The Stock Market Did Not Hit "Seven Inches" On The Issue Of Financial Fraud.

March 15th is the day of consumer rights protection, focusing on counterfeiting and safeguarding rights. Although the stock market has not set up investor protection day, but 315 of the year will still be the concern of investors. However, in the stock market to combat financial fraud, it did not hit the "seven inch". Zhejiang's nine good group's "flicker" restructuring is undoubtedly the focus of recent market attention. Regulatory authorities found that nine good group from 2013 to 2015 suspected of fictitious business, changing the nature of the business and other ways of increasing. Service charge The total income is 265 million yuan.

In addition, the nine good group also increased the trade income in 2015 by more than 57 yuan, and the fictitious bank deposit was 300 million yuan. Through packaging, the nine good group wants to reorganize the toxic assets of 3 billion 700 million yuan into listed companies to achieve the purpose of backdoor listing. Due to the huge amount of money involved in the case and the extremely bad means, the circumstances of the violation are particularly serious. However, the total penalty of 4 million 390 thousand yuan, and also claimed to be "top level" punishment, but not without "scratch".

If the nine good group borrows its shell successfully, even if it finds a "flicker" reorganization afterwards, the fine will be only a few million yuan in accordance with the current regulations, but the counterfeit holder may be worth billions of dollars or tens of billions of dollars in stock market value. The low cost of counterfeiting and the temptation of huge interests do not become a "proportion" at all. This is also the "driving force" that drives illegal offenders to take risks. In the nine good group's "flicker" reorganization case, according to the regulations, the regulatory authorities have punished "in place", but it can not form enough deterrent force. Counterfeiting It has not really hit the "seven inches".

It is not only for the nine good groups such as the big group to fight against counterfeiting, but also many similar financial problems. Statistics show that last year, the China Securities Regulatory Commission issued 139 decisions on administrative penalty, of which 13 involved financial fraud of listed companies, such as Xintai Electric is one of the "outstanding representatives". In addition to the heavy penalties imposed on Xintai electric, the penalty for other violations is only 600 thousand yuan.

There are mainly two cases in 13 listed companies involving financial fraud. One is due to improper accounting treatment, resulting in inflated revenues or profits, such as the Asia Pacific Industrial belongs to this type. The other is the "active" financial fraud type, such as Xintai electric, which belongs to this type of irregularities. If the accounting is not handled properly, it is mainly due to the financial falsification caused by the reasons of professional competence, so the listed companies of Xintai electric and so on take the initiative to counterfeit behavior, which obviously shows the problems of "integrity". For such a listed company, the regulatory authorities should no longer be punished by the "top level" penalty for the relevant listed companies to punish 600 thousand yuan, but should be punished on suspicion of serious information disclosure.

China in October 2014 SFC Issued several opinions on reforming, improving and strictly implementing the delisting system of listed companies (hereinafter referred to as the "new rules for delisting"), which stipulates that a compulsory delisting system should be implemented for illegal issuance of fraudulent issuance and major information disclosure. However, among the many listed companies that are fraudulent in financial fraud, other listed companies are "fined" except for Xintai Electric's "misfortune". This not only does not maintain the authority of supervision, nor does it maintain the "three principles" of the market.

According to the provisions of the Supreme People's Court on the trial of civil compensation cases caused by false statements in the securities market, the misrepresentation in the securities market refers to the false records, misleading statements or misleading statements made by the disclosing obligor in violation of the provisions of the securities law in the course of the issuance or spanaction of the securities, or in the disclosure of information. Periodic reports such as semi annual reports and annual reports are important basis for investors to understand a listed company and make investment decisions.

Therefore, the financial fraud of listed companies involves not only the problem of illegal disclosure of information, but also the problem of misrepresentation. For those listed companies that take the initiative to implement financial fraud, they should be forced to withdraw from the market according to the "new rules for delisting", in the light of major information disclosure, and absolutely not the so-called top penalty of 600 thousand yuan. The stock market is shouting 315 every year, but it doesn't hit seven inches every year. This is also the reason why the nine good groups and others dare to "reorganize". It is also the root of the financial fraud of many listed companies. If we can not strictly enforce the law and clean up the financial fraudsters, we must keep shouting for 315 of the stock market.

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