从帮凶到漏网之鱼：如何追责财务造假“第三方”合谋者？

Core Viewpoint - The article highlights the systemic issue of financial fraud in listed companies, particularly focusing on the role of third-party entities in facilitating such fraud, which has become increasingly complex and hidden from regulatory scrutiny [1][11]. Summary by Sections Financial Fraud Cases - The article discusses notable financial fraud cases, such as the Zijing Storage case, which affected 17,000 investors and involved compensation of 1.086 billion yuan from four intermediary institutions [1]. - Since 2020, nearly 70% of the cases punished by the China Securities Regulatory Commission (CSRC) for revenue fraud involved transaction manipulation [2]. Types of Fraud - Transaction fraud has evolved into a primary method of revenue manipulation, accounting for approximately 70% of total fraud cases [3]. - The article categorizes fraud into two main types: transaction fraud, which involves fabricating non-existent transactions, and accounting manipulation, which distorts existing transactions [2][3]. Role of Third Parties - The involvement of third parties in financial fraud is significant, with an average of over 10 third-party entities participating in each fraudulent case, totaling 686 third parties across 58 cases [4][5]. - Third parties include related parties, real customers, and shell companies, often collaborating to create a façade of legitimate business transactions [6][7]. Legal Accountability - Despite the critical role of third parties in facilitating fraud, they often escape severe legal consequences, with only a small fraction facing penalties [9][10]. - The article emphasizes the need for a comprehensive legal framework to hold third parties accountable, as current penalties are insufficient to deter fraudulent behavior [11]. Market Implications - The prevalence of third-party involvement in fraud reflects deeper issues within market governance, including low legal risks and high incentives for fraudulent activities [8][10]. - The article calls for urgent reforms to enhance investor protection and ensure that all parties involved in financial fraud are held accountable [11].