Research On Financial Fraud Of The New Three Board Listed Company

In recent years,the financial fraud cases are increasing day by day in NEEQ market which bring seriously problem to the development of China's capital market.Although financial fraud has always been a concern of scholars,they mainly study it from the perspective of the main board and small and medium listed companies with little from angle of NEEQ market.Based on the angle of NEEQ market,this paper makes a comprehensive analysis of Wendy Digital's financial fraud in order to solve the fraud problem in NEEQ market and to improve the allocation efficiency of the capital market.The main ideas of this paper are as follows:The first part is the introduction and analysis of the mainstream financial fraud theory,which extends from the fraud triangle theory to GONE theory and financial fraud factor theory.Besides,it introduces the game theory to treat the financial fraud as the strategic interaction between enterprises and regulatory departments.They constitute the theoretical basis of this paper.The second part is the research on the level of capital market in our country.Firstly,it expounds the basic development of NEEQ market,summarizes the shortcomings of NEEQ market,and then compares the differences between the NEEQ market and the on-site market.On this basis,it exposes the chaos of financial fraud in the enterprises of NEEQ market.The third part is to analyze financial fraud case of Wendy Digital from the aspects of motivation,means and harmfulness at the enterprise level.From the enterprise's own aspect,Wendy's motive of financial fraud is to obtain more capital,coupled with lack of moral level of managers,the imperfect internal control system and governance structure;from the external environment aspect,the imperfect basic system of NEEQ market's and intermediaries' lack of diligent and conscientious,provide the soil for fraud.The fraudulent means of enterprises are to confirm the income in advance and to pretend the loan as the recovery of assets sold.The fraudulent means are simple,which actually reflects the defects of the NEEQ market and the problem of inadequate supervision.The fourth part,based on the theory of fraud and the difference between the NEEQ market and the on-site market,this paper puts forward some suggestions on the prevention of financial fraud so as to effectively prevent the problem of financial fraud in the NEEQ market.