I 摘要 随着资本市场愈发活跃和繁荣，截止 2017 年，上市公司数量就达到了三千五 百多家。然而，由于我国资本市场起步晚，制度不完善等原因，近几年上市公司 财务造假案频发。2018 年度，证监会下达行政处罚决定书达 310 份，被市场禁入 人数达到 50 人，在 2017 年度，证监会下达行政处罚决定书才 237 份，被市场禁 入人数也才 44 人，在 2016 年度的处罚数量却相对更少，但财务造假整体呈现逐 年攀升的态势。过去十五年来，证监会累计开出了上千张罚单 ，范围之广，数量 之多，影响之大。肆掠的财务造假不仅严重侵害了广大投资者的合法权益，造成 严重的经济损失，而且严重破坏社会的诚信体系建设，妨碍整个资本市场的平 稳、健康、持续发展，造成了严重的社会不良影响。对此，国家也多次出台文 件，重拳整治上市公司财务造假，还资本市场一个透明，真实，公平的投资环 境。 宁波圣莱达电器股份公司财务造假案在投资圈被称为年度最新奇、最大胆的 财务造假案。为了理清圣莱达财务造假案的来龙去脉，获悉圣莱达财务造假前前 后后的经营状况及财务成果，进而提出一些针对性的防控措施，以达到缓解财务 造假现状和防微杜渐的目的，也为公司有效治理提供良好的环境条件。本文以圣 莱达财务造假案为中心，深入还原、分析整个事件始末，运用舞弊三角形、反舞 弊四层次机制等多种国外财务舞弊理论，同时也运用了杜邦分析，THEMIS 等专 门的财务分析方法，对圣莱达财务造假案进行了比较全面的财务分析，进而得出 自身启示，并且陈述此案对会计从业人员、公司治理的感想，最后提出自己对财 务造假的防控建议措施。 关键词，圣莱达，财务造假，财务分析ABSTRACT II ABSTRACT With the capital market has become more active and prosperous. By 2017, there are more than 3500 listed companies. However, due to the late start of China's capital market and imperfect system, the financial fraud cases of listed companies have occurred frequently in recent years. In 2018, the CSRC issued 310 administrative penalty decisions, and the number of people banned by the market reached 50. In 2017, The quantity associated with it is 237 and 44.The number of penalties in 2016 is relatively small, but the overall financial fraud is increasing year by year..In the past 15 years, the CSRC has issued thousands of fines in total, with a wide range, a large number and a great impact. The rampant financial fraud not only seriously infringes on the legitimate rights and interests of the majority of investors, causing serious economic losses, but also seriously undermines the construction of the social integrity system, hinders the stable, healthy and sustainable development of the entire capital market, causing serious social adverse effects. Our country has issued documents for many times, cracking down on listed companies' financial fraud, and creating a transparent, real and fair investment environment in the capital market. Financial fraud case of Sunlight, in the investment circle known as the year's most newfangled and daring financial fraud case. In order to clarify the Sunlight financial fraud case, finding out Sunlight operating and financial results of whole financial fraud, then know ins and outs of the fraud, then putting forward some corresponding prevention and control measures, in order to achieve alleviate the purpose of the present situation of financial fraud and veterinarian, also effective governance provides a good environment for the company. This paper takes the financial fraud case of Sunlight as the central fulcrum to deeply restore and analyze the entire event, and uses a variety of foreign financial fraud theories and special financial analysis methods, such as four levels mechanism against fraud, DuPont analysis and THEMIS, a comprehensive financial analysis was adopted in the case, then obtain oneself revelation and state the case's feelings on accounting practitioners and corporate governance. Finally, I put forward the financial fraud prevention and control measures. Keywords: sunlight, financial fraud, financial analysis目录 III 目 录 第一章 绪论.................................................................................................................. 1 1.1 选题背景 ............................................................................................................ 1 1.2 研究目标............................................................................................................. 2 1.3 研究意义 ............................................................................................................ 2 1.4 研究方法............................................................................................................. 3 1.5 研究内容............................................................................................................. 4 1.6 技术路线图 ........................................................................................................ 5 1.7 研究创新 ............................................................................................................ 6 第二章 财务造假概述.................................................................................................. 7 2.1 财务造假相关概念、特征及危害 .................................................................... 7 2.1.1 财务造假相关概念 ................................................................................... 7 2.1.3 财务造假危害 .......................................................................................... 8 2.2 财务造假动因理论 ............................................................................................ 9 2.2.1 三角形理论 .............................................................................................. 9 2.2.2 GONE 理论 ............................................................................................... 9 2.2.3 舞弊风险因子理论 ................................................................................ 10 2.3 国内外财务造假研究现状............................................................................... 10 2.3.1 国外财务造假研究现状 ........................................................................ 10 2.3.2 国内财务造假研究现状 ..........................................................................11 2.4 本章小节............................................................................................................11 第三章 圣莱达财务造假案例描述............................................................................ 12 3.1 圣莱达公司简介 .............................................................................................. 12 3.2 圣莱达财务造假事件回顾 ............................................................................... 13 3.3 圣莱达财务造假涉事主体 .............................................................................. 16 3.3.1 圣莱达公司 ............................................................................................ 16 3.3.2 圣莱达关联方-星美系相关公司 ........................................................... 17 3.3.3 委托审计机构-众华会计师事务所 ....................................................... 18 3.3.4 当地政府—宁波市江北区慈城镇政府 ................................................ 19 3.4 本章小结 .......................................................................................................... 20 第四章 圣莱达财务造假案例分析............................................................................ 21目录 IV 4.1 财务报表分析 .................................................................................................. 21 4.1.1 资产负债表分析 .................................................................................... 21 4.1.2 利润表分析 ............................................................................................ 24 4.1.3 现金流量表分析 .................................................................................... 26 4.2 财务指标分析 .................................................................................................. 27 4.2.1 偿债能力分析 ........................................................................................ 28 4.2.2 盈利能力分析 ........................................................................................ 31 4.2.3 营运