A Probe Into The Causes Of Financial Fraud In The "Flickering Restructuring" Of Listed Companies

With the development of the capital market in China,the phenomenon of financial fraud in enterprises is still showing a high growth trend.Financial fraud not only damages the reputation of the company,but also seriously interferes with the order of the capital market and infringes on the interests of the majority of investors.In recent years,with the upsurge in asset restructuring,some companies play financial tricks and the reconfiguration to seek to go public,which seriously damaged the capital market allocation mechanism and hurt the investor ' s confidence in the whole capital market,therefore the study of the pseudo-motive of the listed company and its behavior and discuss the corresponding countermeasure suggestion have great practical significance.On the basis of literature review at home and abroad,this paper introduces three mainstream theories of fraud motivation,such as GONE,fraud triangle and iceberg theory in detail,and explains the reasons for choosing GONE theory as the research framework for case study.Taking the Jiuhao Group and the Anzhong restructure as a case,the Jiuhao Group will carry out the financial fraud in order to realize the purpose of the backdoor listing.The main means of fraud are the fictitious business income,the deficiency of the bank deposit and the undisclosed loan and the bank deposit pledge.Based on the GONE theory,this paper analyzes the causes of fraud in Jiuhao Group,and finds out that the motives of greed,opportunity,need and exposure of the four factors are: seeking the status of listing,back door listing,and pursuing the excessive personal interests of the word "fast";Single big holder,internal control is false,the intermediary organization is not diligent due diligence,the restructuring process is complex;create performance to meet the conditions of shell borrowing,saddle heavy shares are eager to sell shell;financial fraud is identified as a low probability of exposure,very low cost of fraud..Based on the four factors of GONE theory,this paper puts forward some measures to deal with the financial fraud of the listed company,which is expected to be helpful to construct the long-term mechanism of ".can not corrupt,not easily corrupt,dare not corrupt".