| As the primary industry,agriculture is the foundation of the development of other industries,agricultural industrialization is necessary for rural revitalization.As an important part of the realization of agricultural industrialization,agricultural listed companies need to play a supporting role.In our country,the stock market has developed over 30 years,but financial fraud of listed companies is still repeated.In view of the current situation,although the quantity of agricultural listed company is small,the frequency of financial fraud is the highest,leading to the majority of investors lost confidence in the agricultural industry.It is an important research to effectively curb the occurrence of financial fraud of agricultural listed companies,which is of great significance to promote Chinese agricultural development and improve the capital market environment.At present,the research on financial fraud is mainly focus on empirical analysis or specific cases,and the whole analysis of agricultural listed companies is less.In order to study the commonness of fraud means in agricultural listed companies,this paper first analysis on the current situation of agricultural industry,and then from the CSRC for A-SHARE listed companies between 2010 and 2020 punishment announcement,selecting 14 agricultural companies that are planning to be listed or have been listed,finding that there are three most commonly used fraud means of agricultural companies:incomplete disclosure of accounting information,inflated income and inflated assets.Combining the theory of fraud risk factors with the characteristics of agricultural industry,five reasons for fraud in agricultural listed companies are found.First,the moral level of the company’s managers is not high.Second,there will be six kinds of motives: to be listed successfully,to avoid being marked *ST,to avoid delisting,to maintain the image of the company,to obtain the demand of excess earnings,to achieve business objectives.Third,weak internal control and special nature of biological assets provide opportunities for fraud.Fourth,Internal audit failure,external audit difficulties and local government protectionism reduce the risk of fraud exposure.Fifth,the low cost of breaking the law reflects the lack of punishment.Then,based on the analysis of ZONECO case and the new securities law,the author makes relevant suggestions: enterprise personnel should improve the moral level;country should continue to improve the delisting mechanism;company should improve internal control;third party improves fraud detection;regulators need to increase the intensity of punishment of all parties. |
