每经记者｜王沐霖 每经编辑｜吴永久 岁末年终，资本市场进入财报编制的关键阶段，一场围绕上市公司及拟IPO公司的"财报美化"地下生意正公然蔓延。 《每日经济新闻》记者（以下简称每经记者）注意到，近期在部分股票投资交流群、金融行业社群中，有不少"报表优化""摆账""亮资"等业务推广信息出 现；并且，在百度、知乎、小红书等平台上搜索"财报美化业务"，亦会出现公然揽客的帖子。 财报如何"美化"？是否涉及违法违规？具体如何操作？美化后的财报能否通过审计？带着这些问题，每经记者以上市公司工作人员的身份暗访了几位服务提 供方。 据了解，"年底报表优化"业务的核心实质是资金中介方提供的短期资金拆借服务，具体操作路径是：由上市/拟上市公司预先制定明确的资金流转"路径 图"，资金中介提供资金并指导资金在多个指定账户间完成无真实贸易背景的循环划转，通过这类账面资金空转操作，实现营收规模、经营性现金流等核心 财务指标的表面优化，此类业务的单笔拆借资金规模可至十亿元级别。 上海明伦律师事务所律师王智斌明确指出，资金中介明知企业用于财务造假仍提供资金，即便不参与账务处理，也构成虚假陈述的协助行为，涉嫌违反《证 券法》及刑法相关规定，可能 ...

自由交流环节成为本次座谈会的重点。专家们聚焦"资本市场趋势下中介责任的边界及服务新蓝海展 望"这一主题，既对当前中介机构的责任范畴进行辨析与梳理，也从实务角度对未来服务拓展的方向展 开前瞻探讨，现场观点交汇，互动热烈。 此次座谈会构建了跨领域、高层次的对话机制，不仅促进了不同机构之间的经验共享与思维碰撞，也为 资本市场的规范与创新提供了重要参考。通过厘清中介责任边界，有助于推动行业标准建设与市场秩序 完善；而对服务新机遇的探索，则为行业转型升级注入新动能，进一步激发市场活力，助力资本市场迈 向更可持续、更高质量的发展阶段。 12月18日，"2025年度资本市场卓越执业英才"盛典专家座谈会在苏州华贸中心全景江苏资本会客厅举 办。来自会计师事务所、证券公司、律师事务所及上市公司协会等领域的权威专家齐聚一堂，围绕行业 责任与发展前景展开深入交流。 本次活动流程紧凑、环节丰富。在主办方致辞拉开序幕后，现场举行了全景江苏资本会客厅揭牌仪式， 标志着这一面向资本市场专业人士的全新交流平台正式启用。随后，全景网为与会专家颁发顾问聘书， 进一步整合专业资源，凝聚行业共识。 ...

Core Viewpoint - The recent ruling in the "Huaxin Bond" false statement case has sparked ongoing discussions in the market regarding the responsibilities of intermediary institutions and the need for a balanced approach to due diligence and penalties in financial fraud cases [1][2]. Group 1: Responsibilities of Intermediary Institutions - The ruling indicates a trend towards limiting the liability of intermediary institutions, with law firms found to have no fault and other institutions bearing only 0.5% to 5% of joint liability [1]. - Experts suggest that intermediary institutions should collaborate effectively and not evade due diligence responsibilities due to low fees [1]. - There is a call for a more reasonable liability distribution system that includes fair liability and caps on responsibilities in bond false statement cases [1]. Group 2: Rating Agencies' Responsibilities - There is a divergence in judicial practice regarding the boundary of rating agencies' duty of care, with some courts holding them to a higher standard than others [2]. - The cancellation of mandatory ratings for bond issuances in 2021 has altered the legal responsibility framework for rating agencies, making ratings optional rather than essential [2]. - Experts emphasize the need for rating agencies to enhance their credibility and differentiation to effectively serve as risk assessors in the market [3]. Group 3: Institutional Investors' Due Diligence - Institutional investors in the bond market should also bear some due diligence responsibilities to avoid over-reliance on ratings [5]. - The unique composition of bond market investors, primarily professional institutions, necessitates a tailored approach to liability and evidence requirements in disputes [5]. - Enhancing due diligence capabilities is crucial for preventing bond fraud, and there is a high expectation for intermediary institutions to provide professional support during this process [5]. Group 4: Compliance and Legal Awareness - There is an increasing expectation for intermediary institutions to enhance their compliance awareness and risk management practices [6]. - The legal effectiveness of disclaimers used by rating agencies may be challenged in judicial practice, suggesting a need for clearer liability limits [6]. - A comprehensive approach to criminal compliance is necessary, as intermediary institutions may face criminal liability even if they did not lead fraudulent activities [6].