随着我国市场经济的不断发展，资本市场亦逐渐成熟，许许多多市场主体纷 纷进入资本市场，并获得了源源不断的“新鲜血液”，为其发展提供了充足动力。 其中，股权融资方式因所筹集资本属于永久性资本，不需要偿还，也不存在负担 固定利息费用的压力，所以面临的财务风险较小，广受众多企业青睐，但是出于 维持上市资格、提高发行价格、管理层个人利益最大化、继续融资需求等原因， 各种违规败德行为也接踵而至，其中财务舞弊问题最为高发。证监会近几年披露 的处罚案件数量如下：2015年为94件，2016年107件，2017年为224件，2018 年为310件，纵使监管措施越来越多，越来越严格，但可以看出违规现象并无消 减。财务舞弊并非个别上市公司的专利，只要有动机，条件具备，任何企业都可 实施，而且舞弊手段亦花样百出，越来越隐蔽。在财务舞弊形势日趋严峻的背景 下，基于我国发展现状探讨上市公司财务舞弊问题，识别各种舞弊手段，探讨切 实可行的防范措施，以保护投资者利益，维持资本市场健康运转，具有重要的理 论意义和实践价值。 本文选取H公司作为案例背景,采用案例研究法，以GONE理论作理论依据， 分别从贪婪、机会、需要、暴露四个维度对其进行舞弊分析，采用文献研究法回 顾了大量财务舞弊的相关文献，并进行评述。采用调查法,分析了H公司概况、 舞弊经过、舞弊手段、舞弊后果，采用归纳总结法针对内部环境治理归纳总结出 一些具有普遍意义、有推广性的财务舞弊防范措施，也同时揭示本文写作的目的。 H公司原是有色金属行业里的龙头企业，其经营规模较大，经营时间较长，本来 发展势头良好，但后来发生令人震惊的大股东舞弊事件，涉案金额巨大，H公司 所有资产近乎被掏空，由于资金链断裂，无法维持正常运转，以致连年严重亏损， 广大投资者损失惨重。该公司的舞弊手段也是迄今众多违规企业常见的“技术操 作”，因而对其的研究分析很有参考价值。 本文共分五个部分。第一部分为绪论，主要介绍了研究背景、意义、国内外 研究现状等。研究现状针对财务舞弊动因、手段及治理方面的相关文献进行了回 顾和述评。第二部分为概念界定和理论基础，主要对财务舞弊的多种解释进行归 纳界定，也阐述了财务舞弊的常见手段和危害。最后重点详细介绍了GONE理论 内涵并以此作为本文的写作基础。第三部分介绍了H公司案例，主要有H公司概 II 况，回顾了该公司舞弊事件经过，舞弊后果，详细分析了其实施舞弊的手段，主 要有关联方非经营性侵占资金、高位质押股权、关联担保、关联债务转移、虚假 票据入账。在此基础上，引入第四部分，从贪婪、机会、需要、暴露四个因素分 析了其舞弊成因，具体如下：贪婪方面，漠视诚信，不愿兑现承诺、大股东追求 个人利益最大化质押股权；机会方面，公司股权相对集中、内部控制执行不到位、 内部治理架构形同虚设、信息不对称；需要方面，关联方盲目扩张需要庞大资金、 资金腾挪急需掩饰；暴露方面，会计师事务所未勤勉尽责、监管处罚力度不足。 最后基于上述成因分析引入第五部分研究结论，就导致H公司财务舞弊案中的主 要原因进行归纳总结，指出H公司存在管理层素质水平不高、内部控制不到位、 内部治理架构存在严重缺陷的问题，并在此基础上提出针对性的财务舞弊防范对 策建议，包括提高管理层素质水平、健全内部控制制度、完善公司治理架构，旨 在帮助H公司找到有效遏制财务舞弊的措施，同时也为其他上市公司提供参考。 关键词：财务舞弊；GONE理论；H公司；舞弊防范 III Analysis of H company's financial fraud based on GONE theory ABSTRACT With the continuous development of China's market economy, the capital market is also gradually mature, many market subjects have entered the capital market, and obtained a continuous stream of "fresh blood", providing sufficient power for its development. Among them, because the capital raised by equity financing method belongs to permanent capital, does not need to be repaid, and there is no pressure to bear fixed interest expenses, so the financial risk faced by it is small, and it is widely favored by many enterprises. However, due to the reasons of maintaining the listing qualification, increasing the issuing price, maximizing the personal interests of the management, and continuing the financing demand, various illegal behaviors are also followed Then, financial fraud is the most frequent problem. The number of punishment cases disclosed by the CSRC in recent years is as follows: 94 in 2015, 107 in 2016, 224 in 2017 and 310 in 2018. Although the regulatory measures are more and more strict, it can be seen that the violations have not decreased. Financial fraud is not the patent of individual listed companies. As long as there is motivation and conditions, any enterprise can implement it, and the means of fraud are various and increasingly hidden. Under the background of the increasingly severe financial fraud situation, it is of great theoretical and practical significance to discuss the financial fraud of listed companies based on the current situation of China's development, identify various fraud means, and explore practical preventive measures to protect the interests of investors and maintain the healthy operation of the capital market. In this paper, H company is selected as the background of the case, and the case study method is used to analyze the fraud from four dimensions of greed, opportunity, need and exposure based on the theory of gone. This paper reviews and comments on a large number of financial fraud related literature by literature research method. By using the method of investigation, this paper analyzes H company's general situation, fraud process, fraud means and fraud consequences. In this paper, the author uses the inductive method to sum up some preventive measures of financial fraud, which have universal significance and generalization, and also reveals the purpose of this paper. H company used to be a leading enterprise in nonferrous metals industry. It had a large IV scale of operation, a long time of operation, and a good momentum of development. But then there was a shocking fraud incident of major shareholders, involving a huge amount of money. All assets of H company were nearly hollowed out, resulting in the break of capital chain, unable to maintain normal operation, serious losses for years, and heavy losses for investors. Its fraud means is also the "technical operation" adopted by many illegal enterprises so far, so the research and analysis of it is of great reference value. This paper is divided into f parts. The first part is the introduction, which mainly introduces the research background, significance, research status at home and abroad. This paper reviews and reviews the literature on the causes, means and governance of financial fraud. The second part is the concept definition and theoretical basis, mainly on the financial fraud of a variety of interpretations are summarized, but also on the common means of financial fraud and harm. Finally, it introduces the connotation of gone theory in detail and takes it as the writing basis of this paper. The third part introduces the case of H company, mainly including the general situation of H company, reviews the process of the company's fraud events and the consequences of fraud, and analyzes the means of fraud in detail, mainly including non operational embezzlement of funds, high-level pledge of equity, related guarantee, transfer of related debts, and entry of false bills. On this basis, the fourth part is introduced to analyze the causes of fraud from four factors: greed, opportunity, need and exposure. The details are as follows: greed, ignorance of integrity, unwillingness to fulfill commitments, pursuit of personal interests by major shareholders, pledge of equity; opportunity, relatively centralized stock rights, inadequate implementation of internal control, virtual internal governance structure and incorrect information In terms of needs, blind expansion of related parties requires huge funds, which need to be covered up urgently; in terms of exposure, accounting firms fail to perform their duties diligently and lack of supervision and punishment. Finally, based on the analysis of the above causes and the introduction of the fifth part of the research conclusions, this paper summarizes the main causes of H company's financial fraud cases, points out that H company has the problems of low quality of management, inadequate internal control, and serious defects in the internal governance structure, and on this basis, puts forward targeted financial fraud prevention countermeasures and suggestions, i