南纺股份财务造假及其市场反应的案例研究

发布时间：2018-02-04 19:10

本文关键词： 南纺股份财务造假反应影响研究　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：在银广夏、蓝田股份等一些上市公司财务造假案例相继曝光以后,财务造假在中国证券市场上仍是一个普遍现象。尤其是近年来,上市公司财务造假手段呈现高系统性、高技术性和高专业性特点,一些查处曝光的财务造假案件涉案金额大、期间长,严重损害了广大投资者利益,我国资本市场健康发展也受到严重影响。2014年5月17日,隶属江苏省国资委的南京纺织品进出口股份有限公司(以下简称“南纺股份”)长达5年的财务造假事实正式曝光,并因财务造假跨期长、金额大成为近十年我国国有上市公司财务造假第一股。本文从上市公司财务造假基础理论和我国上市公司监管体系入手,运用统计归纳、行业对比、趋势比较、因素分析等分析方法,重点分析南纺股份财务指标的异常,验证其财务造假事实,并分析其财务造假带来的市场反应和影响。经分析发现,在面临行业不景气、公司业绩下滑等客观环境和应对业绩考核、利益输送需求等主观动机下,南纺股份通过虚构转口贸易、少确认营业成本、虚增应收账款等方式达到虚增营业收入和营业利润之目的,并通过处置优质子公司股权、骗取出口退税等手段获取非经常性损益,从而装饰财务报表。同时,财务造假事件的曝光也给其自身融资能力和资本市场股价走势带来了极其不利影响。为完善我国资本市场监管体系,遏制我国上市公司财务造假越演越烈现象,本文还分别从上市公司的法人治理结构和内部控制、审计机构、信息披露和退市制度以及上市公司的长期激励机制等角度提出参考建议,为相关监管部门制定政策提供参考。
[Abstract]:After the financial fraud cases of some listed companies such as Yin Guangxia and Lantian shares have been exposed, financial fraud is still a common phenomenon in China's securities market, especially in recent years. The means of financial fraud of listed companies are highly systematic, highly technical and highly professional. Some financial fraud cases involving large amount of money, long period of time, seriously damaged the interests of the majority of investors. The healthy development of China's capital market has also been seriously affected. May 17th 2014. Nanjing Textile Import and Export Co., Ltd. (hereinafter referred to as "Nanfang shares"), attached to the Jiangsu SASAC, officially exposed the fact of financial fraud for up to 5 years, and because of financial fraud, the period was long. This paper starts with the basic theory of financial fraud of listed companies and the supervision system of listed companies in China, using statistical induction, industry comparison and trend comparison. Factor analysis and other analysis methods, focusing on the analysis of the financial indicators of the South Textile abnormal, verify the fact of financial fraud, and analysis of its financial fraud brought about by the market reaction and impact. The analysis found that in the face of industry recession. Under subjective motives such as the objective environment such as company performance decline and response to performance appraisal, interest transmission demand, Nanfang shares through fictitious re-export trade, less recognition of operating costs. False increase in accounts receivable and other ways to achieve the purpose of false increase in operating income and operating profits, and through the disposal of high-quality subsidiary equity, export tax rebate and other means to obtain non-recurrent gains and losses, thereby decorating the financial statements. At the same time. The exposure of financial fraud has also brought its own financing ability and the trend of capital market stock prices extremely adverse effects. In order to improve our capital market regulatory system and curb the financial fraud of listed companies in China the phenomenon is becoming more and more intense. This article also from the listed company's corporate governance structure and internal control, audit institutions, information disclosure and delisting system, as well as the long-term incentive mechanism of listed companies and other aspects of the point of reference. To provide a reference for the relevant regulatory authorities to formulate policies.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.81;F406.7

【共引文献】