Core Viewpoint - The regulatory authorities are intensifying their crackdown on financial misconduct, particularly focusing on the issue of fund occupation by major shareholders, signaling a shift towards more stringent and proactive governance measures in the capital market [1][2][5]. Group 1: Regulatory Actions - Jiangsu Harbin Intelligent Robot Co., Ltd. received a notice of administrative penalty from Jiangsu Securities Regulatory Bureau, with a proposed fine of 28.79 million yuan due to undisclosed related party non-operating fund occupation and other violations [1][2]. - Since the beginning of 2026, five companies have received penalties related to fund occupation, including two that have already been delisted, indicating a trend of rigorous enforcement by regulatory bodies [1][2]. - The new "National Nine Articles" emphasizes strict rectification of financial fraud and fund occupation, reinforcing the principle that "occupation must be repaid" and "delisting does not exempt from responsibility" [2][5]. Group 2: Impact on Companies - Jiangsu Harbin Intelligent's financial reports from 2017 to 2024 contained significant omissions due to non-disclosure of fund occupation, with an outstanding fund occupation balance of 198 million yuan as of July 28, 2025 [2]. - Jiangsu Sunshine Co., Ltd. also faced penalties for failing to disclose significant matters related to fund occupation, resulting in a total fine of 3.3 million yuan [3]. - The regulatory focus on fund occupation reflects a broader concern regarding corporate governance and the need for accountability among major shareholders [3][4]. Group 3: Governance Improvements - The regulatory authorities have introduced measures to enhance corporate governance, including the requirement for major shareholders and actual controllers to refrain from occupying company assets [4][5]. - A new regulatory framework is being developed to strengthen the legal basis for punishing fund occupation and related misconduct, aiming to create a market environment where major shareholders are deterred from such actions [5][6]. - The establishment of a multi-layered accountability system is underway, combining administrative penalties with civil and criminal liabilities to address fund occupation issues more effectively [6][7]. Group 4: Future Directions - Experts suggest that future efforts should focus on preventive measures, including real-time monitoring systems for fund transactions and strengthening the roles of independent directors and internal audits [7]. - The use of technology, such as big data, is recommended to enhance regulatory oversight and early warning capabilities regarding potential fund occupation [7].

监管的"长牙带刺"已转化为实际行动。其一，占用必偿还。今年以来，监管部门针对资金占用问题出具 了多单行政监管措施与行政处罚决定，并加强了对"关键少数"的精准追责。其二，整改有期限。新"国 九条"颁布后，2024年退市新规作出针对性修订，将大额资金占用未整改纳入规范类退市情形。对已收 到监管部门作出的责令改正要求的公司，如未能在责令改正期间内全额偿还占用资金，将依规启动规范 类退市程序。其三，退市不免责。证监会明确表示，退市不是"免罚牌"、不是违法违规行为的终点。一 些存在资金占用问题的公司，虽然没有触及规范类退市的情形，但因为主业经营不善、财务数据混乱、 内部控制失效等问题，触及了财务类退市或者交易类退市。对于此类情形，监管始终坚持"退市不免 责"的态度，持续督促公司清收占用款。 随着立体追责体系的完善，"大股东"将上市公司视为"钱袋子""提款机"的行为可以休矣。 来源：经济日报 作者: 赵东宇 资金被占用的后果不可小觑。对上市公司而言，这一行为直接侵蚀了公司治理的根基，不仅干扰了正常 生产经营，更严重损害了上市公司应有的独立性。此外，由于资金占用通常绕开了必要的风险评估程序 与关联交易审议程序，上市公司无法 ...

资金侵占现象屡禁不止，根源在于公司治理结构的深层缺陷。一些上市公司的"大股东"缺乏现代企业管 理意识，将个人意志凌驾于公司内部控制制度之上，模糊了上市公司资产与个人财产的界限。而当资金 侵占行为发生时，本应履行监督制衡职责的董事、监事及高级管理人员，却常因不敢坚持独立性而纵容 了资金侵占行为的发生。甚至有些上市公司与控股股东存在"两块牌子、一套人马"的情况，关键岗位任 职人员高度交叉，导致其内部控制体系形同虚设。 资金被占用的后果不可小觑。对上市公司而言，这一行为直接侵蚀了公司治理的根基，不仅干扰了正常 生产经营，更严重损害了上市公司应有的独立性。此外，由于资金占用通常绕开了必要的风险评估程序 与关联交易审议程序，上市公司无法对占款方的还款能力和资金用途进行有效审查，这使其暴露在巨大 的信用风险之下。对中小投资者而言，这一行为直接损害了投资者权益。中小投资者基于上市公司的公 开信息开展投资，而资金占用行为往往伴随信息披露违规行为，侵害了投资者的知情权。 治理资金占用顽疾，必须紧抓"关键少数"，坚持"追首恶"和"惩帮凶"。过去很长时间里，对此类行为的 处罚多以信息披露违规论处，相关责任方往往仅被通报批评或处以小 ...