The practical exploration of the socialist market economic system and comprehensively deepen reform have imprinted a deep mark in the development of our country’s capital market,which also stimulated the vitality of the capital market,and greatly improved the efficiency of resource allocation.However,financial fraud occurred frequently,which not only harmed the interests of investors,but also interfered with the sustainable development of our country’s capital market.Therefore,it is very meaningful to study the behavioral motivations of financial fraud and put forward concrete measures to prevent it.Based on the above background,the thesis uses theoretical analysis methods and uses behavioral economics as a research perspective.And it also adopts a case analysis method to take the case of SOLING,one of the “Four King Kong” fraudulent in 2020,as an example.The behavioral motivation and formation mechanism of SOLING ’s financial fraud was deeply investigated according to the fraud process from the demand to the motivation to the behavioral process.Firstly,we reviewed the financial fraud history,punishment results and fraud measures adopted by SOLING.Secondly,behavioral economics theories such as heuristic cognitive bias,prospect theory and time preference are applied for studying the SOLING financial fraud cases,and we come to the following conclusion: regulatory policies and salary differences have a significant anchoring effect on the fraud demand value.The subject of fraud is affected by heuristic cognitive bias,and has optimistic expectations about the cost and results of fraud;listed companies prefer risk when they lose;high concentration of equity will weaken the locking effect of governance structure on decisionmaking paths.Finally,based on this,targeted preventive measures are proposed to improve the quality of the development of the capital market,promote the formation of a healthy and orderly capital market,and reduce the occurrence of fraudulent behaviors. |