Research On Financial Fraud Of The New Three Boarc Listed Company

The financial fraud of list companies not only disrupts the normal operation of the capital market,but also hinders the economic development of the country.In recent years,the financial fraud of NEEQ is emerging in endlessly,the SFC is also increasing supervision and regulation in response to this phenomenon.Most domestic and foreign scholars focus on the main board and small and medium board listed companies.There are few research on the fraud of the new three board market.Based on the perspective of the NEEQ and the market system difference of the new board and the main board,small board,this paper analyzes the financial fraud of Shen Xian Yuan in aspects which is the first convicted case of financial fraud of NEEQ and explore the measures on the financial fraud of NEEQ.The literature analysis,case analysis and descriptive statistical analysis are used in this paper.First,this paper makes an exposition of the concept of financial fraud and the theory of fraud motivation which generally recognized by the academic circle,and introduces the basic situation of NEEQ and analyzes the illegal and irregularities phenomenon of NEEQ in China.Secondly,based on the theory of financial fraud and the difference between NEEQ and the market system in the field,this paper analyze in aspects combined with the introduction of the situation of Shen Xian Yuan and the ways of fraud.According to the analysis,we can see that the financial fraud means of Shen Xian Yuan are accounting less cost and inflating related transaction income.Although the means of fraud are simple,in fact,it reflects the defects of NEEQ and poor supervision.Thirdly,this paper summed up the motivation of the financial fraud both inside and outside with the comparison and analysis of the financial data of Shen Xian Yuan,the comparison with the cases of agricultural financial fraud and the influence of market system differences on the motivation of fraud.The main reason for the internal fraud are that it is unable to meet the requirements of the betting agreement due to the expected performance,the promotion of the company valuation for the high price orientation after the listing is the paving and the controlling shareholder has a "single big" corporate governance loophole.The main reasons for the external fraud are that the new three board audit system is not perfect and the information disclosure requirements are not strict,the CPA does not attach importance to the business quality and leads to the failure of the audit,the intermediaries and the clients conspire under the commission system,the local government's bad performance view opens the green path for the financial fraud,the cost of financial fraud is "always low",and the delisting mechanism is not yet perfect.Through the multi-angle analysis of the first case of NEEQ financial fraud and the analysis of the illegal and irregularities phenomenon of NEEQ,the author puts forward some suggestions on the precautions against the financial fraud of NEEQ from the perspective of the supervision layer,the enterprise itself and the intermediary organization,to hope that the effective and multi-level joint prevention and control system can be built to reduce the occurrence of financial fraud of NEEQ as far as possible.