证监会发布《上市公司监督管理条例（公开征求意见稿）》 如何破解上市公司“财务造假”顽疾，构建全链条监管机制？

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Supervision and Administration of Listed Companies (Draft for Public Comment)," marking the first specialized administrative regulation for listed company supervision in China, aimed at combating financial fraud and protecting investor rights [1][2]. Group 1: Regulatory Framework - The new regulations consist of eight chapters and seventy-four articles, focusing on improving corporate governance, regulating the behavior of key stakeholders, and imposing strict penalties for violations [1]. - The regulations emphasize a systematic integration of requirements previously scattered across various laws, establishing clear rules and boundaries for listed companies [2]. Group 2: Measures Against Financial Fraud - The regulations explicitly prohibit listed companies from fabricating transactions or misusing accounting policies to create false financial reports, requiring that periodic reports be approved by a majority of the audit committee before submission to the board [3]. - A novel mechanism for recovering profits gained from fraudulent financial reports has been introduced, allowing the board to reclaim excess profits distributed to shareholders and excessive compensation paid to executives [3]. Group 3: Comprehensive Supervision - The regulations establish a comprehensive mechanism for monitoring and accountability, addressing the complexities of financial fraud that may involve collusion with financial institutions and third parties [3]. - Penalties for third parties assisting in the preparation of false financial reports range from 1 million to 10 million yuan [3]. Group 4: Independent Directors and Governance - The regulations mandate that independent directors must constitute at least one-third of the board, including at least one accounting professional, to enhance oversight of conflicts of interest [5]. - There is a call for improved collaboration between regulatory bodies to ensure effective enforcement and accountability across different sectors [5][6].