【作者】 张军；

【导师】 邓道才；

【作者基本信息】 安徽大学 ， 金融（专业学位）， 2022， 硕士

【摘要】 自2010年以来,上市公司的债务违约、财务造假等违法违规舞弊行为对资本市场健康发展所造成的影响越来越大。其中,以康得新公司财务造假案最为典型,其财务造假历时之久、数额之大、波及范围广,并在我国资本市场上产生较大影响。本文通过研究康得新财务造假的背后逻辑和底层思维,分析其财务造假的手段和缘由,并提出相应的防范上市公司财务造假的建议,将有益于不断提高我国上市公司的质量,推动我国资本市场持续向好发展。康得新自成立后其主营业务一直是预涂膜和光学膜,自2010年上市以来,其订单暴增、利润翻倍,市值上涨超30倍接近千亿元。但2019年1月15日,公司无法偿还贷款本息和价值10.41亿的到期债券,最终造成了实质性违约;2019年7月5日,证监会对康得新下达《行政处罚及市场禁入事先告知书》,判定其在2015-2018年主要通过虚增营业额和营业利润、虚构海外订单、虚增货币资金等手段造假。至此,康得新财务造假案才被揭露并公之于众。康得新财务造假是由众多因素共同造成的。从公司内部的角度分析,一是康得新选择了错误的投资战略,激进投资导致资金链逐渐入不敷出;二是企业内部的监事会没有履行职责,内控缺失催生造假。从外部因素的角度分析,一是瑞华会计师事务所和康得新之间的利益输送使其一味纵容康得新财务造假,审计缺失增加风险;二是监管机构的监督检查不到位,给康得新财务造假提供了可乘之机。另外康得新财务造假的影响也十分恶劣。一是对公司自身的影响,造成公司股价暴跌、资产被冻结和高管人才流失;二是对投资者的影响,给十几万投资者造成重大损失;三是对审计机构的影响,对瑞华的名誉商誉等有较大降低,并暂停其他业务推进,给其经济造成重大损失;四是对监管机构的影响,大大挫伤了投资者对监管机构的信心,也暴露了我国上市公司监管当前所存在的缺陷。基于上述,本文从康得新财务造假案得出以下四点启示:一是要精准制定公司战略规划;二是要提升公司内部治理水平,三是要增强审计机构职业道德;四是要强化监督加大处罚力度。同时本文也从以下四个方面提出了防范上市公司财务造假的建议:一是企业应加大对股东权力制约,并完善内部控制体系;二是中介机构应加强审计机构的相对独立性,提升从业人员职业道德水平;三是监管机构应建立健全法律法规机制建设,加大惩罚力度提高造假成本,强化对审计机构的监管力度,完善退市和投资者保护机制;四是投资者应理性选择投资企业,投资资产需均衡配置。更多还原

【Abstract】 Since 2010,listed companies’ illegal and fraudulent behaviors such as debt default and financial fraud have had an increasing impact on the healthy development of the capital market.Among them,the financial fraud case of kangdexin company is the most typical.Its financial fraud lasted for a long time,the amount was large,the scope was wide,and had a great impact on China’s capital market.By studying the logic and underlying thinking behind kangdexin’s financial fraud,this paper analyzes the means and causes of kangdexin’s financial fraud,and puts forward corresponding suggestions to prevent the financial fraud of listed companies,which will be beneficial to continuously improve the quality of China’s listed companies and promote the sustainable development of China’s capital market.Since its establishment,kangdexin’s main business has been pre coating and optical film.Since its listing in 2010,its orders have skyrocketed,its profits have doubled,and its market value has increased by more than 30 times,close to 100 billion yuan.However,on january15,2019,the company was unable to repay the principal and interest of the loan and the maturing bonds valued at 1.041 billion,resulting in substantial default;On july5,2019,the CSRC issued the prior notice of administrative punishment and market prohibition to Kang Dexin,which determined that Kang Dexin made fraud mainly by falsely increasing turnover and operating profit,making up overseas orders,falsely increasing monetary funds and other means from 2015 to 2018.At this point,the financial fraud case of kangdexin was exposed and made public.Kangdexin’s financial fraud is caused by many factors.From the internal perspective of the company,first,kangdexin chose the wrong investment strategy,and the radical investment led to the capital chain becoming unable to make ends meet;Second,the board of supervisors within the enterprise failed to perform its duties,and the lack of internal control led to fraud.From the perspective of external factors,first,the benefit transfer between Ruihua certified public accountants and kangdexin makes it blindly connive at kangdexin’s financial fraud,and the lack of audit increases the risk;Second,the supervision and inspection of the regulatory bodies were not in place,which provided an opportunity for kangdexin to make financial fraud.In addition,the impact of kangdexin’s financial fraud is also very bad.First,the impact on the company itself,resulting in the sharp decline of the company’s share price,the freezing of assets and the brain drain of senior executives;Second,the impact on investors,causing heavy losses to hundreds of thousands of investors;Third,the impact on the audit institutions has greatly reduced Ruihua’s reputation and goodwill,and suspended the promotion of other businesses,causing heavy losses to its economy;Fourth,the impact on regulators has greatly dampened investors’ confidence in regulators and exposed the current defects in the supervision of Listed Companies in China.Based on the above,this paper draws the following four enlightenments from the financial fraud case of kangdexin: first,we should accurately formulate the company’s strategic planning;The second is to improve the internal governance level of the company.The third is to strengthen the professional ethics of audit institutions;Fourth,strengthen supervision and punishment.At the same time,this paper also puts forward suggestions to prevent financial fraud of listed companies from the following four aspects: first,enterprises should increase the restriction on shareholders’ power and improve the internal control system;Second,intermediary institutions should strengthen the relative independence of audit institutions and improve the professional ethics level of employees;Third,regulators should establish and improve the construction of laws and regulations,increase punishment,increase the cost of fraud,strengthen the supervision of audit institutions,and improve the delisting and investor protection mechanisms;Fourth,investors should choose investment enterprises rationally,and investment assets should be allocated in a balanced manner.更多还原