| An increasing number of enterprises hope to raise funds through the stock market with the rapid economic development in our country,the flourishing financial industry and the number of listed companies continues to grow.However,the "quality" of listed companies did not increase accordingly.At present,there are more and more financial fraudulent cases happened in the listed companies,and the amount involved is also getting bigger and larger,investors took heavy losses.Financial fraud in listed companies has posed a serious threat to the orderly development of the securities market in China.According to Cathay Pacific database statistics,from 2010 to 2016,the number of listed companies that have been punished by the CSRC(China Securities Regulatory Commission)for financial fraud has risen each year.The number of financial fraud listed companies increased from 83 in 2010 to 423 in 2016.The number of financial fraud listed companies accounted for the proportion of all listed companies that year,from 3.93% in 2010 increased to 13.64%,the growth is up to 247%.As the most direct and authoritative manager in China's securities market,the CSRC can both supervise and direct the securities market through macroscopically and overall regulation by formulating rules and measures,and can also supervise and punish the securities industry for its specific behaviors and specific matters,it plays an important role in investor protection.Research on the supervision effect of the CSRC on listed companies has important practical significance for effectively protecting the legitimate rights and interests of investors,safeguarding a healthy market environment and strengthening the supervision of China's securities market.Based on the above considerations,this thesis uses the method of combining theoretical analysis with case analysis to analyze the problem that the listed companies did financial frauds more than once even they were punished.Based on the review and analysis of a large number of domestic and foreign research literature,the theoretical analysis part uses the viewpoints of information asymmetry theory,principal-agent theory and government regulation theory to prove the motivation of listed companies to carry out financial fraudulence and to represent the necessity of strengthening supervision by government regulators like CSRC on Stock Market.In the part of case analysis,This paper puts forward some suggestions on the effect of the CSRC supervision of the financial fraud cases of the listed companies by analyzing the financial fraud cases of TMSP(Hangzhou TianMuShan Pharmaceutical Enterprise Co.,Ltd).On the basis of introducing the financial fraud of the case company in the past years and the punishment of the CSRC for it in the past years,to get the reasons for the over and over financial fraud of the case company and analysis of the CSRC on the company several regulatory effects and regulatory problems.This thesis draws the following conclusions from above case analysis:(1)The CSRC punishes the financial frauds of listed companies that increases the audit fees of listed companies.(2)The CSRC's punishment on the financial fraud of TMSP can not urge the company to improve its operating performance.(3)The limitation of the punishment and the lack of deterrence are the important reasons for the poor supervision effect of the financial fraud of the listed companies.On this basis,we put forward some suggestions on how to improve the supervision efficiency of listed companies in our country:(1)to strengthen the inspection on the listed companies with financial fraud;(2)to strengthen the enforcement powers of the CSRC and strengthen the law enforcement;(3)improve civil liability system;and(4)improve internal corporate governance structure.The full text is divided into five parts: The first part is the introduction,which mainly introduces the research background and significance of this paper,with relevant domestic and international research literature,research ideas,research methods and basic framework.The second part is the theoretical summary of the CSRC punishment and financial fraud of listed companies,which is the theoretical part of this article.The paper mainly introduces the theoretical basis of the CSRC on the regulation of financial fraudulence,the definition of related concepts,the influencing factors of the punishment effect of the CSRC,the financial fraud of the listed company and the summary of the punishment of the CSRC.The part laid the theoretical foundation of this article.The third part is the case introduction of the punishment of TMSP by the CSRC.It is the case introduction part of this article.It mainly introduces the basic situation of case company,the general situation of financial fraud in case company and its causes,and the three aspects of punishment summary of case company by CSRC.The fourth part is the effect of CSRC punishment on TMSP fraud and the analysis of the reasons for the financial analysis,it is part of the case analysis.Mainly including the impact of the CSRC on the financial frauds and penalties of the case companies and the problems of the in CSRC punishing the financial frauds of the case companies.The fifth part is the research conclusion and policy suggestion of this article. |
PDF Full Text Request