众多基金公司正在就招商银行发行百亿可转债同其管理层剑拔弩张。在一场关于流通股东与非流通股东利益分配的大讨论中,舆论更多关注招商银行的融资方案是否侵害了流通股东利益,从而质疑其“蓝筹”形象。但是很少人注意,这家去年上市融资过百亿元的银行,今年又急急推出近百亿融资方案,背后创造利润的能力究竟怎样,业绩是否真实? 就职于中国证券市场研究设计中心的蒲少平自年初即着手展开对上市银行的研究,上半年曾在媒体刊文诘问中国上市银行的利润创造能力。在三个月的研究之后,蒲少平再推作品,指出部分上市银行、特别是招商银行招股说明书及年报中披露信息的种种纰漏与不一,进而质疑该银行业绩的真实性。 本期《新财经》特刊发蒲少平作品全文,以飨读者,希望在一场关于招商银行的争论中,投资者能从新的角度审视招商银行。 Many fund companies are on the Merchants Bank issue billions of convertible bonds with its management is tense. In a big discussion on the distribution of profits among tradable shareholders and non-negotiable shareholders, media attention paid more attention to whether the financing plan of China Merchants Bank infringed the interests of tradable shareholders and questioned the image of “blue chip”. However, few people pay attention to this last year listed on the financing of billions of yuan bank, this year hastily introduced nearly billions of financing programs, behind the profitability of what is the real performance is true? Work in the China Securities Market Research and Design Center Pu Shaoping started his research on listed banks since the beginning of the year. In the first half of the year, he questioned the profit-making ability of China’s listed banks in the media articles. After three months of research, Pu Shaobin pushed the work again and pointed out the various flaws and divergences in the information disclosed in the prospectuses and annual reports of some listed banks, thereby doubting the authenticity of the bank’s performance. This issue of “New Finance” special issue of Pu Shao-ping full works to readers, I hope in a debate on China Merchants Bank, investors can look at China Merchants Bank from a new perspective.