本文選題：欣泰電氣　切入點：IPO造假　出處：《上海外國語大學》2017年碩士論文　論文類型：學位論文

【摘要】：近年來上市公司財務造假現(xiàn)象屢禁不止,違規(guī)行為被揭露后公司往往只是受到簡單處罰即可轉(zhuǎn)危為安,甚至出現(xiàn)IPO造假這種重大違規(guī)行為的公司都能免于退市。究其原因,除了公司自身的問題外還與我國證券市場退市機制不完善、處罰力度不足有很大關系。如果監(jiān)管者繼續(xù)放縱這種違規(guī)行為,不加以重視,它必將阻礙我國證券市場的健康發(fā)展,損害投資者對市場的信心。2014年我國就退市制度出臺了新的政策意見,證監(jiān)會首次將欺詐發(fā)行和重大信息披露違規(guī)的行為列入了強行退市的范疇,并開始加大對證券市場違規(guī)行為的處罰力度。欣泰電氣違規(guī)行為正是在證監(jiān)會大力推行退市制度改革的契機之上被發(fā)現(xiàn)并受到處罰的。作為首例因欺詐發(fā)行而被啟動強行退市程序的欣泰電氣,其代表性不言而喻。因此本文通過分析我國上市公司中極具典型性的IPO造假案,能夠更好地洞察欣泰電氣上市造假原因及危害,同時結(jié)合新退市政策的實施情況,對案例中暴露出來的問題提出防范和治理對策,為以后證券市場中的上市公司、監(jiān)管者和投資者如何防范IPO造假、避免損失提供一些參考意見。本文首先對案例分析中涉及到的相關理論加以闡述,這是全文的理論基礎。然后對欣泰電氣暫停上市的總體情況做了簡要介紹,包括退市現(xiàn)狀、政策環(huán)境和事件經(jīng)過。接下來從公司自身的違規(guī)行為、市場反應及新退市政策的應對機制三個緯度對案例展開詳盡分析。在分析公司違規(guī)行為時運用舞弊三角理論從壓力、機會和借口三個方面去剖析IPO造假原因,通過對違規(guī)行為的分析能夠看出公司的市場信用缺失;在分析違規(guī)行為引起的市場反應時,選取此次事件中具有代表性的四類市場參與方為分析對象,對其各自的反應、原因及受到的影響進行分析,從而突出違規(guī)行為給市場帶來了巨大危害;在分析應對機制時,通過對新退市政策應對措施的介紹,總結(jié)新退市政策實施所具有的重要意義。最后基于以上分析歸納出此事件所反映出來的問題,并給出對應的政策建議。
[Abstract]:In recent years, the phenomenon of financial fraud of listed companies has been repeatedly banned. After the irregularities have been exposed, the companies will often be given a simple punishment to turn the corner. Even companies with major irregularities such as IPO counterfeiting can be exempted from delisting from the market. Investigate the reasons. In addition to the company's own problems, it is also related to the imperfect delisting mechanism and inadequate punishment of the securities market in our country. If the regulator continues to indulge this illegal behavior and do not attach importance to it, it will certainly hinder the healthy development of the securities market in our country. In 2014, China issued a new policy opinion on the delisting system. For the first time, the CSRC included fraudulent issuance and major information disclosure violations in the category of forced delisting. And began to increase the penalties for securities market irregularities. Xintai Electric violations were found and punished on the opportunity of the CSRC to vigorously implement the delisting system reform. As the first case of fraud issued by the. Xintai Electric, which started the forced delisting process, Therefore, by analyzing the typical IPO fraud cases of listed companies in China, this paper can better understand the reasons and harm of Xintai Electric's listing fraud, and combine with the implementation of the new delisting policy. In order to prevent the IPO counterfeiting, how to prevent and manage the problems exposed in the case, and how to prevent the listed companies, regulators and investors in the future securities market, In this paper, the relevant theories involved in the case analysis are first expounded, which is the theoretical basis of the full text. Then, the general situation of Xintai Electric's suspension from listing is briefly introduced, including the current situation of delisting. The policy environment and events are followed by detailed analysis of the case from three aspects: the company's own irregularities, the market reaction and the coping mechanism of the new delisting policy. In the analysis of the company's irregularities, the theory of fraud triangle is used to analyze the case from the pressure. Opportunity and excuse to analyze the reasons for IPO fraud, through the analysis of violations can be seen the lack of market credit; in the analysis of the market reaction caused by violations, Select four representative market participants in this event as the analysis object, analyze their respective reaction, reason and influence, thus highlighting the violation brought great harm to the market; in the analysis of the response mechanism, Through the introduction of the countermeasures of the new delisting policy, the significance of the implementation of the new delisting policy is summarized. Finally, based on the above analysis, the problems reflected by this event are summarized and the corresponding policy suggestions are given.
【學位授予單位】：上海外國語大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F426.6

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