Research On Legal Issues Of Fraudulent Issuance Of Listed Companies

In recent years,with the continuous development of China’s capital market,the establishment of a capital securities market that is in line with the international community is a common demand of investors and regulators.As an important financing platform,how to better regulate listed companies is also prepared.Attention.Among them,the fraudulent issuance of stocks by listed companies is a vicious behavior that seriously endangers the securities market,which not only severely disrupts the order of the securities market,brings great distress to the supervision of the regulatory department,but also seriously damages the interests of investors.This article will refer to the case of "Dandong Xintai Electric Co.,Ltd.(hereinafter referred to as Xintai Electric)v.China Securities Regulatory Commission(hereinafter referred to as China Securities Regulatory Commission or Securities Regulatory Commission),which is known as" the first case of fraudulent issuance of a listed company." " As an example,taking the core issue of the " characteristics and composition of fraudulent issuance " as the main research direction,firstly demonstrating the connotative characteristics of fraudulent issuance from the legal level and analyzing the fraudulent issuance in conjunction with the amendment of the Securities Law Changes in the legal provisions of the conduct,followed by an empirical study of Xintai Electric’s fraudulent issuance behavior,and finally extended the analysis of the other two disputes in the case.This article believes that: First,fraudulent issuance is a serious violation of the securities market and the legitimate rights and interests of investors by the issuer.The 2014 Securities Law has a lack of coordination with the Securities Law in identifying and punishing fraudulent issuance.This will be improved after the implementation of the newly revised Securities Law in2019.Second,Xintai Electric has obtained substantial financial fraud to obtain the issuance qualification,and its behavior has clearly constituted a fraudulent issuance.Regardless of the application of the original Securities Law or the newly amended Securities Law,it should be given a negative evaluation at the level of fact determination.Finally,the China Securities Regulatory Commission,as China’s securities market regulatory agency,has a leading role in the process of securities market supervision.When making the decision on administrative punishment,the CSRC shall,in compliance with the basic principles of the Administrative Law,combine the relevant principles of the "Administrative Penalty Law",and ensure that administrative punishment is combined with education and punishment is consistent on the premise of reasonable administration.