一财社论：降低维权门槛，“围剿”财务造假

Core Viewpoint - The establishment of a comprehensive punishment and prevention system for financial fraud is fundamental to purifying the ecological environment of the capital market [2]. Group 1: Regulatory Actions and Achievements - Since the beginning of 2024, the China Securities Regulatory Commission (CSRC) has handled 159 financial fraud cases, with 111 administrative penalties amounting to 8.1 billion yuan, and has referred 112 cases to public security for suspected financial fraud [3]. - The introduction of the special representative system for collective lawsuits has enhanced the interconnection of administrative, criminal, and civil actions, significantly contributing to a healthier investment environment in the capital market [4]. Group 2: Challenges in Enforcement - Sole reliance on judicial and regulatory enforcement is insufficient, as the complexity of financial fraud and the information asymmetry make it difficult for regulators to detect all fraudulent activities [5]. - The current special representative lawsuit system has a high entry threshold, resulting in very few cases being initiated despite numerous financial fraud incidents reported [5][6]. Group 3: Recommendations for Improvement - To effectively combat financial fraud, it is essential to enhance self-regulation within the market while maintaining strong public enforcement, creating an environment where everyone supervises everyone else [5]. - Lowering the barriers for the implementation of the special representative system and improving the clarity of procedures and compensation distribution will significantly increase the costs for violators [6]. - Establishing a priority for civil compensation before administrative penalties could incentivize the special representative lawsuit system, ensuring that investors can effectively recover damages [7].