创业板上市公司财务欺诈防范问题的分析

发布时间：2018-03-19 07:21

本文选题：创业板　切入点：财务欺诈　出处：《江西财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：在2009年10月23日,随着28家公司成功上市,我国酝酿了多年的创业板板市场正式开板。我国对创业板的定位是一个并行于主板市场的融资市场,创业板市场主要是面对那些成立时间较短、规模较小,但是成长性强、盈利前景好的高科技产业企业。但是,随着我国证券市场的快速发展,上市公司逐渐暴露出越来越多的问题,其中就包括财务欺诈现象,而且,使用的手段也越来越复杂化、隐蔽化,有的甚至出现了合谋舞弊的现象。如今,创业板上市公司财务欺诈事件的频繁发生,会使得我国创业板市场诚信的缺失及社会信用危机的存在,降低广大投资者对创业板的投资热情,并导致市场进入低迷期。而低迷的市场又使众多中小企业融资困难,企业发展缺乏资金支持,利润下降。为了吸引投资者,企业不得不进行财务欺诈,最终形成一个恶性循环。如果不对创业板上市公司的财务欺诈行为严加防范,就无法规范上市公司质量,必将影响我国新设创业板市场的持续稳定发展。因此,对创业板上市公司财务欺诈行为的防范性研究具有一定实际意义。基于以上所述的背景,本人在对主板市场财务欺诈行为的相关理论分析的基础上并结合创业板自身的特点,以制订出有效的防范对策。本人以定性分析为主,定量分析为辅,在大量理论分析的基础上,辅之于适当的图表及数据,并以相关案例辅助说明,对创业板上市公司财务欺诈进行相关研究,从中合理提出防范上市公司财务欺诈的对策。按照此思路,本文除了引言部分,共分为四个部分。第一部分是对我国创业板上市公司财务欺诈行为的相关理论进行分析。首先介绍了创业板上市公司的概念和特点,发现与主板市场相比具有以下特点：创业板市场上市标准较为宽松,公司规模较小但投资价值比较高,公司市盈率较高,公司内部股权高度集中从而导致相互制衡机制缺失,以及对创业板上市公司监管突出保荐机构的作用。其次,对财务欺诈的定义、手段及危害进行阐述。最后提出创业板上市公司财务欺诈的理论基础,分别为信息不对此理论、内部人控制理论和有限理性理论。第二部分阐述创业板上市公司财务欺诈的动因分析。本章对我国创业板上市公司财务欺诈的动机及其得以成功实施的原因进行了详细分析。首先站在创业板上市公司角度阐述了其进行财务欺诈的动机,主要包括维持上市前的过度包装、地方政府的政绩偏好、维持高市盈率,吸引投资者、避免退市以及控制人个人利益驱动。接着叙述了创业板上市公司存在财务欺诈的原因分析,从内部来说主要是公司内部治理制度不完善；从外部来说,主要是涉及到发审委、保荐机构、审计机构、政府相关监管部门,详细来说即发审委独立性欠缺,审核质量不高,保荐机构的保荐和持续监督执行不力,与审计机构“合谋舞弊”,政府监管及投资引导不力,财务欺诈违法成本低廉。第三部分对创业板造假性质十分恶劣的万福生科案例进行了详细地分析,发现该公司主要是运用了虚增资产、伪造银行单据、虚增大额交易、未披露重要信息及虚构繁荣现象的手段进行财务欺诈,欺骗了广大的投资者。同时,并提出了相关启示,即改善家族企业内部人控制的严重现象；保荐机构应积极履行持续监督责任；审计机构应加强履行审慎性职责；克服地方保护主义；加大对相关人员的违规成本。第四部分针对于原因分析及万福生科案例的启示对我国创业板财务欺诈提出防范性的对策。这些对策主要包括：一是健全创业板上市公司治理制度；二是改善创业板审核制度；三是完善保荐机构监督制度；四是加强对会计事务所的执业管理；五是完善政府监管及投资引导的机制；六是加大对财务欺诈行为处罚力度。对于我国来说,由于成立时间较晚,创业板还只是个新鲜事物,与其配套的相关法律法规还不够完善,对创业板财务欺诈的研究资料还不多。但是针对于创业板上市公司财务欺诈行为的研究对于我国而言是非常必要和迫切的,对改进上市公司财务信息披露质量,提高上市公司整体水平,维护证券市场正常运行有重要的实践意义。
[Abstract]:In October 23, 2009, with 28 companies successfully listed, China Brewing GEM board officially opened the market for many years. The orientation of our gem is a parallel to the motherboard market financing market, the GEM market is mainly the face of those who set up a short time, a smaller scale, but strong growth, earnings prospects the high-tech industry enterprises. However, with the rapid development of China's securities market, listed companies gradually exposed more and more problems, including financial fraud, and use the method becomes more and more complicated, hidden, and even the emergence of the collusion phenomenon. Nowadays, frequent financial fraud business the board of listed companies, the gem market integrity and the lack of China's social credit crisis, to reduce the gem investment enthusiasm of investors, and lead the market into a downturn But the downturn in the market. The large number of small and medium enterprises financing difficulties, lack of funds to support the development of enterprises, profits decline. In order to attract investors, companies have to carry out financial fraud, eventually forming a vicious spiral. If financial fraud not GEM listed companies with strict precautions, is unable to regulate the quality of listed companies, will affect our country sustained and stable development of the new gem market. Therefore, has a certain practical significance to study the prevention of financial fraud of listed companies on the gem.
The above is based on the background, I analyze based on the relevant theories of financial fraud on the motherboard market, combined with the characteristics of the gem itself, to formulate effective preventive measures. I mainly use qualitative analysis, quantitative analysis, based on a large number of theoretical analysis, complemented by appropriate charts and data, and to relevant case example, the GEM listed company's financial fraud related research, puts forward some measures to prevent the financial fraud of listed companies from the reasonable. According to this idea, in addition to the introduction, is divided into four parts. The first part is the analysis of the related theory of financial fraud of listed company. First introduced the concept and characteristics of GEM listed companies, compared with the motherboard market has the following characteristics: the gem listing standards more relaxed, but smaller scale company The value of the investment is relatively high, the company's price earnings ratio is higher, resulting in highly concentrated corporate ownership balancing mechanism is missing, and the role of the GEM listed company supervision prominent sponsor. Secondly, the definition of financial fraud, means and harm are discussed. Finally the theoretical basis of financial fraud of listed companies on the gem, respectively. This information is not theory, internal control theory and the theory of limited rationality.
The second part analyzes the GEM listed companies financial fraud motivation. This chapter on China's GEM listed company's financial fraud motivation and its successful reason are analyzed in detail. The first companies listed on GEM perspective the motivation of financial fraud, mainly including the maintenance of excessive packaging before the listing, the performance of local government preference, maintain high earnings, attract investors, to avoid delisting and drive controller personal interests. Then describes the analysis of the causes of financial fraud of GEM listed companies, mainly from the internal corporate governance system is not perfect; from the outside, mainly related to the IEC, sponsor, audit the government agencies, the relevant regulatory authorities, in particular the fashenwei lack of independence, the audit quality is not high, the sponsor of the sponsor and continuous supervision and enforcement, trial The agency "conspiracy", government supervision and investment guidance is poor, financial fraud is low cost.
The third part of the gem fraud hail Health Branch case nature of the very poor in detail, found that the company is the main use of the inflated assets, inflated forged bank documents, large transactions, non disclosure of important information and fictitious prosperity phenomenon means of financial fraud, deceive investors. At the same time, and put forward the enlightenment, that is to improve the serious phenomenon of family enterprise internal control; the sponsor should actively perform continuous supervision responsibilities; audit institutions should strengthen its Prudential responsibilities; to overcome local protectionism; increase the illegal cost of relevant personnel.
The fourth part for the analysis of the causes and Edmond branch case and put forward the inspiration of preventive measures on GEM financial fraud in China. These countermeasures include: one is to perfect the governance system of GEM listed companies; the two is to improve the gem audit system; the three is to improve the sponsor supervision system; the four is to strengthen the management of accounting practice firm; the five is to improve the mechanism of government regulation and investment guidance; six is to increase the penalties for financial fraud.
For our country, because of the establishment of late, the gem is just a fresh thing, matched with the relevant laws and regulations is still not perfect, is not enough to study information on GEM fraud. But the studies on the GEM listed company's financial fraud is very necessary and urgent for our country to. To improve the quality of financial information disclosure of listed companies, improve the overall level of listed companies, the stock market to maintain the normal operation has important practical significance.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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