A year ago, the Indian market was in freefall. Investor confidence in the quality of corporate information had collapsed in the wake of the Satyam accounting fraud. Twelve months on, stocks have recovered spectacularly, bouncing 89 per cent. But it is not as if all the quality of earnings issues that worried so many international investors last year have suddenly disappeared. Many of the concerns over the book-keeping behind the almost six-fold increase in corporate profits between 2003 and 2008 are still lingering in the back of fund managers' minds. According to a study by Moody's Investors Service, 17 of the 30 constituent companies in India's benchmark Sensex index are family-controlled. They are the most vulnerable to such suspicions. The extent to which artful book-keeping remains prevalent at some of these tightly held groups is a subject of perennial speculation.
一年前，印度股市一落千丈。在萨蒂扬公司(Satyam)的会计欺诈丑闻后，投资者对印度企业信息的可信性彻底丧失了信心。12个月之后，印度股市实现了令人瞩目的反弹，升幅高达89%。但这并不是说，去年令众多国际投资者忧心忡忡的业绩可信度问题突然消失了。印度企业的利润在2003年至2008年间几乎增长了5倍，对于这种成绩是怎么计算出来的，基金经理们内心深处的担忧仍挥之不去。穆迪投资者服务公司(Moody's Investors Service)的研究报告显示，印度基准Sensex指数的30家成分股公司中，有17家为家族所有。它们是最容易受到猜疑的公司。在这些受到牢牢掌控的家族企业中，蓄意操纵簿记的情况有多么普遍，长期以来一直是人们猜测的话题。