Punishment Of Financial Fraud Of Listed Companies By Csrc Under The New Securities Law Effect Research

As the basic law of the capital market with the concept of top-level system design,the securities law plays a key role in the supervision and governance of financial fraud.Compared with the old securities law,the new securities law has revised the securities issuance registration system,information disclosure system,increasing illegal costs and investor protection system,which are closely related to financial fraud,which will have an inevitable impact on the fraud of domestic listed companies.After the implementation of the new securities law,the CSRC severely cracked down on violations of laws and regulations.As the first company punished by the CSRC after the implementation of the new securities law,Guangdong Rongtai was fined 15 million yuan by the CSRC.This event has a wide impact and warning effect.Therefore,this paper selects the typical case of Guangdong Rongtai as the research object,studies the punishment of Guangdong Rongtai by the CSRC and its consequences from the perspective of the new securities law,and mainly analyzes the disciplinary effect of the punishment of the CSRC on it from the aspects of market reaction,financial situation and the impact on corporate governance.Firstly,this paper combs the relevant literature about the securities law and financial fraud at home and abroad,and then clearly defines and deeply expounds the concept of the new securities law,the concept of financial fraud,principal-agent theory and signal transmission theory.Secondly,this paper makes a comparative analysis according to the different penalties and impact of the new and old Securities Law on the financial fraud of listed companies.Thirdly,this paper introduces and analyzes Guangdong Rongtai and its financial fraud,specifically analyzes its financial fraud means,analyzes its fraud motivation combined with the fraud triangle theory,and further compares and analyzes the relevant provisions of the old and new securities law and the punishment imposed by the CSRC.Then,this paper further studies the disciplinary effect of the CSRC’s punishment of Guangdong Rongtai’s financial fraud from the perspective of market response and financial situation performance.Specifically,it mainly uses the event research method and comparative analysis method to study the market response of Guangdong Rongtai to punishment and the financial situation performance of enterprises before and after punishment.In addition,from the perspective of corporate governance,this paper analyzes the specific impact of CSRC punishment on the internal and external governance of the company.The research findings of this paper are as follows: first,the punishment of Guangdong Rongtai by the CSRC shows a negative capital market response;Second,after the CSRC punished Guangdong Rongtai,compared with the average value of the company and the same industry,the financial situation of Guangdong Rongtai further deteriorated;Third,from the perspective of corporate governance,the punishment of CSRC can effectively promote the change of Enterprise Directors and supervisors,the improvement of internal control level,external supervision and governance and legal protection.Finally,through the research conclusions,this paper puts forward relevant policy suggestions to regulate the behavior of listed companies.Taking Guangdong Rongtai as an example,from the perspective of the new securities law,this paper studies the CSRC’s punishment of financial fraud of listed companies and its disciplinary effect,enriches the research perspective of financial fraud of listed companies,improves the relevant literature on the impact of the new securities law on financial fraud of listed companies,and provides an effective reference for standardizing the behavior of listed companies and promoting the healthy and sustainable development of enterprises.