提高鉴别能力 远离财务造假 | 风险警示案例解读（五）

Core Viewpoint - The article discusses a typical case of financial fraud in the IPO process, highlighting the risks and consequences of such fraudulent activities in the capital market [2][5]. Group 1: Case Background - W Company, founded by a veteran, successfully went public in 2009 but was later found to have significant irregularities in its financial statements [7]. - The company reported a prepayment balance of 146 million yuan, which raised red flags during a routine inspection by local regulators [7]. Group 2: Fraudulent Activities - W Company engaged in fraudulent practices by falsifying bank receipts to inflate revenue, resulting in a total inflated revenue of approximately 7.4 billion yuan, inflated operating profit of 180 million yuan, and inflated net profit of 1.6 billion yuan from 2008 to 2011 [9]. - The scale of the fraud was so extensive that it accounted for 465% of cumulative revenue, 898% of cumulative operating profit, and 82.64% of cumulative net profit during the specified period [9]. Group 3: Mechanism of Deception - The company created a sophisticated fraud scheme involving the circulation of funds and fictitious sales and purchases to mislead regulators and auditors [12]. - W Company utilized forged contracts and documents, leveraging unrelated brokers and customers to disguise the fraudulent activities [12]. Group 4: Regulatory Response - Following the discovery of the fraud, W Company faced a fine of 8.5 million yuan, and its chairman was sentenced to three and a half years in prison along with a fine of 100,000 yuan [14]. - The case prompted the China Securities Regulatory Commission to implement stricter delisting rules for companies involved in fraudulent activities, enhancing the regulatory framework for the capital market [14].