The frequency of the listed companies by the government "blood transfusion" provoke controversy

Shanghai, a researcher told reporters, "government subsidies to the listed companies of different meaning, there is some timely assistance, just icing on the cake. But the government subsidies announcement focused on June release, is a tacit understanding of the formation of listed companies and local governments. "

Subsidies get together or intended to tax, bonds

The "securities" according to incomplete statistics, in June a total of 55 listed companies announced that receive government subsidies, a total of about 1 billion 425 million yuan, the amount of subsidy ranging from about 1000000 to 100 million, there are two listed companies and even get two hundred million yuan of government subsidies.

Nanjing, a private person told the securities, this year, the emerging industry to get more government subsidies, electronic, chemical, information services, machinery and equipment industries received government subsidies scale is relatively large. "

For receiving subsidies, subsidies to deal with, many companies revealed that it has been included in the first half of operating income, included in the first half of the profit and loss. However, the company also said that the amount of subsidies received due to last year's annual profit and loss. For example, to create an international, said the company received about 187 million yuan of subsidies related ministries, including the 2011 Annual Bulletin shows that the subsidy has been entered into the 2011 annual profit and loss of $175 million.

The researchers admitted, because many government subsidies do not have continuity, so the market does not buy it. On the other hand, after the delisting of the new regulations, the main business profit in order to get rid of the risk of delisting, so government subsidies may not help companies stardom hat. The significance of government subsidies, a local government is to 'fatten' business, good tax security; on the other hand, to do a good report, the second half of the possibility of relatively large debt financing. "

National prefix enterprises get cake up

In the recently published government subsidies listed companies, the number of subsidies, Changan car to get the highest Guanggang, each received two hundred million yuan.

Guangzhou Securities Department on the "securities" said, "this subsidy is mainly aimed at the company's LED project, subsidies will be included in operating income. "

The reporter learned that, last month, a major asset restructuring of GISE ST approved by the Commission, has entered the assets and equity settlement, Guangri shares will achieve backdoor listing.

After the completion of the reorganization, Guangri group transferee ST GISE 474 million shares, accounting for 60.13% of total share capital, became the controlling shareholder of the company, the company's main business will change to manufacture elevator machine, elevator parts production and other related business.

In fact, in addition to the elevator, the day of the shares of LED business is also considered to be the future profit growth point.

Analysis of the industry, the wide shares of the LED project to get huge subsidies, and strong push the use of LED related. It is understood that, in May, Guangdong formally introduced the Guangdong province to promote the use of LED lighting program, requiring 3 years of universal lighting in the field of LED lighting.

Although there are policy support, but a one-time access to such a huge amount of government subsidies, or let the market investors feel puzzled. The Shanghai researcher told the "securities" said, "* GISE substantial control of Guangzhou SASAC, country prefix enterprises easier access to government subsidies. The production of LED products in Guangdong province listed companies, such as FSL, KingSun, this year did not receive government subsidies. "

Daily economic news reporter noted that Changan automobile is also a state-owned enterprise, the controlling shareholder of Changan automobile group is the actual controller of the state owned assets supervision and administration commission.

Lack of performance can only whitewash a short time

Market participants generally agree that there are many government subsidies to whitewash the report. Yingetouzi is one example. Although yingetouzi June received financial subsidies is not much, but in view of last year net loss of 225 million 459 thousand and 100 yuan, 12 million 34 thousand and 800 of government subsidies is very eye-catching.

Yingetouzi announced that a subsidiary of Luohe Hongxiang Paper Co. Ltd. to introduce high-tech production equipment, the Luohe municipal government to promote the company's products research and development of science and technology, speed up technological innovation and technology finance support funds 11 million 4 thousand and 800 yuan. In addition, the company under the Sichuan Yinge Bamboo Paper Co., the company received the Luzhou Municipal Bureau of Finance allocated special funds 1 million 30 thousand yuan of industrial energy saving. Yingetouzi Securities Department official told reporters the "securities", "government subsidies do not have continuity, not necessarily next year. And the subsidies will be included in the company's operating income. "

The "securities" reporter noted that this year, yingetouzi obtained more than the amount of subsidies. Back in April of this year, the Luohe municipal government on the company's sixth production base to allocate funds to support scientific and technological support of 14 million yuan. Although the company's first quarter net profit of -3512.43 million, but under continuous subsidies, the company's performance toward concern. Yingetouzi Securities Department has repeatedly stressed to the "securities", "the company is only last year losses, the product structure adjustment has been completed this year, 120 thousand tons of paper Living Project will soon put into production, the main business bigger and stronger, there may be a turnaround. "

However, the researchers told the securities, even if the company profitability, but also can not avoid the embarrassment of relying on subsidies. "

In the economic transition period, some enterprises get subsidies can understand. The economy faces downside risks, the company's profit margins increasingly compressed, the government implemented a subsidy policy to help the listed companies bigger and stronger. However, if the enterprise's own innovation, weak change, lack of hematopoietic function, financial transfusion can only save a moment, can not save the world.