新三板挂牌公司参仙源财务造假案例研究

发布时间：2018-04-02 05:30

本文选题：新三板　切入点：财务造假　出处：《沈阳工业大学》2017年硕士论文

【摘要】：新三板市场是给未上市中小企业提供股份转让服务的交易场所,自2013年新三板市场扩容以来,挂牌公司规模迅速扩张,截至到2016年末挂牌公司已突破10,000家,中国的场外市场进入到了加速发展时期。然而,挂牌公司数量的大规模增加也导致部分资产质量不好的公司掺杂进新三板市场,新三板挂牌公司信息披露违规、公司股东占用资金、违规使用募集资金等问题层出不穷。新三板挂牌公司参仙源参业股份有限公司于2016年7月收到证监会《行政处罚决定书》,公司因少计成本、虚增关联交易收入进行利润造假,成为新三板市场首例因财务造假被处罚的挂牌公司。论文对新三板首例财务造假案例进行分析,希望论文的研究有助于提升新三板挂牌公司信息披露的质量,从而缓解信息不对称问题,提高新三板市场的资源配置效率。论文采用理论分析和案例分析相结合的方法。理论部分阐述了财务造假的定义、动因、手段等内容,并介绍了我国新三板市场的发展历程、现行制度规范以及与场内市场的区别。案例分析部分首先介绍了参仙源公司的基本情况、财务造假事件的过程以及参仙源对财务造假事件的回应;其次,从多角度对参仙源财务造假进行剖析,具体分析了参仙源财务造假主观动机、客观条件、财务造假手段以及造假影响等方面。通过分析发现:参仙源对融资的追求以及控股股东获得股权质押机会是其财务造假的主观动机;其公司治理存在漏洞及新三板市场制度不完善、信息披露要求不严格、主办券商未起到尽职调查等情况是公司造假的客观条件;公司采用少计成本、虚增关联交易的手段进行利润造假为公司自身及新三板市场带来较大负面影响。最后,针对于案例分析的结论论文从四个方面总结出启示建议,具体包括:规范挂牌公司管理制度的建设和执行、确保公司的独立性;完善新三板的分层制度,推进摘牌机制,确保市场的良好运行;加强信息披露的充分性,对信息披露要求加以细化,对违法违规信息披露的挂牌公司加大处罚力度;提高主办券商的执业能力,提高内核工作质量,做好全面的自查工作,积极发挥对挂牌公司的持续督导作用。
[Abstract]:The new third board market is a trading place for offering share transfer services to unlisted small and medium-sized enterprises. Since the expansion of the new third board market in 2013, the scale of listed companies has expanded rapidly. By the end of 2016, the number of listed companies had exceeded 10000. China's over-the-counter market has entered a period of accelerated development. However, the large-scale increase in the number of listed companies has also led some companies with poor asset quality to be adulterated into the new third-board market, and the information disclosure of the new third-board listed companies has been violated. In July 2016, the company received the CSRC's "decision on Administrative penalty", which was due to undercalculation of costs. It becomes the first listed company in the new third board market to be punished for financial fraud. This paper analyzes the first financial fraud case of the new three boards. It is hoped that the research in this paper will help to improve the quality of information disclosure of the new third board listed companies, thereby alleviating the problem of information asymmetry. To improve the efficiency of resource allocation in the new third board market, the paper adopts the method of combining theoretical analysis with case analysis. In the theoretical part, it expounds the definition, motivation and means of financial fraud, and introduces the development course of the new third board market in China. The case analysis part firstly introduces the basic situation of Shenxianyuan Company, the process of financial fraud and the response of Shen Xianyuan to financial fraud. This paper analyzes the financial fraud of Shen Xianyuan from many angles, and analyzes the subjective motive and objective conditions of the financial fraud. Through the analysis, it is found that the pursuit of financing by Shen Xianyuan and the opportunity for controlling shareholders to obtain equity pledge are the subjective motives of financial fraud; The existence of loopholes in corporate governance and the imperfect market system of the new third Board, the lack of strict requirements for information disclosure, the lack of due diligence on the part of the sponsoring securities companies, and so on, are the objective conditions for the company to fake. The method of inflating related party transactions has brought negative influence to the company itself and the new third board market. Finally, the conclusion of the case analysis is summarized from four aspects. It includes: standardizing the construction and implementation of the management system of listed companies to ensure the independence of the company; perfecting the stratification system of the new three boards, promoting the delisting mechanism and ensuring the good operation of the market; strengthening the adequacy of information disclosure, The requirements for information disclosure should be refined, the listed companies that violate the laws and regulations should be penalized more vigorously, the practicing ability of the sponsoring securities companies should be improved, the quality of their core work should be improved, and the comprehensive self-inspection work should be done well. Actively play the role of continuous supervision of listed companies.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F326.12;F302.6

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