| Since the national expansion of NEEQ in 2013,it has undergone continuous reform and development.After the company at the selected level of NEEQ moved to the Beijing Stock Exchange in November 2021,the current pattern of basic level and innovation level has been formed.The establishment of the New Third Board is an important measure of the socialist capital market with Chinese characteristics,and China’s multi-level capital market system is constantly improving.However,due to the short establishment time of the NEEQ and the imperfect relevant laws and regulations,the listed companies on the NEEQ have frequently committed financial fraud due to various reasons such as obtaining funds.The financial fraud of New Third Board companies will have a huge negative impact on the company itself,investors,relevant intermediaries and the capital market,which is not conducive to the long-term healthy and stable development of China’s capital market.In view of this,this paper selects the financial fraud case of A company on the New Third Board as the research object.Company A was identified as a whole chain fraud in the investigation of the CSRC,which was extremely bad in nature and had a huge negative impact on the capital market.Four intermediaries were investigated,and nearly 60 companies were forced to suspend their IPO,refinancing and other projects.Through in-depth study of this case,we can analyze the causes of financial fraud,summarize experiences and lessons,and improve our ability to identify financial fraud,which can effectively safeguard the legitimate interests of investors,improve the public image of intermediaries,and prevent financial fraud incidents in New Third Board companies.This paper first uses the literature analysis method to sort out the motivation,means,identification,prevention of financial fraud and related theories of the New Third Board.Then the case study method and quantitative and qualitative analysis method are used to analyze the financial fraud of Company A.On the basis of analyzing the basic situation of Company A,the beginning and end of financial fraud cases,the means of financial fraud,and the harm and impact of financial fraud,the motivation of financial fraud is analyzed from GONE theory.The management of Company A is seriously lacking in professional ethics,and the greedy psychology lures it to adopt financial fraud;The equity structure of Company A is unreasonable,the governance structure is not perfect,the internal control system is not perfect,the independent directors and the board of supervisors do not play a supervisory role,and the host securities firms and accounting firms do not perform their duties diligently,providing opportunities for financial fraud;In order to alleviate the company’s financial pressure,the needs of controlling shareholders and maintain the company’s image,fraud needs to occur;Scientific and technological enterprises have high difficulty in auditing,imperfect laws and regulations,insufficient punishment,and low exposure probability.Based on this,it is suggested that the management of companies listed on the NEEQ should strengthen professional ethics education and improve the comprehensive quality of financial personnel;The enterprise itself should improve the corporate governance structure and strengthen the responsibility of intermediary institutions;Formulate long-term enterprise development strategy and broaden enterprise financing channels;Regulators should improve relevant laws and regulations,strengthen supervision and management,and enhance the risk awareness of small and medium-sized shareholders.It is expected to improve the authenticity and reliability of the company’s financial report through the joint efforts of stakeholders and jointly build a benign capital market. |
