The Failure of Kangmei, the Lesson of A-Shares

Jianwei Ma, Na Wang, Qiang Li
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引用次数: 1

Abstract

The financial fraud of Kangmei Pharmaceutical was exposed, and the scale of financial fraud reached the largest in the history of A-shares, which is shocking. On November 17, 2021, the Intermediate People’s Court of Foshan City, Guangdong Province publicly pronounced its judgment on the case of 12 people including Kangmei Pharmaceutical’s former chairman and manager of the China Securities Regulatory Commission, Ma Xingtian, for manipulating the securities market. There has been extensive discussion in the industry. This article will firstly sort out the whole story of the financial fraud incident in Kangmei Pharmaceutical, and analyze the means of financial fraud in Kangmei Pharmaceutical; secondly, it will focus on the audit failure and the failure of independent directors in the financial fraud case and the reasons; Finally, some suggestions are put forward from three aspects: Strengthen the internalgovernance, improve the external governance and the independent director system.
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康美的失败:a股的教训
康美药业财务造假事件被曝光,财务造假规模达到a股史上之最,令人震惊。2021年11月17日,广东省佛山市中级人民法院对康美药业原中国证监会主席、经理马兴田等12人涉嫌操纵证券市场案公开宣判。业界对此进行了广泛的讨论。本文首先梳理康美制药财务造假事件的来龙脉,分析康美制药财务造假的手段;其次,重点分析财务舞弊案件中审计失败和独立董事失败的原因;最后,从加强内部治理、完善外部治理和建立独立董事制度三个方面提出建议。
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