发行人为了顺利IPO或取得高发行价,常用的手法是通过关联交易由控股股东、大股东或其他关联方向发行人进行利益输送,达到粉饰业绩的目的。在现行新股发行机制下,新上市公司业绩变脸已成为非常突出的问题。之所以出现这些问题,一个很重要的原因就是包装上市。将企业上市前的业绩包装得漂漂亮亮,以满足发行上市的条件,或者争取发出一个较高的发行价,达到最大化圈钱的目的。而包装上市,粉饰发行人业绩的一个重要途径就是关联交易。 In order to smooth the IPO or obtain a high IPO price, the common practice is to transfer profits from the controlling shareholder, major shareholder or other related parties to the issuer through the connected transaction, so as to achieve the purpose of whitewashing performance. Under the current IPO system, the performance of newly listed companies has become a very prominent issue. The reason why these problems arise, a very important reason is the packaging market. Pre-IPO performance of the business package packed to meet the conditions of the issue of the market, or to issue a higher issue price, to maximize the purpose of misappropriating money. The packaging market, whitewashing an important performance of the issuer is related party transactions.