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论文编号：	10757
作者编号：	2120142918
上传时间：	2018/12/10 9:57:54
中文题目：	金亚科技公司财务舞弊的防范研究
英文题目：	A Research on Precaution Financial Fraud of Geeya Technology Co., Ltd.
指导老师：	牛建波副教授
中文关键字：	金亚科技；财务舞弊；公司治理
英文关键字：	Geeya Technology Co., Ltd., Financial Fraud, Corporate Governance
中文摘要：	证券市场为上市公司开辟了新的融资渠道，上市对提升品牌知名度也有积极影响。然而，上市公司在享受证券市场福利的同时也承担着责任，提升公司信息透明度就是其中重要的一点。真实、准确、完整、及时、公平地披露有关会计信息，这是上市公司的基本义务，也是切实保护投资者利益，促进资本市场健康持续发展的重要制度安排。 证券市场的效率很大程度上取决于市场所接收到的信息的质量，尤其是财务信息的质量。财务报表的真实性和准确性是证券市场最根本的保障，对其健康运转具有重要的意义。21世纪以来，我国资本市场发展迅速，然而，财务舞弊案件时有发生，影响了证券市场的效率。2017年，中国证监会作出行政处罚决定224项，罚没款74.79亿元，对44人实施市场禁入，均创历史新高。上交所2017年共实施纪律处分90件，同比增长近30%，纪律处分中针对中上市公司信息披露的处分占比达到78%。其中，大部分企业通过财务舞弊虚增利润，做出企业盈利能力较好的假象。 本文将研究对象锁定在金亚科技股份有限公司，采用文献研究法、定性与定量分析方法与案例分析法，对公司的财务舞弊问题进行深入分析。分析发现，金亚科技实施财务舞弊的主要手段包括虚增工程预付款、虚构货币资金、虚构采购项目。分析过程中，结合GONE理论、委托代理理论与信息不对称理论，剖析金亚科技财务舞弊案件，发现其内在动机是来自两个方面，公司与公司利益相关者。公司的舞弊动机在于现实的业绩经营压力与面临的退市风险；公司利益相关者的舞弊动机来自其利益最大化的需求，大股东希望实现套利，管理层希望实施股权激励计划。 此外，进一步研究发现，金亚科技股份有限公司出现的财务舞弊问题，与客观存在的舞弊机会是分不开的，舞弊机会来自公司内部与公司外部。内部机会是由公司治理缺陷造成的，具体表现为：公司的股权过于集中，大股东控制公司；董事会的监督职能弱化，内部董事皆为公司高管与独立董事失职，影响了董事会的职能；监事会不作为，由监事的专业性不足与独立性不足导致。外部机会来自两方面：外部审计机构不尽职，审计程序不合规，且不重视审计质量；上市公司违规成本低，上市公司铤而走险往往受益更高。 最后，从金亚科技财务舞弊反映出的问题及具体原因得到启示，文章提出金亚科技公司财务舞弊的防范建议：一是加强公司监管的有效性，设计合理的公司股权结构、降低高管董事的比例；二是加强法律的针对性与约束力，完善监事与独立董事相关法律规定，并提高上市公司违规成本；三是加强外部监督，提高外部审计质量、发挥社会监督力。
英文摘要：	Security markets established new financing channels for listed companies, which also brought positive impacts on brand image promotion. However, listed companies should take certain responsibilities as long as the benefits from security market, while operational transparency is the most significant one. It’s the duty for every listed corporates to disclose accounting information as true, accurate, integrated, timely and fair as it could be. Such actions practically protects every interest from investors, and help capital market being healthy developed as always. The quality of information received by security market, especially for accounting information, deeply impacts the market efficiency. A true and accurate accounting report is the foundation of security market, which guarantees the healthy operation of market. Though China capital market grows rapidly in 21st century, there are financial fraud cases some times and terribly influenced market efficiency. In 2017, as a new historical record, China Securities Regulatory Commission (CSRC) made 224 administrative punishment, issued penalty of CNY 7.479 billion and prohibited 44 person from joining related market. Meanwhile, Shanghai Stock Exchange (SSE) implemented 90 disciplinary punishments in 2017, which shows as 30% increase compared to 2016. Within all these punishments, 78% are for information disclosure issues of listed companies, which fabricated high profitability with fake financial data. Based on literature research, quantity and qualitative analysis, principle-agent theory, asymmetric information theory and GONE theory, the author conducted deep analysis against Geeya Technology Fraud Case, figuring out the main fraud methonds contained watered project deposit, fabricate cashflow and purchase projects. With the analysis based on all mentioned theories, company interest and stakeholders could be the 2 main causes for Geeya Tech fraud case. In company interest perspective, fraud comes from the business performance pressure and delist risk. Meanwhile, in stakeholder perspective, the company expected a maximum margin and figures, major stakeholder wished to cash out, and managements wished to launch stock incentive programme, so the fraud bred. Besides, with in-depth study and analyze, the existing flaws also caused Geeya Technology Fraud Case. The flaws inside the company included: Firstly, share rights were too much centralized resulted in one major shareholder with full control of the company. Secondly, the board of directors were mostly made by independent directors and executive directors, which made its functional power weakened. Thirdly, supervision committee was lack of profession and independence, which caused duty omission. The flaws ouside the company includes: external audit institutes missed their duty by not following standard audit procedure and ignore audit quality. Then, the forfeit was too low once listed companies committed frauds. In this situation, the company would take fraud risk to grant more interests. Inspired by Geeya Fraud case, the author listed several advice to prevents frauds from happening. First of all, strengthen the power of corporate governance, set up reasonable ownership structure and decrease the percentage of executive directors in the board. Secondly, enhance legal pertinence and power against fraud cases. Set up clear roles and responsibilities for supervisors and independent directors, and increase fraud penalty for listed companies. At last, reinforce external governance, improve external audit quality and empower social governance.
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