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2019年12月28日,第十三届全国人大常委会第十五次会议通过了《证券法》的修改。新修《证券法》扩展了证券的范围,明确了证券公开发行注册制的方向,在规范证券公开发行与交易、加大证券违法活动打击力度、保护投资者利益和完善监管手段等方面做出了重要修改。新修《证券法》对资本市场的健康发展将起到积极的推动作用。在体现《证券法》适用范围的第二条规定“资产支持证券和资产管理产品发行、交易的管理办法,由国务院依照本法的原则规定”,这个授权肯定了资产支持证券和资产管理产品的证券性质。我们应在《证券法》的授权下尽快完善财富管理市场法律框架,促进金融市场的发展,提高金融服务社会经济发展的效率。 相似文献
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会计师事务所作为我国资本市场和经济发展的"看门人",发挥着维护社会公平正义、规范市场经济秩序、保障国家经济安全的重要作用.在当前我国资本市场改革发展不断深入、全面实行股票发行注册制的背景下,作为中介机构的会计师事务所的作用日益重要.近年来,企业财务会计信息失真、上市公司财务造假等现象时有发生.严厉打击财务造假,特别是对... 相似文献
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《证券导刊》2013,(25):8-8
随着证监会公布新股发行体制改革征求意见稿已满一个月,市场对于正式方案中加重处罚股市造假行为的呼声日益高涨。尽管在征求意见稿中加强了对新股发行过程中造假行为的监管,但市场普遍认为对造假的惩处力度仍很不足够。尤其是证监会对万福生科欺诈上市事件的处理结果被认为处罚过轻,平安证券因此事只被暂停三个月保荐资格,而保荐人只被罚款30万。轻罚造假无异于隔靴搔痒,违法成本过低只会纵容上市公司造假成风,因此必须加大证券犯罪的法律惩处力度。从绿大地造假事件到此次万福生科欺诈上市,从伪造财务报表到IPO“带病”上市,造假之风已经渗透到中国股市的各个方面。不断发生的造假事件,已经严重侵害了投资者利益, 相似文献
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2016年6月,欣泰电气因欺诈发行和上市后的财务造假退出A股市场再次将人们的目光聚集到对财务造假的愤恨和对会计人员职业道德的担忧上。会计的本质职能本是核算和监督,可为何财务造假在业内早已司空见惯?面包和操守真的不可兼得么?本文从会计人员个体出发,探讨会计自觉对会计行业规范、会计职业操守保持的重大影响。 相似文献
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我国新《证券法》增设了域外管辖条款,适逢中概股瑞幸咖啡因财务造假已遭美国证券交易委员会(SEC)强制退市处理,瑞幸咖啡损害了我国部分投资者权益,但《证券法》并无具体管辖规则对其进行追踪。为摆脱证券域外管辖权行使的失语困境,应当在遵循国际礼让原则的基础上借鉴美国证券法的“效果测试标准”,当境外证券违法行为达到对我国境内产生“具体、重大、直接及可预见”的程度时,引入“合理管辖原则”对其进行理性限缩,构建我国证券域外管辖规则,实现域外管辖权适用,确保监管效能。 相似文献
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This study investigates the relationship between corporate fraud and four typical components of costs associated with corporate bonds. Based on data from a booming corporate bond market in China, we confirm that fraudulent issuers have higher corporate bond costs. Specifically, they are more likely to push upward price revisions, pay higher issue fees and coupon spreads, and encounter larger underpricing after issuance. Moreover, we demonstrate that severe corporate fraud is also significantly related to the costs of corporate bonds. Furthermore, we find that investors pay more attention to fraud in accounting information and disclosure. These results remain robust to a strand of endogeneity and through the robustness tests. In additional research, we find that bonds issued by fraudulent firms tend to receive lower ratings and show inferior performance after issuance. We also demonstrate that the effects of corporate fraud on bond costs erode as time passes, although the mitigation speed is slow. Finally, we find that hiring reputable financial intermediaries can partially mitigate the negative effects of corporate fraud. 相似文献
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现行刑法将金融诈骗罪单独设节作为刑法分则第三章第五节从而与分则第三章第四节破坏金融管理秩序罪形成独立、并列的关系。这种被视为突破刑法立法体例传统的做法引起理论上的争议。肯定金融诈骗罪单独设节的观点从社会危害性、罪刑法定原则、金融诈骗罪罪群以及便利实务适用等四个方面论证了这种做法的合理性,否定说的学者认为金融诈骗罪单独设节具有与立法体例不合、立法思路不一、无单独设节之必要以及与境外刑法立法趋势相悖等缺陷从而不应单独设节。本文从金融诈骗罪主要客体、金融犯罪逻辑体系以及刑事立法传统等方面论证了金融诈骗罪单独设节不具有合理性且一一回应了肯定说所提出的观点。本文认为,金融诈骗罪的主要客体是金融交易秩序,其是金融管理秩序的下位概念,金融诈骗罪应当划入破坏金融管理秩序罪分节之下。 相似文献
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2000-2017年,3434家A股上市公司样本中的47.79%至少有一次违规记录,每年平均有17%的公司违规,而监管机构平均需要2.7年查证并通告违规行为。我们用当年数据构建递延所得税异动指标,可有效预判违规,并发现监管机构未能识别这一指标的警示作用,实际激励了违规公司通过操纵递延所得税提高财务指标以规避稽查。进一步构建决策树模型,对违规事件实现样本外精准判别。本文揭示了A股公司大面积违规而稽查过程冗长迟缓这一重要现象,并分析了违规机制,指出了所得税数据在稽查违规中可以发挥的预警作用,为监管者和投资者提供有效预警上市公司违规行为的新指标和方法。 相似文献
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2000-2017年,3434家A股上市公司样本中的47.79%至少有一次违规记录,每年平均有17%的公司违规,而监管机构平均需要2.7年查证并通告违规行为。我们用当年数据构建递延所得税异动指标,可有效预判违规,并发现监管机构未能识别这一指标的警示作用,实际激励了违规公司通过操纵递延所得税提高财务指标以规避稽查。进一步构建决策树模型,对违规事件实现样本外精准判别。本文揭示了A股公司大面积违规而稽查过程冗长迟缓这一重要现象,并分析了违规机制,指出了所得税数据在稽查违规中可以发挥的预警作用,为监管者和投资者提供有效预警上市公司违规行为的新指标和方法。 相似文献
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Corporate financial fraud harms the interests of investors and affects the healthy development of the capital market. Understanding corporate financial fraud has important academic value and practical significance. Digital finance been rapidly developing over the past few years and scholars are investigating strategies for using digital finance as a tool to curb corporate financial fraud. This paper empirically examines the direct effect, intrinsic mechanism, and heterogeneous effect of digital finance on corporate financial fraud based on panel data of A-share listed corporations in China from 2011 to 2020. Results show that digital finance significantly inhibits corporate financial fraud. The breadth of coverage and depth of usage within digital finance show inhibitory effects on corporate financial fraud. This suggests that a combination of coverage and depth is needed to improve the success of digital finance on corporate financial fraud. The internal mechanisms suggest that digital finance inhibits corporate financial fraud by alleviating financing constraints, reducing corporate leverage, and decreasing agency costs. The heterogeneity analysis shows digital finance has a greater inhibitory effect for large-scale corporates, state-owned corporates, and corporates in areas with low degree of marketization. Our findings can provide reference for financial institutions, investors, analysts, and regulators to improve the quality of decision-making. 相似文献
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JOSEPH F. BRAZEL KEITH L. JONES† MARK F. ZIMBELMAN‡ 《Journal of Accounting Research》2009,47(5):1135-1166
This study examines whether auditors can effectively use nonfinancial measures (NFMs) to assess the reasonableness of financial performance and, thereby, help detect financial statement fraud (hereafter, fraud). If auditors or other interested parties (e.g., directors, lenders, investors, or regulators) can identify NFMs (e.g., facilities growth) that are correlated with financial measures (e.g., revenue growth), inconsistent patterns between the NFMs and financial measures can be used to detect firms with high fraud risk. We find that the difference between financial and nonfinancial performance is significantly greater for firms that committed fraud than for their nonfraud competitors. We also find that this difference is a significant fraud indicator when included in a model containing variables that have previously been linked to the likelihood of fraud. Overall, our results provide empirical evidence suggesting that NFMs can be effectively used to assess fraud risk. 相似文献
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《Critical Perspectives On Accounting》2007,18(4):489-507
This paper develops a conceptual framework that explains how existing opportunities and incentives for committing financial statement fraud in government translate into the rationalization of such fraud. The analytical approach is theoretical. The rationalization of financial statement fraud is analyzed through the lenses of a theory of entrepreneurship rooted in Austrian economics. Entrepreneurship, while generally seen as a positive force for economic productivity, is viewed as a source of deception. The framework illustrates that financial statement fraud has its origins in political, rather than economic incentives, and that it is rationalized by elected rather than non-elected officials. Due to a lower proportion of creditors and investors with vested interests in the framework, it is also concluded that the detection process of financial statement fraud in government tend to exhibit less “alertness” than in private sector contexts. Specific techniques associated with financial statement fraud therefore tend to persist over relatively long periods of time. 相似文献
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目前,对于财务欺诈的研究,集中在成因理论和制度防范上,大多采用规范分析的方法。本文从财务欺诈的成因分析入手,结合我国证券市场己披露案例的研究,我国证券市场的现状,深入分析了财务欺诈的成因。主要有外部环境制度上的缺失因素,也存在企业内部治理结构缺陷的影响。尤其在我国特殊的市场体制下,财务欺诈更是有它自身形成的诱因,阐述了从独立审计的角度,建立应对财务欺诈的防范体系的对策。 相似文献
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Belen Blanco Sandip Dhole Ferdinand A. Gul 《Journal of Business Finance & Accounting》2023,50(7-8):1166-1205
We examine the association between financial statement comparability and the likelihood of accounting fraud. Prior research documents a negative association between the quality of a firm's reporting environment and accounting fraud. We build on this literature and show that poor financial statement comparability is associated with a greater likelihood of accounting fraud. We also find that accounting comparability declines over time as the year of fraud detection approaches and that the association between comparability and fraud becomes more negative over this time. In addition, we find that financial statement comparability improves after fraud detection, consistent with the notion that managers improve their financial reporting quality after fraud. 相似文献