信息失真的经济学分析及对企业上市退市影响

Economic analysis on enterprise financial fraud and the effect on listing and dislisting

2014年,因疑似财务作假或其他原因而被美国证券交易委员会勒令停牌的美国企业共100家,而2013年全年度共有97家企业遭遇停牌1。过去10年里,美国更不乏有企业因造假案破产,甚至连相关中介机构也相继破产。比较之下,中国证券监督管理委员会几乎没有任何关于企业造假案的停牌公告。极少数造假案遭曝光后,也没有得到相对应的较大力度的惩戒。归根究底,制度及法律上的漏洞是导致国内造假案频发却无法得到遏制的原因,特别是造假上市及退市方面管理制度的缺失。因此,除了优化企业内部的审查制度外,改进制度及加强执法力度是杜绝造假案频发的根本之道。

At the first quarter of 2014 in United States, 28 enterprises were ordered to be suspended for financial fraud by The Securities and Exchange Commission for American company and 97 enterprises in 2013 year suspended. Some went bankrupt, even related organizations did, too. In comparison, Chinese Securities Regulatory Commission had hardly on announcements for the suspension. A few enterprises didn＇t get any big punishments after their the frauds exposed. The prone of the system and the law is the main reason of this, especially listing and delisting system. Therefore, except optimizing enterprise internal auditing system, to improve the systems and seriously enforce are the fundamental ways.