【作者】 王彤；

【导师】 李丽；

【作者基本信息】 长安大学 ， 会计硕士（专业学位）， 2022， 硕士

【副题名】以康美药业为例

【摘要】 近些年,我国的资本市场发展非常迅速,极大地推动了资本市场的资金融通,实现了资源的优化配置。但是在资本市场欣欣向荣的背后,相关的监管制度并没有随之完善,导致了上市公司财务舞弊的案件频发,例如近年来的康美药业财务造假、獐子岛财务舞弊及瑞幸咖啡收入造假等案件,这些公司基本都采取了对经营业绩进行粉饰等手段,从而吸引消费者投资以提升公司股价或完成业绩考核等目的。财务舞弊事件的频发一方面在较大程度上对上市公司自身的经营能力和信用等级产生影响,另一方面也影响了投资者对我国上市公司的投资信心,不利于资本市场健康稳健地发展。因此,通过研究分析上市公司财务舞弊的手段、动因及预警信号等,旨在一方面促使上市公司加强公司内部治理和人员道德素质的提升,另一方面从外部监管的强化和处罚力度的加大等方面对上市公司财务舞弊行为进行防范和治理。本文首先对康美药业的公司背景、舞弊行为的过程、手段及处罚结果进行了详细介绍。其次立足舞弊风险因子理论,从舞弊者的道德素质、舞弊动机、机会、暴露的几率和被发现的后果五个风险因子角度出发,对康美药业舞弊的动因进行研究,得出公司高管等相关人员职业道德缺失、行业竞争加剧、公司战略扩张、政府期望的压力、公司内部股权结构“一股独大”、外部监管的漏洞及对财务舞弊惩罚较轻等因素,使康美药业走上了财务舞弊的道路。再次从公司的财务层面、内部管理层面和公司运营层面,通过舞弊的相关预警信号对其舞弊行为进行识别,发现其在舞弊事件暴露前就存在着存贷双高、存货与销售收入不匹配、货币资金与利息收入不匹配及融资行为不符合运营逻辑等预警信号。最后结合康美的实际案例,从舞弊风险因子层面,给出了针对上市公司财务舞弊的防范与治理建议:即强化公司内部人员及外部审计监管人员的道德水平,强化绩效考核、规范政府补助政策及优化退市制度,改善企业组织架构,对内完善内控,对外强化监管,加大处罚力度,形成对舞弊行为的强大威慑力等措施。更多还原

【Abstract】 In recent years,China’s capital market has developed very rapidly,which has greatly promoted the financing of the capital market and realized the optimal allocation of resources.However,behind the prosperity of the capital market,the relevant regulatory system has not been improved,resulting in frequent cases of financial fraud of listed companies,such as financial fraud of Kangmei pharmaceutical,financial fraud of Zhangzi Island and income fraud of Ruixing coffee in recent years.These companies have basically taken measures such as whitewashing their business performance,So as to attract consumer investment to improve the company’s share price or complete performance appraisal.On the one hand,the frequent occurrence of financial fraud has an impact on the operating ability and credit rating of listed companies to a large extent,on the other hand,it also affects the investment confidence of investors in China’s listed companies,which is not conducive to the healthy and steady development of the capital market.Therefore,by studying and analyzing the means,motivation and early warning signals of financial fraud of listed companies,on the one hand,it aims to promote listed companies to strengthen their internal governance and improve the moral quality of personnel,on the other hand,it aims to prevent and manage the financial fraud of listed companies from the aspects of strengthening external supervision and increasing punishment.Firstly,this paper introduces the company background of Kangmei pharmaceutical,the process,means and punishment results of fraud in detail.Secondly,based on the fraud risk factor theory,this paper studies the motivation of Kangmei pharmaceutical’s fraud from the perspective of the five risk factors of the fraudster’s moral quality,fraud motivation,opportunity,exposure probability and discovered consequences,and comes to the conclusion that the company’s senior executives and other relevant personnel lack professional ethics,the intensification of industry competition,the company’s strategic expansion,the pressure expected by the government Factors such as the "dominance of one share" in the company’s internal ownership structure,loopholes in external supervision and light punishment for financial fraud have made Kangmei pharmaceutical embark on the road of financial fraud.Thirdly,from the company’s financial level,internal management level and company operation level,the fraud behavior is identified through the relevant early warning signals of fraud.It is found that before the fraud event is exposed,there are early warning signals such as double high deposit and loan,mismatch between inventory and sales income,mismatch between monetary capital and interest income,and financing behavior does not conform to the operation logic.Finally,combined with the actual case of Kangmei,from the level of fraud risk factors,this paper puts forward some suggestions on the prevention and governance of financial fraud of listed companies: strengthening the moral level of internal personnel and external audit and supervision personnel,strengthening performance appraisal,standardizing government subsidy policies and optimizing delisting system,improving enterprise organizational structure,improving internal control and strengthening external supervision,Strengthen punishment and form a strong deterrent against fraud.更多还原