Core Viewpoint - The article emphasizes the need for a compensation mechanism for small investors affected by financial fraud and fund misappropriation by major shareholders and executives of listed companies [1][2]. Group 1: Suggestions for Small Investor Compensation Mechanism - Administrative fines for financial fraud and fund misappropriation should be paid by responsible major shareholders and executives, not the listed companies [2]. - Fines imposed on major shareholders and executives for financial fraud should be allocated to a compensation fund for small investors instead of being paid to the national treasury [2]. - Upon verification of financial fraud and fund misappropriation leading to delisting conditions, the shares of the responsible major shareholders should be frozen to compensate small shareholders [2]. - The process for filing cases related to delisting should be simplified, allowing for the extension of civil liability to the personal assets of major shareholders [2]. - Dividends and bonuses previously distributed to major shareholders and executives responsible for financial fraud should be reclaimed for the compensation of small investors [2]. Group 2: Recommendations for Audit Independence - The article suggests banning the practice of accounting firms preparing financial statements for listed companies to ensure the independence of auditors [3]. - It is recommended that the Ministry of Finance and the China Securities Regulatory Commission jointly issue a directive to prohibit accounting firms from preparing financial statements for listed companies [3]. - The article advocates for improving the penalty mechanism for accounting firms to enhance audit quality and promote the healthy development of the accounting profession [3]. - A "light penalty on firms" policy is suggested, focusing on holding individual partners and auditors accountable for significant audit failures rather than imposing severe penalties on the firms themselves [3].

建立中小投资者救济机制 2024年，证监会和交易所启动的新一轮退市制度改革，加大了对上市公司财务造假和大股东资金占用的打 击力度。黄世忠表示，这对遏制上述两种违法行为起到强大的震慑作用，有利于促进资本市场健康发展。 但上市公司退市，必然涉及法律诉讼，而在此类案件中，中小投资者被动遭受多次伤害。 黄世忠以大股东违规占用上市公司资金为例向记者提到，资金占用导致上市公司经济利益受损，中小股东 的权益受到第一次伤害；上市公司因此被监管部门立案，股价通常会大幅下跌，中小投资者受到第二次伤 害；若上市公司最终被处以罚款，中小股东按股权比例承担相应罚款支出，再加上因大股东资金占用触发 退市条件被退市，中小投资者又遭遇了第三、第四次伤害。 为此，黄世忠建言，在审理这方面的案件中，可以探索引入中小投资者权益救济机制。具体来说，主要包 括五个方面： 一是对上市公司财务造假和大股东资金占用进行行政处罚的罚金，不应由上市公司支付，而应由负有直接 责任的大股东和董监高支付； 二是对财务造假和资金占用负有直接责任的大股东和董监高处以的罚款，不应上缴国库，而应作为中小投 资者赔偿基金； 三是上市公司因财务造假和大股东违规占用资金被监管部门 ...