thousands of times the net profits generated by their main business. For example, Luxiao Technology, its net profit for the first half of 2014 was 4,616,241 yuan, but the government subsidy it received was 4,615,102 yuan, which means that after the government subsidy was removed, the possible "net profit" of Luxiao Technology was only 1139 yuan.
On the one hand, these enterprises that should be delisted are constantly receiving generous subsidies from the government, and on the other hand, they are issuing large-scale financing in the capital market. For example, the government subsidies of Sanan Optoelectronics and Derun Haoda accounted for 79% and 90% of the net profit in 2011, but in the same year, the two companies issued two additional issuances, respectively financing 11 billion and 3.2 billion. .
In order to protect the shell and create political achievements, the local government will not hesitate to subsidize the company that has been listed as a delisting risk warning in 2012. The revised delisting system requires that the company ’s financial accounting report in the most recent year shows that the audited net assets at the end of the year are negative. Will face delisting. As a symbol of the local government's performance, listed companies not only affect the government's performance evaluation, but also have a negative impact on local employment and taxation. Therefore, in order to protect the shell, the government will not hesitate to regularly warn the company that has been delisted. The issuance of government subsidies has made the company “turning losses into profitsâ€. In the 2013 annual report, 41 *ST companies received government subsidies, with a total subsidy of 796 million yuan, and the average amount of subsidies received per family was about 19.41 million yuan. For example, has two years of consecutive losses * ST Yaxing, is to rely on the last day of the two pen subsidies to 17.49 million in 2013 and 136 million yuan of losses security clearance <br> <br> against market principles, serious excess capacity in the industry to provide subsidies, the long-term loss of business still can not fall all year round, even exacerbate overcapacity <br> <br> had received financial subsidies every year to enjoy the benefits of enterprise from death, as well as a significant component of serious excess capacity in the industry, as The half-year subsidy amount is ranked in the top 10 of Chongqing Iron and Steel and Midea Group. From chlor-alkali to steel, from cement to building materials, from LEDs to non-ferrous metals, these large surpluses and backward production capacity are huge subsidies, but the production line can only be opened and closed, and the output is not reduced. Taking *ST Nanhua as an example, the company's main business is the chlor-alkali chemical industry. In 2013 and 2010, it twice escaped the risk of delisting due to the government's timely provision of hundreds of millions of financial subsidies. The relevant person in charge of the China Chlor-Alkali Industry Association told the media that the overcapacity and the slowdown in downstream demand growth have led to increased industry pressure, but the chlor-alkali chemical capacity will continue to expand in the next two years, and the surplus will continue to intensify.
Huge subsidies to attract businesses to find ways to money, 2013, the Audit Commission announcement said the company defraud financial situation of endless subsidies, and government subsidies too freely the same <br> <br> numerous huge subsidies often mean gray area, 2013 In June, the National Audit Office issued a notice on the illegal subsidy of government subsidies by some Chinese enterprises. Many of them have defrauded the capacity to phase out subsidies. In the notice, there were as many as 126 enterprises involved in the violation of regulations and the central government's elimination of backward production capacity award funds, accounting for 36.2% of the total number of illegal enterprises. Among them, Chongqing Iron and Steel adopted a method of false elimination, defrauding the financial elimination of backward production capacity incentive funds of 7.65 million yuan.
According to the statistics of the National Audit Office, in 2013, local governments concealed revenues of 82.3 billion and illegal subsidies of 126.1 billion. Moreover, the government's issuance of these subsidies is often very random. For example, in early 2014, *ST Zhuye issued a notice stating that the Zhuzhou Municipal Finance Bureau issued a grant of 89.48 million yuan for environmental protection comprehensive treatment, which was offset into the loss of the first three quarters after being included in the annual profit and loss. amount. However, the staff of the Zhusui Group’s Office of the Secretary-General told the media that the number, how the government figured out, the company did not know. As for how to use the money, the company can continue to be an investment in environmental protection, but it can also be used in other areas. The government has no specific requirements.
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