摘 要
近年来，上市公司财务造假事件频发，严重损害了投资者利益和资本市场秩序。本研究基于2018-2022年A股市场财务造假案例，运用实证分析与案例研究相结合的方法，深入探讨了上市公司财务造假的成因、特征及防范对策。研究发现，公司治理结构缺陷、内部控制失效、外部监管不足是导致财务造假的主要诱因，其中大股东控制权与现金流权分离程度与财务造假概率呈显著正相关。通过构建Logistic回归模型，识别出盈利能力下降、资产负债率过高、审计意见异常等关键预警指标。研究创新性地提出了"三位一体"的防范体系：在公司层面完善治理结构，强化内部监督；在行业层面建立诚信档案，实施联合惩戒；在监管层面优化信息披露制度，加大处罚力度。
关键词：财务造假；公司治理；内部控制
Abstract
In recent years, listed companies have suffered from financial fraud frequently, which seriously damages the interests of investors and the order of the capital market. Based on the cases of financial fraud in a-share market from 2018 to 2022, this study deeply discusses the causes, characteristics and preventive countermeasures of financial fraud in listed companies. It is found that the defects of corporate governance structure, failure of internal control and lack of external supervision are the main causes of financial fraud, among which the degree of separation between the right of major shareholders' control and the right of cash flow is significantly positively correlated with the probability of financial fraud. By constructing Logistic regression model, key early warning indicators such as declining profitability, high asset-liability ratio and abnormal audit opinions are identified. The research innovatively proposed the "trinity" prevention system: improving the governance structure and strengthening the internal supervision at the company level; establishing the credit file at the industry level and implementing the joint punishment; and optimizing the information disclosure system at the regulatory level and increasing the punishment.
Key words：Financial fraud; corporate governance; internal control
目 录
摘要 1
Abstract 1
一、上市公司财务造假现状分析 3
（一）财务造假的主要表现形式 3
（二）财务造假的行业分布特征 3
（三）财务造假的时间演变趋势 4
二、上市公司财务造假成因探析 4
（一）内部治理结构缺陷分析 4
（二）外部监管机制不足研究 4
（三）利益相关者驱动因素探讨 5
三、上市公司财务造假识别方法研究 5
（一）财务报表异常指标分析 5
（二）非财务信息关联性检验 6
（三）大数据技术在识别中的应用 6
四、上市公司财务造假防范对策建议 7
（一）完善公司内部治理机制 7
（二）强化外部监管体系建设 7
（三）优化信息披露制度设计 8
五、结论 8
参考文献 9
致谢 10
