| Looking back over the years,both the increasingly rapid internationalization process of the capital market and the gradual improvement of relevant systems reflect the vigorous development of China’s capital market.According to the report of the Securities Regulatory Commission in the third quarter of 2021,there are more than4400 listed companies in China at present.At the same time,with the introduction of preferential policies and subsidies,more and more agricultural enterprises have also embarked on the path of listing.However,with the number of agricultural listed companies increasing year by year,the frequency of financial fraud is also increasing year by year.At present,although domestic scholars have made a deep research on the financial fraud of listed companies,there is still a lack of research involving agricultural enterprises.How to take effective measures to curb the occurrence of financial fraud of agricultural listed companies has also become one of the urgent problems to be solved in the current capital market.Huishan dairy was once a leading enterprise in Northeast China.It was the first large-scale agricultural listed company in China to "realize that all milk sources come from large-scale self-supporting pastures",and was successfully listed on the Hong Kong Stock Exchange in September2013.However,in December 2016,muddy water company issued two short selling reports in a row,exposing the fraud of Huishan dairy,causing the share price of Huishan dairy to plunge,and finally delisted on the Hong Kong Stock Exchange on December 23,2019.Huishan dairy fraud has a long duration,large amount of money involved and serious illegal circumstances.It is a typical case of financial fraud by agricultural listed companies,which is representative and of research significance.Therefore,this paper selects the risk factor theory as the cornerstone theory,takes the Huishan dairy financial fraud event as a case,analyzes its fraud means and fraud motives,and puts forward targeted countermeasures and suggestions based on the five fraud motives.This paper is divided into six chapters to conduct a full and comprehensive study on the financial fraud of Huishan dairy.The first and second parts of this paper are the theoretical basis of this paper,which mainly introduces the research background,significance and methods of this paper,collates and summarizes the literature at home and abroad,and defines the concept of financial fraud.The third chapter introduces the current situation of agricultural listed companies,reviews the whole story of Huishan dairy fraud,and then analyzes the means of Huishan dairy financial fraud.In the fourth chapter,based on the theory of risk factors,this paper also considers the industrial characteristics of agricultural enterprises such as Huishan dairy,analyzes the fraud of Huishan dairy from five aspects,and puts forward targeted suggestions on the analyzed causes in the fifth chapter.Finally,through the summary and arrangement of the full text,the research conclusions and deficiencies of this paper are obtained in the sixth chapter.Based on the theory of fraud risk factors,this paper selects Huishan dairy,a typical case of financial fraud in agricultural listed companies,as the research object.At the same time,when analyzing the causes of fraud,the industry characteristics of the agricultural industry are also taken into account,At the same time,it also provides a reference for similar enterprises’ financial fraud events. |
