The financial fraud of listed companies is driven by various interests, which is the internal motivation of financial fraud of listed companies.
1. Apply for listing, allotment and avoid delisting.
According to the Company Law and other relevant laws and regulations, there are strict conditions and strict policy constraints for enterprises to apply for listing rights issue. Some enterprises whose performance can't meet the requirements have to make financial fraud in order to obtain the listing qualification and share allotment requirements. More seriously, listed companies have suffered losses for three consecutive years, and the CSRC will suspend their stock trading and eliminate the losses within a time limit. If the losses are not eliminated within the time limit, its shares will be delisted and its trading in this exchange will be terminated. Loss-making listed companies would rather play tricks in accounting treatment in order to keep their qualifications as listed entities than lose money for three consecutive years and be sentenced to death.
1February, 1997, the main person in charge of PT Hong Guang decided to adjust the accounts, inflated profits, falsely reported profits and defrauded the stocks of listed companies, knowing that the company was on the verge of losses. Half a year after listing, the company actually lost nearly 200 million.
2. Expand its financing capacity.
After listing, the company can issue shares to the public to raise a lot of money. Blue Sky (1996), which once created the myth of excellent performance in China stock market, was listed on the Shanghai Stock Exchange, raising 240 million yuan. With the strong support of national policies for agriculture, the company just went public 1 year, and obtained the financing qualification again, with the financing of 1. 1 billion yuan. Nine years before the company went public, its total assets were only 277 million yuan and its net assets were only 65.438+72 million yuan. Behind this legendary stock, lies and scams are hidden one after another, which finally caused a nationwide sensation of "the first agricultural stock in China" Lantian stock fraud incident. On the other hand, listed companies and enterprises with poor operating performance and unsound financial conditions will inevitably whitewash their accounting statements in order to obtain credit and commercial credit.
3. Realize the interests of management.
The management of listed companies not only has rich economic returns, but also has a dazzling political aura. Wang Hongming, the chairman of Shenyang Liming Co., Ltd., won the title of "Top Ten Women in China" in the second session, and was rated as a model worker in Liaoning Province and a special model worker in Shenyang for many times, and also won the national "May 1st" labor medal. Li Fugan, the chairman and legal representative of Zheng Company, has also won a series of honors such as national model worker and outstanding entrepreneur, and was elected as the representative of the Ninth National People's Congress.
4, the interests of other stakeholders demand.
The first is the interests of local governments. Most of the listed companies are local star enterprises, which have a strong role in promoting the local economic development. Their operating conditions often involve the interests, image and achievements of their regions, so they are strongly supported by the local government. Zhengzhou Bai Wen Co., Ltd., once known as "a red flag in the reform of state-owned enterprises" in China, became a smash hit after its listing, and entered the top 100 domestic listed enterprises in China, becoming a dazzling reform star in local business circles and a typical example of taking the lead in establishing a modern enterprise system. The relevant departments of Henan Province set it as an example for commercial enterprises in the province to learn. The second is the interest demand of accounting firms. Some accounting firms have participated in the generation and dissemination of false accounting information in order to gain advantages in fierce industry competition. If the audit accountant in the Yinguangxia incident did not participate in fraud, for it.
The false financial statements of 1999 and 2000 were issued with unqualified opinions, and the majority of shareholders will not suffer heavy losses. The picture of the middle-aged man waking up and disappearing from the stock market on TV made more China investors who want to join the stock market remember a sentence: the stock market is risky, so you should be cautious when entering the market.
(2) Low fraud cost
In China's capital market, the income of accounting fraud is high, but the cost of accounting fraud is very low, and the punishment for accounting fraud violations is far from enough. August 2002
"Qiong Minyuan" changed from the biggest dark horse in the stock market to the biggest scam, and its share price rose as high as 1059% for the whole year. Minyuan Hainan Company, the controlling shareholder of Qiongminyuan, joined hands with Shenzhen Nonferrous Metals Finance Company. In this illegal act of manipulating the stock market, the two companies made illegal profits of 665 100 yuan and 66.3 million yuan respectively. Ma Yuhe, the chairman of Qiong Minyuan, was only sentenced to three years' imprisonment after being accused of making false financial and accounting reports, which is the highest term stipulated by applicable laws in China. After the listing of Qiong Minyuan was terminated, with the support of Beijing Municipal Government and other government departments, Qiong Minyuan retained its legal subject status. Through the stock exchange, Qiong Minyuan's shareholders became Zhongguancun shareholders, but they did not really withdraw from the market, and the government finally became the buyer of the fraud incident of this listed company. At present, in China's Accounting Law, the maximum economic penalty for units that violate accounting laws and regulations is 65,438+10,000 yuan, and the maximum penalty for specific responsible persons is 50,000 yuan, which is far lower than the expected illegal income, and the punishment has not hurt the bones.
(C) At present, the accounting standards system of listed companies in China is not perfect.
In China's current accounting standards, there are many alternative accounting treatment methods for the same accounting matter, which makes the company more arbitrary in choosing accounting policies and objectively provides a certain space for listed companies to manipulate profits.