SEC 意见信与财务造假 — — — 基于中概股危机的实证分析 张 然 陈 思 （ 北京大学光华管理学院 雷 * 羽 100871） 【摘要】2010 ～ 2011 年，美国卖空机构相继发布研究报告，质疑绿诺科技等在美上市的中概股公司涉嫌财务造 假。其质疑随后被证实，多家中概股公司股价暴跌，最终停牌或退市。据 Bloomberg 报道，此次做空机构识别财 务造假的重要信息来源竟然是此前未曾引起投资者关注的美国证监会 （ SEC） 公开披露的公司公告意见信。本 文以中概股危机为背景，研究 SEC 意见信对于财务造假的预测作用。研究发现： 相较于没有收到 SEC 意见信的 企业，收到意见信的企业更有可能成为问题公司。SEC 意见信提出的问题数量越多，解决难度越大，企业越有 可能成为问题公司。本文的研究对于帮助投资者理解如何解读 SEC 意见信，识别财务造假有重要意义，也为 SEC 制定合理的意见信披露制度提供政策性建议。 【关键词】 SEC 意见信 财务披露 财务造假 反向并购 一、引言
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Title Content page no Introduction…………………………………………………….……………………………….1 What is cybercrime? ..........................................................................................................1 Types of cybercrime……………………………………………………………………………..2 Reasons of cybercrime……………………………………………………………..……………2-3 Offences of cybercrime under ICT Act-2006……………………………………………………3 Penalties of cybercrime under ICT Act-2006 ……………………………………………………4
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Cyber security is gaining tremendous attention nowadays due to the increasing use of internet, computers by the media and various public and private institutions. They recognize the terrible impacts with the cyber attacks. Cyber security involves preventative methods which are used to protect information from being stolen or attacked. Cyber attack is a crime that involves a computer and a network for stealing and attacking of information. It is an attack where a person uses a computer to commit
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Nixon tried to do whatever it took to make the outcome justify all of the wrong that he did. Nixon tried anything that he thought might work, so that he could have a second term as the president. Nixon paid the plumbers not to talk about all of the illegal things that they were told to do and Nixon paid the plumbers with the campaign donations. The plumbers lied under oath which is illegal. Nixon paid the plumbers to lie because if they had told the truth, Nixon would not have been elected for
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mortgage, and customers and commercial finance through more than 8,600 locations (See Exhibit 1) Traditionally, banking industry is a very high risky area, since the nature of the banking industry will create the incentives for people to commit the fraud. If there is a poor banking system, people will rationalize their actions by doing the wrong things. In order to ensure a fair and safety access to financial services to all Americans, maintaining the integrity of the federal banking
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6) This passage matters because for the first time in the novel the audience gets to learn about Gatsby’s self proclaimed history and his possible shady business ties with Meyer Wolfsheim. Wolfsheim reveals to Nick that he is a business associate of Gatsby's. Since Wolfsheim is involved in illegal business it could be concluded that Gatsby would be as well. This is proven when Gatsby states that Wolfsheim is the one who fixed the 1919 World Series. In this situation the author is trying to make the
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On 11/27/15, Deputy Oberle responded to 6 Sellette Ct. in reference to a breaking or entering report. Deputy Oberle made contact with the victim, Sarah Odle, who stated her purse along with several items inside had been stolen from the inside of her car overnight. Odle stated among those items stolen was a Regions debit card (ending in 0065). Odle stated that Regions bank showed four separate transactions fraudulently charged. The transactions are as follow: $10.85 at Underground Journey in McCain
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behind a ponzi scheme is to promise large returns to the small group of investors over a period of time. A key issue behind convincing a small group of investors to give up their money is proving that the investment and the return is legitimate and not fraud. So, during that time period that the scam company promised the return on investment, it needs to find another set of more investors to pay off the previous group with interest.
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Deceptive advertising occurs when a retailer or a marketing channel gives misleading or false advertising information about a production to make a profit (Dunne, Lusch, & Carver, 2014, p.227). I would say Comcast is deceptive. My reasons for this would be they are always promoting and sending out advertisements about package deals with cable, phone, and internet services. These deals last a year and then you will have to call before the year ends for a new deal and promotion or you will have
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and CFO must sign certain representations regarding annual and quarterly reports and reviewed by audit committee. Since we rely on Dell Inc.’s inventory control after assess the internal control risk, we can assume that there is no misstatement or fraud with related parties’ transactions.
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