A Research On The Motivation And Behavioral Characteristics Of The IPO Companies' Management Fraud

China's securities market has made tremendous achievements since it established more than 20 years ago, and it's influence to the national economy is also growing. As the China Securities Regulatory Commission (CSRC) suspended IPO issue during the 2012-2013, and punished a aseries of IPO companies'management frauds,for example:"Wan Fu Sheng Ke", "Jing Sheng Shan He" and the "Xin Da Di" cases, their characteristic is that the financial fraud time were before the IPO, fraud on the financial data, to achieve the goals which financial indicators meet the listing requirements or inflated performance to raise more capital. There is its special motivation and behavioral characteristics. Financial fraud not only can't truly reflect the performance of the IPO companies, but also caused a loss to the investors, hampered the healthy development of the capital market. The research on IPO companies' management fraud motivations and behaviors characteristics is very important.Based on massive references of domestic and foreign researches, this thesis separately review from three aspects of fraud theories, fraud motivations and fraud behaviors characteristics.Then From the point of the related economic theory first, the analysis of deduced the implementation of management fraud motivation:demonstration effect by IPO rich made, the asymmetry of information and the lax supervision casued non-cooperative game are the three fundamental motivation management fraud of IPO companies. Then analies with the institution of IPO review and issue derived that institution is the direct motivation, which motivated the management fraud in order to achieve the listing conditions and to raise more capital. And summarized the fraud behaviors characteristics through the analysis of the diffient institutional background typical IPO fraud cases and data samples.In the analysis and Research on the combination of the above researches review and theoretical institution, this thesis further combines classic case:"2012 Guangdong Xindadi biological Polytron Technologies Inc IPO fraud case", through analyzing the basic situation and the fraud motivation, fraud behavioral characteristics. Find the corresponding conclusions are derived with theoretical derivation, which is the case company want to raise more capital, it fraud on profit, assets and related transactions during the report period in IPO. Finally, according to the above conclusion, suggestions were put forward to the capital market and the supervision department and the intermediaries. After all reflection the thesis, sums up the problems of the research process, outlook of the future research ideas.