| In July 2016,Xintai Electric will be compulsory discussed by the issue of fraud caused widespread discussion,but this time the focus is not Xintai Electric fraud case itself,but the strict attitude that regulatory authority call this event “The most in history”.The issue of fraud is not uncommon in the GEM,Wanfu Biotechnology and Hirisun are our familiar fraud issue cases,but this time the Xintai Electric get so much attention because it will be the first fraud issue case that the regulatory authority punish fraudulent issuance.Why the listed companies have still been fraudulent behavior,why the GEM is exposed to the issue of malignant fraud for the fraudulent issuance frequently when it was founded soon,isn’t true that because China’s national quality and the inferior folkway?Or because of flawed regulatory system in our country,the regulators dereliction of duty which make the fraud issue keep happening?This paper introduces the concepts of GME and fraud issue in first and review to sort out the relevant scholars for the study of the fraud issue and government regulation as a follow-up study of theoretical support through the literature.In third quarter,theory of fraud issue、government regulation concepts and the existing supervision system and regulation punishment situation in our country were introduced.The case analysis in order to the summary and comparison analysis of the regulatory agencies for the ways and means of punishment by XinTai Electric and so on four typical GEM fraud issue cases,then we can get the phenomenon of lighter punishment to the fraud issue case by the supervision system in our country,and the regulatory agencies have different punishment in the same crime for this four cases.In the face of the punishment by the supervision system and the regulatory agencies,what are these four companies and relevant parties should to do? If the regulation can curb fraud issue and save involved investors’ losses,it means that the government issued for fraud controls are effective;The opposite that fraud distribution control is invalid.Is relevant to the specific operation is based on the analysis of four fraud issue after being punished by the parties result feedback,analysis it is concluded that the government controls the overall tolerance of the issuer,the intermediary is tough,and tighter general situation.Later deviation control effect is more better,turning point is XinTai Electric.Finally,according to the problems highlighted in these case analysis,and propose some opinions and suggestions for the relevant laws and regulations.And hope to improve the supervision system and the regulatory agencies,we can solve these malignant fraud cases such as fraud issues as soon as possible,and the securities market normal exertion the function resources allocation. |
