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17 Sep 07
FT-NY listings flatter China's top 10
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There were different problems at the companies including insufficient cash flow to fund cash needs and a history of negative working capital, a condition that exists when a company grows rapidly, but which is unsustainable in the long run. The study found signs of possible earnings management with low allowances for bad debt and other provisions not keeping pace with inventory growth. That may mean so-called “cookie jar” accounting – where companies lower reserves and use excess cash to boost revenues.
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