Research on the Optimization of Listed Companies' Legal Responsibility in Financial Statement Fraud

DOI

10.2991/icsshe-17.2017.44How to use a DOI?

Keywords

listed companies, financial statement fraud, civil tort liability, administrative punishment

Abstract

The Securities Law of the People's Republic of China sets the relevant tort liability and administrative liability for the financial statement fraud in listed companies, the purpose of which is to ensure the investors' legal rights and interests and punish the illegal information disclosure of listed companies. However, the implementation of the current financial statement fraud accountability system still has certain problems, which results in the undesired effect that civil liability and administrative punishment system has on the financial performance of listed companies to regulate the effectiveness of fraud. Compared to the foreign legislative experience on the listed companies' responsibility in the financial statement fraud, it is suggested that the public interest litigation system should be introduced into the litigation of civil liability for securities infringement, and the scope of the responsibility and the amount of penalty should be adjusted so as to achieve the purpose of reconstructing the financial statement fraud responsibility system of listed companies and consolidating the order of securities market.

Copyright

© 2017, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Download article (PDF)

TY  - CONF
AU  - Hangmin Li
PY  - 2017/09
DA  - 2017/09
TI  - Research on the Optimization of Listed Companies' Legal Responsibility in Financial Statement Fraud
BT  - Proceedings of the 2017 3rd International Conference on Social Science and Higher Education
PB  - Atlantis Press
SP  - 173
EP  - 178
SN  - 2352-5398
UR  - https://doi.org/10.2991/icsshe-17.2017.44
DO  - 10.2991/icsshe-17.2017.44
ID  - Li2017/09
ER  -