创业板上市公司会计造假问题研究

发布时间：2018-01-05 22:21

本文关键词：创业板上市公司会计造假问题研究　出处：《东北财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：会计造假一直是各国学者比较关注的话题,然而其研究重点一般都集中于主板的上市公司,很少有人关注创业板的会计造假问题。但是创业板作为多层次资本市场的重要组成部分,直接影响资本市场的稳定和发展,而且由于创业板设立时间还短,各项体制尚不健全,对创业板相关问题的研究也有助于创业板的进一步完善。因此在本文中,笔者从创业板的角度出发,对会计造假的相关问题展开了研究。我国创业板在历经十年等待之后于2009年正式开板,众多业内人士对其报予了极大的期望,力图将创业板发展为中国的纳斯纳克。而创业板在成立之初就引起了全社会的高度关注,吸引了广大投资者的加入并迅速成长和壮大。截至2012年底,创业板上市公司规模已经由首批28家上市公司发展为355家上市公司。然而,在创业板急速扩张的过程中,各种随之而来的问题也开始逐渐暴露。首先是创业板业绩变脸的问题。由于创业板聚焦中小企业,也具有中小企业固有的缺陷,内部治理结构混乱。在企业成立初期要降低利润来逃避税收,在企业上市时要提高利润来塑造其成长型企业的形象,因此企业不得不通过包装达到上市目的,而过度的包装导致企业上市之后纷纷出现业绩变脸。从新大地到万福生科,IPO造假频频发生,这也从侧面反映了作为企业上市看门人的中介机构的不作为。其次是创业板的三高问题,高市盈率、高发行价、高超募资金导致上市公司的原始股东纷纷挤入亿万富翁的行列,中小投资者却持续亏损,同时闲置资金无处可用,出现了众多牵强附会的投资项目,这也为上市公司后续的业绩变脸埋下了隐患。最后是创业板监管体制薄弱的问题,由于创业板发展时间尚短,各种法律规范和体制都有待完善,如保荐人制度、退市制度、发审机制、处罚机制等,而这些缺陷都为会计造假提供了天然的避风港。本文根据对创业板上市公司会计造假的现状的分析,结合对万福生科造假案例的相关研究,依托舞弊三角形理论,委托代理和内部人控制理论,经济人假设和有限理性理论,运用规范性分析方法对其原因进行了剖析。根据舞弊三角理论将其动因分为机会、压力和借口。会计造假的机会主要源于制度的缺陷,包括内部治理结构失效、外部审计制度缺陷、证券发行制度缺陷、创业板退出制度缺陷、法律规范不健全等因素。会计造假的压力是指造假的动机,包括公司上市、配股、逃避退市的动机或地方政府增加政绩的需要。会计造假的借口来自于道德层面的问题,包括利益驱动下的道德失范和企业文化的缺失。随后,本文针对以上会计造假动因的分析,结合我国创业板上市公司自身的特点,并借鉴国外创业板上市公司会计造假治理的相关经验,提出治理创业板上市公司会计造假的措施。从个体角度应加强从业人员的队伍建设、强化单位负责人的责任意识、培养理性的证券市场投资者。从上市公司角度应完善公司内部治理结构和内控体系,建立倡导诚信的企业文化。从中介机构角度出发,会计师事务所和保荐机构应借鉴国外成熟的证券市场的相关经验,各自完善其体制。从外部监管主体角度出发,政府应转变职能、改良政绩观,并完善相关准则制度与法律规范；行业协会应建立职业道德自律组织强化自律,完善奖惩制度引导成员自律,将自律与他律相结合；社会媒体应全力发挥其监督与宣传的作用,增强公众风险意识,使全社会形成合力,对会计造假进行共同监督。希望通过建立上市公司、政府、中介机构、社会公众四位一体的全方位监管体系,有效减少创业板上市公司会计造假行为的发生。由于笔者的时间和经验有限,对于创业板相关问题的研究也还存在很多不足。但是希望通过本文的研究,可以对创业板上市公司会计造假问题的解决有所帮助。
[Abstract]:Accounting fraud has been a topic of concern of scholars, but the study focused on the main board listed companies, few people pay attention to the accounting fraud of the gem gem. But as an important part of the multi-level capital market, directly affects the stability and development of the capital market, and since the establishment of gem time in short, the system is not perfect, study the related problems of the gem also helps to further improve the gem. So in this paper, the author from the perspective of the gem, the accounting fraud related questions are discussed.
The gem in China after ten years of waiting for on 2009 officially opened, many industry insiders to the great expectations of the newspaper, trying to develop the gem and gem. China accept Si Na overcomes has attracted the attention of the whole society in the early days, adding to attract the majority of investors and the rapid growth and strong. As of the end of 2012, the GEM listed companies have the scale by the first batch of 28 listed companies for the development of the 355 listed companies. However, the process of rapid expansion in the gem, all the attendant problems are gradually exposed. The first is the gem performance face the problem. Because the market focus of small and medium-sized enterprises, but also has defects small and medium-sized enterprises inherent in the internal governance structure of chaos. In early establishment enterprises to reduce the profit to evade tax, in the listing of enterprises to increase profits to shape the growth type enterprise image, for the enterprise Through the packaging industry to achieve the purpose of the listing, and excessive packaging have led to the emergence of enterprise performance face after the listing. From the new land to Edmond branch, IPO fraud occurred frequently, it also reflected from the intermediary companies listed as not as a janitor. Second is the three problems of the gem, high earnings, high issue price, superb raised funds of Listed Companies in the original shareholders have to squeeze into the ranks of billionaires, small investors have continued losses, and no idle funds available, there are many far fetched investment projects, it is also the follow-up performance of listed companies face potential problems. Finally, the gem supervision system is weak, due to the development of gem is still short, all kinds of legal norms and the system needs to be improved, such as the sponsor system, delisting system, trial mechanism, punishment mechanism, and these defects are Accounting forgery provides a natural refuge.
According to the analysis of the status quo of the GEM listed company's accounting fraud, with the relevant research on Hail hygiene fraud case, relying on the fraud triangle theory, control theory of agent and insiders, the theory of economic man hypothesis and limited rationality, using the normative analysis method to analyze the reason according to the theory of fraud. Motivation is divided into opportunity, pressure and excuses. Defects of accounting fraud opportunities mainly originated from the system, including the failure of internal governance structure and external audit system defect, system defect and issuance of securities, the gem exit system defects, the law is not perfect and other factors. The pressure of accounting fraud refers to the fraud motivation, including listed companies, shares and avoid delisting motives or local governments to increase performance needs. The excuse of accounting fraud from the moral dimension of the problem, including the benefits of moral anomie and enterprises The lack of industry culture.
Then, this paper analyzes the reasons for the above accounting fraud, according to the characteristics of China's GEM listed companies themselves, and learn from experience of the governance of accounting fraud of foreign companies listed on GEM, the GEM listed company governance of accounting fraud measures. From the perspective of individual practitioners should strengthen team construction, strengthen the responsibility of the person in charge consciousness, cultivating rational stock market. Investors should improve the internal governance structure and internal control system from the perspective of listed companies, establish integrity of corporate culture. Starting from the agency perspective, relevant experience in accounting firms and the sponsor should draw lessons from foreign mature securities market, improve its respective system. From the perspective of external supervision the government should change their functions and improvement, performance concept, and improve the relevant standards and legal norms; industry associations should establish occupation moral self-discipline Organizations to strengthen self-discipline, improve the reward system to guide members will be combined with self-discipline, self-discipline heteronomy; social media should fully play its role of supervision and propaganda, to enhance public awareness of risk, make the whole society to form a cohesive force, joint supervision of the accounting fraud. Hope that through the establishment of a listed company, government, intermediary organizations, a full range of social supervision system one of the four public, effectively reduce the gem accounting fraud of listed companies.
Due to the limited time and experience of the author, there are still many deficiencies in the research of gem, but I hope this research can help to solve the accounting fraud problem of GEM listed companies.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275.2;F832.51

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