What are the major fraud cases of listed companies in China since 2009?

First, the top ten management fraud cases of listed companies have their own magical powers.

The phenomenon of accounting fraud in listed companies in China has been repeatedly banned, and it can even be described as "fraud". People in the industry generally believe that the proliferation of accounting fraud in listed companies is caused by institutional defects, such as the split of ownership structure (tradable shares cannot be listed), the defect of corporate governance structure (one share dominates), and the loss of independence of independent accountants. Remember the past and learn the future. The author sorts out the financial fraud cases of listed companies that have great influence in recent years (including only identified cases), and selects the top ten management fraud cases of listed companies [1].

1, vilen management fraud case (accountant-Shenzhen Special Economic Zone accountant)

During the two years from its establishment to its listing, the company made false initial investment, frequently changed shareholders, inflated capital, and made two large-scale adjustments to the company's assets. The appreciation part was unreasonable and the assets were falsely listed in the asset evaluation. 1989- 199 1, the company inflated its profits by inflating sales revenue, concealing management expenses, and speculating the company's stock. 1989- 199 1 has a cumulative profit of 77.425 million yuan and an actual cumulative loss of 65.425 million yuan. In which 1, 199 1 1, Yuanye Company signed contracts with Hainan I Company and Shenzhen L Company to jointly build two buildings and contract profits. According to the contract, Yuanye Company is responsible for providing land and handling development and operation licenses, while our company is specifically responsible for project construction and real estate management, and promises to pay Yuanye Company a contract profit of 85 million yuan. On February 3rd, 65438+KLOC-0/,Yuanye Company recorded all the contract profits of 85 million yuan as the profits realized this year, calculated the sales income of 276 million yuan, and squeezed out the sales cost and sales tax.

From 1989 to199/year, Yuanye Company incurred management expenses of 83 million yuan, of which 1989 was14.4 million yuan, and 1990 was 27.3 million yuan. Yuanye Company either lists management expenses as start-up expenses or allocates them to subordinate companies, and the expenses that cannot be allocated by subordinate companies are accounted as deferred expenses.

After Yuanye Company went public, because the market price was much higher than the face value, 1990, Yuanye Company threw the original shares nominally held by its subsidiaries to the society at the market price, and made a profit of 34 million yuan, which was recorded in the current profit. After the sale of shares, Yuanye Company recorded the transfer of shares from the parent company to the subsidiary company.

After the self-use workshop of Hua Fu Company, a subsidiary of Yuanye Company, was completed, Yuanye Company decided to transfer it to another subordinate property company at the cost, and then sold it in the name of the property company, and transferred it to Hua Fu Company at the selling price, which inflated the profit by more than 20 million yuan.

2. Qiong Minyuan's management fraud case (accountant-Hainan Zhonghua Certified Public Accountants)

1996, the company made up 566 million yuan in profits and 657 million yuan in capital accumulation fund. The inflated profits mainly come from:

(1) The share capital invested by the partner Hong Kong Guanlian Real Estate Company and the cooperative housing fund1950,000 yuan are recognized as income;

(2) Through three times of circular transfer, the fictitious money of 270 million yuan was received to transfer part of the development right of Beijing Minyuan Building and the management right of shopping malls, thus confirming the income of 320 million yuan;

(3) The compensation of 565,438+0,000,000 yuan for the construction of Minyuan Building is recognized as income. The company also invested in the land use right that it does not own and the Minyuan Mansion that it has no right to dispose of, and evaluated the land use right and Minyuan Mansion, and assessed the value-added as capital reserve. Due to the above fiction, the company's fixed assets, projects under construction and intangible assets have all increased substantially.

3. Dongfang Boiler Management Fraud Case (Accountant-Sichuan Certified Public Accountants)

Before listing, Dongfang Boiler inflated its net profit by adjusting its financial statements by 654.38+0.23 billion yuan. After listing, we did a lot of tricks on the issue of "profit cut-off", and adjusted the sales income of 65.438+0.996 billion yuan and the sales profit of 38 million yuan to 654.38+0.997. 1997 transfers the sales income of 226 million yuan and the sales profit of 47 million yuan to 1998 in the same way, thus creating the illusion of stable profits and balanced growth of net assets profit rate for three consecutive years.

4. Hong Guang industrial management fraud case (accountant-Chengdu Shudu Certified Public Accountants)

(1) fabricating false profits to defraud the listing qualification. Hong Guang Company stated in the application materials for stock issuance and listing that the annual profit of 1996 was RMB 54 million. It was verified that Hong Guang Company falsely reported 1996 profit1570,000 yuan and actually lost1030,000 yuan by means of fictitious product sales, inflated product inventory and illegal accounting treatment.

(2) Underreporting losses and deceiving investors. In the interim report published in August 1997, Hong Guang Company falsely reported the loss of 65 million yuan as net profit16.74 million yuan and fictitious profit of 81740,000 yuan; In the annual report of 1997 published in April of1998, the actual loss was 229.52 million yuan (equivalent to 55.9% of the raised funds), which was disclosed as a loss of1980,000 yuan, and the loss was understated by 31520,000 yuan.

(3) Concealment of major events Hong Guang Company did not disclose the major fact that the rejection rate of its key production equipment, colored glass tanks and kilns, rose and it could not maintain normal production in the application materials for stock issuance and listing.

5. Zheng management fraud case (accountant-Zhengzhou Certified Public Accountants)

Before going public, Zheng Company inflated its profit19.08 million yuan by means of false withdrawal of rebates, underestimating expenses, and recording in installments, and made false listing application materials accordingly. In the three years after listing, the accumulated inflated profit was 1439000 yuan by means of fictitious rebates, expense accounts, unreasonable reduction of costs and expenses, and inter-period accounting expenses. In addition, the company's share capital is untrue, there are major omissions in the listing announcement, and there are false records, misleading statements or major omissions in the annual report information disclosure.

6. Zhangjiajie management fraud case (accountant-Hunan Certified Public Accountants)

ST Zhangjiajie 1996- 1998 Annual Report * * Fictitious income accumulation 1226 1 10,000 yuan, accounting for 49% of the accumulated operating income in three years; The fictitious profit from other businesses was 5.28 million yuan, and the inflated pre-tax profit was 46.62 million yuan, accounting for 62% of the total pre-tax profit for three years.

(1)1995-1996, Zhangjiajie co., ltd. successively signed 364 mu of land transfer contracts with Zhangjiajie Electric Power Bureau, Shenzhen Quanda Trading Co., Ltd. and Shenzhen Dajia Industrial Company, with a total transfer amount of 79.659 million yuan, stipulating that the buyer would hand over the land use right certificate after payment. However, Zhangjiajie Co., Ltd. confirmed the transfer fee of 79.659 million yuan agreed in the contract as income 1996, with inflated income of 79.659 million yuan and inflated pre-tax profit of 216500 yuan.

(2) 1997, Zhangjiajie Co., Ltd. signed a 150 mu land transfer agreement with Zhangjiajie Land Real Estate Development Company, Shenzhen Kailaide Industrial Company and Hunan Zhao Hua Investment Company, with a total transfer amount of 42.95 million yuan. According to the agreement, the transferee needs to pay the full price within half a year before he can get the land use certificate. If the transferee fails to pay the land price as stipulated in the contract, the transferor will recover the land or transfer it separately. However, Zhangjiajie Co., Ltd. confirmed the transfer fee of 42.95 million yuan as the income of 1997, which increased the income by 42.95 million yuan.

(3)1In August, 1998, Zhangjiajie Co., Ltd. purchased the rights and interests of Zhang Suo Highway in Zhangjiajie from Hong Kong Zhensheng Investment Development Co., Ltd. at a price of 210.6 million yuan. According to the contract, the rights and interests include investment principal and compensation for investment interest, and the investment recovery fund of 59 1 000 yuan should be recovered in that year. However, Zhangjiajie Co., Ltd. included all the investment recovery funds of 5,965,438+0,000 yuan in other business profits. After deducting amortization expenses of 630,000 yuan, the difference of 5.28 million yuan inflated profits.

7.ST Dawn Management Fraud Case (accountant-Warren Certified Public Accountants)

In order to whitewash the operating performance, Liming Company inflated assets by 89.96 million yuan, inflated liabilities by19.56 million yuan, inflated owners' equity by 74130,000 yuan, inflated main business income by150,000 yuan, and inflated profits by 86.79 million yuan, of which inflated main business income and total profits accounted for the company respectively. What is more serious is that this enterprise has the above problems. Except for routine violations such as reducing transfer costs, paying off expenses and narrowing the scope of merger, more than 90% of the amount is artificially fabricated by making false accounts.

(1) VAT sales invoice inflated income and profit. That is to say, through the form of falsely issuing VAT invoices with affiliated enterprises or non-affiliated enterprises, virtual purchase and sale business, while evading VAT, falsely increasing income and profits. For example, Liming Wool Textile Factory affiliated to this company inflated its main business income by1/kloc-0.07 million yuan, inflated its cost by 78/kloc-0.20 million yuan, inflated its profit by 29.02 million yuan, inflated its inventory by 296 100 million yuan, and used the VAT deduction system skillfully.

(2) Falsely issuing product sales invoices, inflating income and profits. That is to say, in order to achieve the purpose of inflating income and profits, virtual sales businesses and sales objects do not hesitate to pay the real tax, and falsely issue sales invoices to inflate income. In June 1999 and February 12, the company's marketing center fictionalized Shenyang Hongzun Company and Yichang Shengtai Clothing Company as two sales targets, falsely issued general VAT invoices that could not be deducted from the input, and inflated the main business income by 22.69 million yuan, the main business cost by11240,000 yuan, and the management expenses by 654.44 million yuan. Inflated profit 10.39 million yuan, corresponding inflated accounts receivable174,800 yuan, provision for bad debts10.05 million yuan, accrued expenses10.74 million yuan, payable taxes of 2.24 million yuan and inflated internal transactions of 2.06 million yuan. On the surface, it pays taxes according to law, but in essence it has its own wishful thinking.

(three) the use of preferential policies for export commodities to increase income. That is, using the condition that export goods enterprises can issue sales invoices on their own, they can carry out virtual export business to achieve the purpose of inflating income and profits. For example, in June, 1999, the import and export company of this company inflated its main business income by 5.82 million yuan, inflated its main business cost by 5 1.9 million yuan, inflated its profit by 630,000 yuan, inflated its accounts receivable by 5.82 million yuan and inflated its inventory by 5 1.9 million yuan.

(4) artificially expanding the accounting scope of enterprise sales business and inflating income. In other words, in order to artificially increase income, the business that does not belong to the "sales" subject is artificially adjusted to the "sales" subject. For example, Liming Import & Export Company conducts sales accounting for the outsourced garment processing business that should have been accounted for in the "entrusted materials" subject without authorization, and inflated sales income by inflating invoices to the trustee by 8.88 million yuan.

8. Dadonghai Management Fraud Case (accountant-Hainan Certified Public Accountants)

In order to qualify for listing, Dadonghai Co., Ltd. inflated its listing income and investment income by 240 million yuan from 1993 to 1997. The main methods are as follows: first, falsely list the consumption funds receivable from Hainan International Investment Co., Ltd., Hainan Dadonghai Tourism Center Group Co., Ltd. (hereinafter referred to as Dadonghai Group Company) and their subordinate enterprises, such as South China Hotels, amusement companies and coastal resorts, with an operating income of 213.07 million yuan; Second, Hainan Hong Kong and Macao International Tourism Co., Ltd., a subsidiary of Haiguotou Industrial Development Co., Ltd., inflated its profit by 410.4 million yuan and merged it into the company; Third, in the name of the decoration income of Binhai Hotel, other business income was falsely listed, and the profit was inflated by 6,543,800 yuan. Fourth, Dadonghai Co., Ltd. borrowed 93.25 million yuan from Hainan Hong Kong and Macao International Trust and Investment Company through Dadonghai Group Co., Ltd., but only recorded 85 million yuan as "short-term loan" and 8.25 million yuan as "investment income", which inflated the investment income. The fifth is to convert the dividend receivable of 3.75 million yuan from the purchase of Hong Kong and Macao Trust shares into investment income. Accrued business tax and surcharges of RMB 654,380,654,380,700 were deducted from the above items, and * * * inflated profits of RMB 228 million.

9. Yin management fraud case

By means of forging purchase and sale contracts, forging export customs declarations, falsely issuing special invoices for value-added tax, forging tax-free vouchers and forging financial bills, Yin made up 745 million yuan of main business income and huge profits, of which 65.438+0999 was 65.438+78 million yuan, and in 2000 it was 567 million yuan.

10, Maikete management fraud case (accountant-Shenzhen Huapeng Certified Public Accountants)

Maikete Company fabricated fixed assets of HK$ 90.74 million by forging financing lease contracts for imported equipment; By forging contracts for the purchase and sale of goods and products, falsely issuing import and export invoices, forging customs seals and other means, the fictitious income was HK$ 3,065,438 +0,10.8 million, the fictitious cost was HK$ 207.98 million, and the fictitious profit was HK$ 93.2 million, of which HK$ 65,438 +0.64 million and HK$ 65,438 +0.998 million were fictitious profits. In order to reach the scale of listing, more than 90 million Hong Kong dollars of fictitious profits were converted into paid-in capital, and accounting vouchers, accounting statements, hidden secrets or accounting vouchers that should be kept according to law were deliberately destroyed.

Second, the analysis of the top ten management fraud cases of listed companies

Fraud can be divided into so-called management fraud and non-management fraud because of the different identities of practitioners. Non-management fraud is also called employee fraud. The word "management" in management fraud refers to all middle and upper management classes. The so-called management fraud is simply all kinds of fraud engaged in by management. Employee fraud can be effectively prevented and stopped by the internal control system, unless it is colluded or instructed by the management; The swindlers who manage fraud are usually carefully designed in advance and try their best to hide it afterwards. The higher the management level of cheaters, the more difficult it is for certified public accountants to effectively check them.

1, motivation of management fraud of listed companies

(1) financing (circle money): money and enterprises are like blood and human body. Money-making companies need more money to expand their equipment; Loss-making companies need more funds to operate and turn losses into profits. Lack of funds may lead to poor turnover and bankruptcy. In order to borrow money or increase capital, enterprises may falsify financial statements to persuade fund providers to make decisions.

(2) Initial issuance stage. The CSRC requires the company to make profits for three consecutive years. In order to go public, the company will carry out financial packaging. This is related to the distribution system.

(3) the rights issue stage. The stock exchange will require the return on equity of listed companies to reach 6% before issuing shares. In order to realize the rights issue, listed companies will also carry out financial packaging.

(4) issuing new shares. At present, there are six listed companies issuing new shares, the total amount of which exceeds 1 100 million, and the pricing is negotiated between the underwriters and the companies. This will also lead to the financial packaging behavior of listed companies. Dongfang Boiler, Industry, Maikete, Zheng and Dadong Haidu were listed in "packaging", and the profits in the first three years of fiction reached the IPO purpose.

(5) Speculation in the secondary market (price manipulation): When companies go public, they often use false financial statements to achieve their goals in order to maintain the stock price or make the stock price fluctuate as expected. The expected fluctuation of the stock price may also be a deliberate temporary decline of the stock price, so that the manipulator can buy the stock cheaply, gain greater control or wait for the price to sell. The main purpose of the fraud cases of Qiong Minyuan and Yin Guangxia is to cooperate with the bookmakers to manipulate the secondary and municipal prices.

(6) Other considerations: Another purpose of whitewashing statements of listed companies in China is to avoid being labeled ("ST" and "PT") and delisting; If you have a hat, "ST" doesn't want to be "PT" and "PT" doesn't want to be delisted at last. These companies with hats generally show a strong desire to turn losses into profits in order to achieve the purpose of taking off their hats. In addition, in order to achieve the budget goal, the management of the company shows that it is a successful manager; Or for greedy performance bonuses or dividends, financial statements may be misrepresented. The former may be for self-expression or related to job security; The latter is for material rewards. Some people call this kind of fraud "performance fraud".

The motives of ST Liming and Zhangjiajie's fraud are not very clear at present, but they are nothing more than the above three motives. The primary purpose of their fraud is not to lose money, so as not to wear hats and prepare for future money.

2. Signs of management fraud in listed companies

Sound internal control helps to prevent and curb employee fraud. If the management intentionally cheats and misrepresents the financial statements, the internal control will be overstepped and lose its function. Therefore, the internal control system has little effect on preventing and stopping management fraud. Auditors must be alert to signs that may lead to management fraud in future audits. Some people call these signals red or warning signals.

L Coopers &; Lybrand listed 29 warning signals to remind auditors and company supervisors, and listed some important warning signals as follows [2]: 1. Cash shortage, negative cash flow, working capital and/or credit shortage affect operating turnover.

2. Financing ability (including borrowing and capital increase) is reduced, and the source of funds for business expansion can only rely on surplus.

3. In order to maintain the existing debt, it is necessary to obtain additional collateral.

The sharp reduction of orders indicates the decline of future sales revenue.

5. Cost growth exceeds income or encounters low-price import competition.

6. It is difficult for customers facing severe economic pressure to recover their debts.

7. A large demand for new funds from developing or competitive industries.

8. Rely on a single or a few products, customers or transactions.

9. Sunset industries or industries on the verge of bankruptcy.

10. Overcapacity due to economic or other circumstances.

1 1. The existing loan contract lacks flexibility in terms of liquidity ratio, additional loans and repayment time.

12. The management is strict with the supervisor's tendency to reach the budget.

13. It is urgent to maintain a good income record to maintain the stock price.

14. The management does not provide additional information needed by auditors to clarify and understand the financial statements.

15. The supervisor has a criminal record.

16. The large increase in inventory exceeds the needs of sales, especially in high-tech industries.

17. Earnings quality is deteriorating gradually, for example, depreciation is changed from the sum of years method to the straight-line method without proper reasons.