另一方面，也要看到，随着执法力度的加大，打击和防范上市公司财务造假面临一些新的形势和问题。 鉴于此，监管部门须强化条块结合、区域联动模式，积极构建跨部门协作体系，促成各部门、各地区各 司其职、齐抓共管的良好工作格局，多管齐下形成强大合力，织密"线索发现—监管执法—立体化追 责"的全方位监管链条。 ■择远 上市公司财务造假必将受到严惩。8月8日，证监会通报，严肃查处贵州辖区深交所主板上市公司*ST高 鸿（000851）严重财务造假案件。 财务造假严重挑战信息披露制度的严肃性、严重毁坏市场诚信基础、严重破坏市场信心、严重损害投资 者利益，是侵蚀市场根基的"毒瘤"。基于此，监管部门始终将其作为证券监管执法的重点，持续以雷霆 手段予以严厉打击，一批重大典型案件得到及时惩处，市场生态有效净化。 此次公布的案件处理，再次诠释了"打击资本市场财务造假是证券监管执法一以贯之的重点"这一核心理 念，向市场各方清晰展现了监管部门整肃净化市场环境的坚决态度。 在笔者看来，要进一步强化对上市公司财务造假的打击力度。一方面，监管部门要继续坚持市场化、法 治化原则，不断夯实严监管氛围。 一要严监管。强化穿透式监管，多渠道识别并循环筛查有 ...

*ST高鸿造假行为恶劣，时间持续长且造假金额高，2015年至2023年，公司通过参与、组织开展虚假贸 易业务的方式虚增收入和利润，累计虚增营业收入约198亿元，累计虚增利润总额超7620万元。公司 2020年非公开发行股票的相关文件引用了上述2018年至2020年虚假业务收入和利润的数据，构成欺诈发 行，足可见*ST高鸿造假行为影响的"长尾效应"。 夫妻二人"知假造假"，证监会重罚上市公司，对配合造假的第三方江庆同步严惩。不仅对江庆处以高额 罚款，同样也对其采取了10年证券市场禁入措施，"顶格资格罚"与*ST高鸿付景林一致。监管加大针对 配合造假第三方的打击力，更是用"共同违法"的定性提供相应案例的造假惩处路径。 笔者认为最费解的是，如此恶劣的造假行为，截至被立案调查前，掌握大量底稿、数据的审计机构均未 发现*ST高鸿的财务造假问题。在2022年年报之前，公司的年报和内控报告审计意见均为标准无保留意 见。作为知名财经媒体的《每日经济新闻》，在2022年1月21日推出《调查｜高鸿股份IT销售业务几大 对上市公司恶劣造假"开刀"，监管处罚彰显"零容忍"态度外，还呈现行政与刑事叠加重罚的特点。 第一重的行政处罚，严 ...

Core Viewpoint - Financial fraud is a significant issue undermining the foundation of capital markets, leading to strict regulatory actions against companies involved in such practices [1][2][3] Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued administrative penalties against a company (now delisted) for violations related to information disclosure, marking a notable case where accomplices in fraud are also being held accountable [1] - The regulatory environment maintains a "zero tolerance" stance towards financial fraud and false information disclosure, aiming to protect investor rights and market integrity [1][2] Group 2: Accountability Measures - There is a need for dual approaches in preventing financial fraud: targeting the primary offenders and also holding accomplices accountable, including key stakeholders such as actual controllers, major shareholders, and board members [2] - Strengthening the accountability of accomplices in financial fraud is crucial, with a focus on enhancing administrative, civil, and criminal penalties for all parties involved in fraudulent activities [2] Group 3: Market Impact - A stringent crackdown on financial fraud is essential for creating a more regulated and orderly capital market, which is vital for supporting high-quality economic development [3]

Core Viewpoint - The article highlights the systemic and covert threats posed by third-party involvement in financial fraud, emphasizing the need for improved legislation and regulatory mechanisms to establish clear accountability for these entities [1][2]. Group 1: Current Legal Framework and Challenges - The existing Securities Law lacks clarity in defining the responsibilities of external parties involved in aiding fraud, leading to a lack of legal precedents for holding suppliers and customers accountable [2][3]. - Current penalties primarily target listed companies and intermediaries, while the direct participants in fraud, such as upstream and downstream companies, remain largely unpunished, resulting in a diluted accountability for third parties [2][3]. - The absence of clear legal provisions for third-party involvement in systemic fraud creates challenges in establishing criminal liability, as existing laws do not explicitly include non-listed companies in the scope of punishment [3][4]. Group 2: Recommendations for Improvement - Experts suggest the need to enhance the third-party responsibility system by standardizing accountability criteria across relevant laws, ensuring a scientifically sound and reasonable responsibility framework [6][7]. - There is a call for the establishment of a collaborative governance system that integrates administrative, criminal, and civil measures, allowing for more effective enforcement against non-listed companies involved in fraud [9]. - The implementation of comprehensive and penetrating regulatory measures is recommended, utilizing digital tools for real-time monitoring of financial activities to enhance oversight capabilities [10].