一个多月内，中国证监会在其官网先后通报越博动力（现"越博退"）、 *ST高鸿两例财务造假案件 处理情况。除上市公司及直接责任人被依法严惩外，引发各方关注的是，配合造假的第三方也被同步追 责。 "第三方主体配合、串通上市公司实施造假，双方乃至多方形成利益链、'生态圈'，是近年来资本 市场财务造假的新特点，不仅扰乱市场秩序，且严重污染市场生态，必须予以严厉打击。"中国证监会 在通报中明确表示。 2024年以来，监管部门已多次明确严厉打击系统性造假和配合造假，并将第三方配合造假纳入惩治 范围，释放出严厉打击第三方造假的明确信号。 据《金融时报》记者不完全统计，今年内，因财务造假而被证监部门处罚或拟处罚的上市公司中， 8家涉及第三方公司配合虚构业务，包括ST诺泰、*ST苏吴、ST朗源、*ST广道、*ST恒久、*ST锦港、 ST智云、ST中青宝等。 第三方配合造假认定存诸多难点 梳理过往文件可以发现，第三方配合上市公司实施财务造假并非近年来才有的"新鲜"手段。据厦门 国家会计学院教授黄世忠统计，2019年至2023年，涉及客户、供应商、隐性关联方、金融机构等三方配 合造假的上市公司共计53家，多达541家第三方配合造假 ...

记者丨崔文静 编辑丨黄剑 视频剪辑丨 柳润瑛 上市公司造假被重锤！证监会开出1.6亿元天价罚单，*ST高鸿及其9名责任人集体领罚。 根据证监会8月8日官网消息及上市公司公告， *ST高鸿长期开展无商业实质的笔记本电脑"空 转""走单"业务，存在严重财务造假与欺诈发行，被给予行政严惩 。其中，上市公司*ST高鸿 被罚1.35亿元，9名涉事董监高被罚75万元至750万元不等。身为"首恶之首"的*ST高鸿董事 长、时任总经理付景林被罚最重，不仅被罚款750万元，而且被市场禁入。 值得注意的是，亿元重罚只是起步！ 一方面， *ST高鸿涉嫌触及重大违法强制退市，深交所将依法启动退市程序 。这意味 着，强制退市或已成为*ST高鸿难以扭转的结局。 另一方面， *ST高鸿及其主要责任人将被移送公安机关，后续很可能面临刑事严惩 。 *ST高鸿近日公告，股票可能被实施重大违法强制退市 另一个颇为值得关注的细节是：此次*ST高鸿造假案被重罚的，不只是上市公司及其"首恶"， 还有配合造假的第三方。 *ST高鸿连续多年造假得以成行，与南京庆亚贸易有限公司（以下简称"南京庆亚"）实控人江 庆组织开展的笔记本电脑虚假贸易业务密切相关。有鉴 ...

今晚，21世纪经济报道获得一则独家消息，对于上市公司造假，证监会动真格了，这回造假帮凶要慌 了。 8月3日晚间，ST帕瓦（维权）公告称，其实控人之一、董事张宝涉嫌职务侵占被公安机关立案侦查。 这是7月以来第8家涉刑上市公司。此前，红相股份（维权）、力源科技（维权）、金通灵（维权）、起 步股份、东方时尚、瑞斯康达、锦州港的违法违规"首恶"相继涉刑。 21世纪经济报道记者独家获悉，除了对上市公司本身的严监管，监管层正从另一个关键环节重拳整治资 本市场造假——严惩配合造假的第三方！ 这里说的"第三方"，并非指券商、会计所等中介机构（它们监管严、合规强），而是专门为上市公司提 供实质性造假服务（如配合虚假交易）的第三方公司。它们往往规模小、未上市、多为壳公司，证监会 依据现有法规对其惩处常感"有心无力"。 有鉴于此，证监会正双管齐下加强对造假第三方的约束力度。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 一方面，争取修法赋权。推动出台《上市公司监督管理条例》，从行政法规方面明确证监会对造假第三 方进行行政处罚的权力。 另一方面，联动移交严惩。将配合造假线索移交相关部门或属地政府依法处置— ...

21世纪经济报道记者崔文静 实习生张长荣 8月3日晚间，ST帕瓦公告称，其实控人之一、董事张宝涉嫌 职务侵占被公安机关立案侦查。 "首恶"落网背后：小壳公司暗助上市公司造假 一个值得关注的信号是，被处以刑事处罚的上市公司数量在《关于进一步做好资本市场财务造假综合惩 防工作的意见》发布一年后明显增加。 这是7月以来第8家涉刑上市公司。此前，红相股份、力源科技、金通灵、起步股份、东方时尚、瑞斯康 达、锦州港的违法违规"首恶"相继涉刑。 21世纪经济报道记者独家获悉，除了对上市公司本身的严监管，监管层正从另一个关键环节重拳整治资 本市场造假——严惩配合造假的第三方！ 这里说的"第三方"，并非指券商、会计所等中介机构（它们监管严、合规强），而是专门为上市公司提 供实质性造假服务（如配合虚假交易）的第三方公司。它们往往规模小、未上市、多为壳公司，证监会 依据现有法规对其惩处常感"有心无力"。 有鉴于此，证监会正双管齐下加强对造假第三方的约束力度。 一方面，争取修法赋权。推动出台《上市公司监督管理条例》，从行政法规方面明确证监会对造假第三 方进行行政处罚的权力。 另一方面，联动移交严惩。将配合造假线索移交相关部门或属地政 ...

Core Viewpoint - The regulatory authorities are intensifying efforts to combat financial fraud in the capital market, particularly targeting third-party companies that facilitate such fraud for listed companies [1][2][3]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) is working on legislative changes to empower itself to impose administrative penalties on third-party companies involved in financial fraud [2][11]. - The CSRC has initiated a mechanism to transfer leads on fraudulent third parties to relevant government departments for legal action, which has already shown initial effectiveness [2][12][13]. - There is a notable increase in the number of listed companies facing criminal charges, with eight companies involved in criminal cases since July, and nearly twenty since early 2025 [1][4]. Group 2: Third-Party Involvement - Third-party companies that assist in financial fraud are often small, unlisted shell companies, making their fraudulent activities harder to detect [5][9]. - The involvement of third parties in financial fraud typically includes complex operations that obscure the true nature of transactions, such as mixing genuine and fake business activities [4][6]. - Specific cases, such as the Saiwei Intelligent case, illustrate how third parties like Shenzhen Haotian and Guangzhou Gaozhuo facilitated significant financial misreporting, including the transfer of over 1.2 billion yuan [7][8][9]. Group 3: Legal Precedents - The first administrative penalty against a third-party company involved in fraud occurred in the Yuebo Power case, where two individuals were fined a total of 2.3 million yuan [3][13]. - The Saiwei Intelligent case also marked a significant legal precedent, where a third-party company was held liable for 3% of the damages in a civil compensation case [3][13].

Core Viewpoint - The article presents six recommendations from Jia Wenqin, the director of Beijing Securities Regulatory Bureau, aimed at improving the capital market, including measures to combat financial fraud, revise the Securities Investment Fund Law, and enhance the governance of illegal internet financial activities [1]. Group 1: Strengthening Regulations Against Financial Fraud - Jia Wenqin emphasizes the need for stricter accountability for third parties involved in financial fraud, suggesting amendments to the Securities Law and the introduction of regulations to clarify the legal responsibilities of these parties [2]. - The proposal includes enhancing the collaborative mechanism for addressing third-party fraud and improving the reporting and processing of fraud-related leads [2]. Group 2: Revising the Securities Investment Fund Law - The recommendation to amend the Securities Investment Fund Law aims to include private equity funds under its scope and adapt regulations to current industry developments [3]. - Suggestions include broadening the investment scope for public funds and establishing a liquidity support mechanism for public funds [3]. Group 3: Improving Special Representative Litigation System - The article discusses the importance of the special representative litigation system in protecting investors' rights and increasing the cost of illegal activities in the capital market [4]. - Recommendations include simplifying the initiation process for special representative litigation and expanding the range of entities that can initiate such lawsuits [5]. Group 4: Facilitating Subrogation Lawsuits by Investor Protection Agencies - Jia Wenqin highlights the challenges faced by investor protection agencies in initiating subrogation lawsuits and suggests developing judicial interpretations to clarify procedures and enhance the effectiveness of this system [6]. Group 5: Developing S Funds and Diversifying Exit Channels - The article introduces the concept of S Funds, which are private equity secondary market funds, and emphasizes their role in providing exit strategies for private equity and venture capital investments [7]. - Recommendations include encouraging participation from state-owned capital and insurance companies in the S Fund market and optimizing tax policies related to fund share transfers [7]. Group 6: Strengthening Governance of Illegal Internet Financial Activities - Jia Wenqin calls for enhanced governance of illegal internet financial activities, proposing the establishment of standards for financial information content on internet platforms and improved regulatory collaboration [8]. - The use of technology, such as big data and artificial intelligence, is recommended to enhance the identification and management of illegal financial activities [8].