Study On Financial Fraud In Backdoor Listing Under Fraud Risk Factors

Backdoor listing is one of the most popular ways for Chinese enterprises to seek domestic listing.Although regulatory policies have been tightened in recent years,it is still favored by many companies due to its short listing cycle and low uncertainty factors.In recent years,driven by the economic interests of high premium after listing,the occurrence of financial fraud in backdoor listing is also emerging one after another,which has become a serious problem in the supervision of China's capital market.This problem seriously infringes the interests of investors and has a great negative impact and harm on the development of China's capital market.Therefore,it is of great practical significance to study the financial fraud of backdoor listing.In this paper,the financial fraud case of backdoor listing of Zhonganxiao technology was selected as the research object.Based on the fraud risk factor theory,the case analysis method and financial index analysis method were used to systematically analyze the causes of financial fraud in backdoor listing of Zhonganxiao technology.The results show that: among the general factors,the centralized ownership structure of the company and the failure of internal control give rise to opportunities for fraud,the negligence of internal and external supervision departments leads to fraud not being detected in time,and the insufficient punishment does not generate enough deterrent force for fraudsters.Among the individual factors,the fundamental factor of fraud is the lack of moral quality of major shareholders.The high premium economic interests after listing strongly drive fraudsters to commit fraud.In addition,the limited financing channels are also one of the motives of fraud.This paper hopes to provide reference for reducing the occurrence of such incidents in the future by analyzing the motivation of corporate fraud and putting forward preventive measures from the perspectives of companies,intermediaries and government regulatory departments.