| On July 15,2018,the State Food and Drug Administration issued a notice announcing that Changchun Changsheng Biotechnology Co.,Ltd.had recorded fraud during the production of freeze-dried human rabies vaccine.Since the outbreak of the fake vaccine incident,Changsheng Bio’s stocks fell for 32 consecutive trading days,from the highest point of 24.55 yuan / share to 3.27 yuan / share,and many securities market investors have been hit hard.On November 16,2018,the China Securities Regulatory Commission formally issued the "Implementation Measures for Significant Illegal Delisting of Listed Companies on the Shanghai Stock Exchange".This document breaks down the illegal behaviors of companies and clarifies that listed companies will directly face mandatory delisting once they touch the above-mentioned behaviors.With the promulgation of the above documents,the long-lived biomimetic fraud case of China,which ended in 2018,ended with the forced delisting of listed companies.However,as long as the longevity biological capital is not offset,the probability that many investors will receive full compensation is almost zero.To study the fraudulent incident of lyophilized human rabies vaccine in Changchun Changsheng Biotechnology Co.,Ltd.,the purpose is to explore various aspects of government supervision and investor protection exposed in the process,and then find government supervision measures that can effectively regulate the behavior of listed companies to protect each Listed companies in the industry are legal and compliant in production and operation.In addition,by calculating the losses suffered by Longevity Bio-Investors for this fake vaccine incident,and analyzing the difficulties of investors in listed companies making false claims due to false statements,it can help find ways to minimize the losses of small and medium-sized investors and protect the interests of investors.This article first introduces the relevant theories of listed company supervision and investor protection,and lists the necessity of strengthening the supervision of listed companies,the main regulatory protection methods and relevant research results at home and abroad.After that,this article introduced in detail a series of development processes such as the establishment and listing of Changsheng Biological Company,and analyzed the reasons and effects of changes in the ownership structure and changes in operating performance in this process.According to the behavioral responses of the parties involved in the fake vaccine incident,this article divides the incident into multiple time points,explains the behavior of listed companies,listed company regulatory authorities,and small and medium investors at different time points,and based on the above time points,based on The buy-and-hold investment strategy analyzes the specific profits and losses of small and medium investors before,during and after the outbreak of the fake vaccine incident.In addition,this article expounds the final treatment result of the longevity biological fake vaccine incident and its impact on government regulation,the stock market,the listed company itself and small and medium investors.In order to more clearly compare the protection level of small and medium-sized investors and the regulatory strength of listed companies,this article uses the foreign Enron financial fraud incident as a comparison object,and compares the nature,occurrence process,and processing results of the longevity biological fake vaccine incident and the Enron financial fraud incident.,Summed up foreign experience and lessons in the supervision of listed companies and investor protection.This article uses the buy-hold investment strategy and case comparison method to calculate the losses suffered by investors in the event of fake vaccines,and summarizes the lessons learned from the supervision of listed companies and investor protection.Among them,the buy-and-hold investment strategy sets investors to buy 10 shares of longevity biological stocks before July 11,2018(the day of the outbreak of the fake vaccine incident),based on the government,listed companies and public opinion in the vaccine case.As a time node,the investor’s gains and losses are calculated through the changes in dividends,conversions and stock prices,and finally the investor’s conclusion that the loss rate of this event exceeds 90%.In the case comparison method,this article selects Enron’s financial fraud incidents of US listed companies as the comparison object,in-depth contrasts the difference in government supervision and processing results of the two fraud cases,sums up the experience and lessons of government supervision of foreign listed companies,and concludes that the company should be established The conclusions of the internal audit committee,the self-discipline supervision of industry organizations and the strengthening of internal control of enterprises.Through the analysis of the creation and development process of Changsheng Biology,the beginning and end of the fake vaccine incident,and the calculation of the profit and loss of small and medium investors in this incident and the summary of the experience of foreign listed companies’ fraud,this paper puts forward three conclusions.First of all,at present,China ’s small and medium investors have more difficult claims for losses caused by illegal production of listed companies,and may face various issues such as court acceptance,statute of limitations,and insolvency.Secondly,the longevity bio-pseudo-vaccine incident exposed many government regulatory loopholes,and China needs to introduce a number of new regulatory measures to help relevant departments further improve the level of supervision.Finally,the behavior of listed companies not only affects their own stock market performance,but also connects with other companies in the same industry,investors in the securities market and other parties.Based on the issues of the supervision and investor protection of listed companies exposed in the longevity biological fake vaccine incident,this article puts forward three policy recommendations.First of all,the regulatory departments of listed companies need to strengthen supervision and improve their supervisory capabilities,such as improving the laws and regulations of the vaccine industry,increasing the proportion of vaccine spot checks,carrying out raid inspections,and setting up regulatory agencies within enterprises.Secondly,the financial market can establish a delisting insurance system and set up a special compensation fund for public safety,so as to achieve the purpose of investors being compensated for illegal production losses of listed companies and effectively punishing listed companies for participating in counterfeiting.Finally,improving the supervision of listed companies requires establishing an information disclosure system and standardizing information disclosure.Uniform information disclosure standards for vaccine companies can help solve the problem of information asymmetry in drug production and sales,and include drugs under state control.It is also one of the ways to solve the illegal production of drugs and increase public confidence. |
