A Study On Corporate Governance,cash Dividends And Over-investment Behavior:Based On Manufacturing Listed Companies

In order to protect the rights and interests of investors,such as shareholders and creditors,and to promote the sound development of the capital market,China’s IPO listing system requires very strict application reviews,which usually leads to long waiting times.Compared with IPO listing,compared with IPO listing,backdoor listing has the advantages of low approval requirements,short waiting time and low listing cost.Therefore,backdoor listing has become the first choice for companies in urgent need of listing and financing.In listed companies,listed companies need to provide high-quality capital to their excellent listed companies in order to achieve long-term development,so as to improve the operation status of listed companies and promote the development of listed companies.Although the conditions for backdoor are higher than for IPO,many companies did not meet the conditions for IPO,so they were rejected by the China Securities Regulatory Commission.To this end,some companies will even use accounting fraud to exaggerate the market value of companies.In recent years,in China’s securities trading in the company’s "backdoor" behavior,huan is one of the few "backdoor" behavior and found "accounting" behavior,and the behavior for a long time,influence a wide range,so choose huan rui "shell account" the typical empirical analysis of the company.The article takes the accounting fraud of Huanrui Company as the entry point,and adopts the method of "three pillars" to conduct the empirical analysis of it.Huanrui Century only started listing in 2016,but in 2019,it was exposed for four months,and a serious fraud phenomenon occurred,which caused a great impact on the whole society.The full text consists of five chapters.The first chapter introduction,the current domestic and foreign on the causes of accounting fraud,means,consequences and precautionary measures and other related research results are sorted out,in order to lay a theoretical basis for the following research.The second chapter mainly expounds the definition and related theories of accounting fraud.The third chapter is the introduction of the case,which focuses on the exposure of the backdoor and accounting fraud of Huanrui Century Company,and analyzes the accounting fraud of the company.The fourth chapter is a case study.The first chapter analyzes the motives of financial fraud in the era of Huanrui from the three aspects of financial fraud.The second chapter is a detailed analysis of the financial consequences and non-financial consequences of the financial fraud in the era of Huan.Through research,we believe that in order to fulfill the performance commitment and supplement the cash flow,Huanrui Century faces great risks,which promotes it to have the motivation to do fake,and some reasons of the company,such as some defects of the company,also create conditions for it to do false.The fifth chapter is the government’s control countermeasures over the state-owned enterprises,according to the control motivation of the government to give the state-owned enterprises.In order to reduce the operating burden of enterprises,we should accelerate strategy adjustment and expand financing channels;enterprises should standardize financial management,improve internal control,and regulatory authorities should increase the supervision and punishment of information disclosure;break various reasons,and cultivate long-term honest and trustworthy corporate culture.