CY集团子公司财务造假动因及防范对策研究
研究生姓名：林泳仪
导师姓名：王宜峰
学科：金融
研究方向：金融市场与投资
年级：2020级
摘要
现代企业发展和壮大到一定程度，出于发展战略等各方面考虑，会收购小企业以产
生协同效应为企业带来新的盈利空间。企业并购前将会对目标企业进行综合分析考虑，
并请审计机构对小企业的财务数据进行评估，目的是能够以合理的价位获得企业的所有
权。近年来一些企业并购时会签署业绩承诺为企业的盈利能力和成长能力作保障，如果
企业通过财务造假完成业绩承诺，不仅会破坏母公司的品牌形象、损害投资者利益，同
时也会扰乱资本市场秩序。企业注入“有毒资产”不仅不能为企业带来利益，这些负面
的影响还会导致企业形象一落千丈。目前，企业财务造假的手法越发隐蔽且复杂，影响
着监管者的判断，挑战着企业的信息披露制度有效性。
本文通过对 CY集团旗下子公司——CYZ公司财务造假事件的研究。搜索相关财务
造假的企业并结合 CYZ公司财务造假事件理清企业造假的动因。基于三角舞弊理论探
究 CYZ公司财务造假行为，在存在盈利压力的情况下，有着高业绩承诺的 CYZ公司利
用管理层的信息和管理优势来掩饰真实财务状况，瞒过 CY集团管理层在其财务报告上
进行粉饰，以期完成业绩承诺。子公司管理层不变和集团内部监管体系松弛为存在道德
问题的 CYZ公司高管创造机会，致使财务造假行为的发生。基于动因分析可知，企业
之所以财务造假，内控不足是主要问题。本文从五个方面剖析 CYZ公司内部控制体系
以期能在更深层面分析，从企业内部控制环境存在的问题、并购前后风险评估不到位、
并购后对内部控制活动管控不足、企业信息披露与沟通受阻和内部监督体系失效等方面
来看企业存在的内控问题。从动因分析到内部控制分析深入了解母子企业管理存在的问
题。本文提出加强内部控制制度对策建议，为其他的企业提供借鉴建议，对防范我国母
子企业进行财务造假具有重要的现实意义。
基于上述分析基础，对母子企业在内部控制管理上提出建议如下：第一，优化内部
控环境。企业应该不断完善企业治理结构和树立企业文化。第二，改善风险评估机制。
企业应深入了解自身发展状况和关注企业经营风险。第三，关注内部控制活动。企业管
理层应实施有效管理和保证会计系统有序运行。第四，强化信息披露与沟通。第五，完
善企业监督制度。以期能为母子企业在财务造假防范与治理提供借鉴和参考。
关键词：财务造假；内部控制；管理监督；造假动因
I

Research on the motivation and Preventive Countermeasures of
financial fraud in the subsidiary of CY Technology Group
Graduate student: Lin Yongyi
Supervisor: Wang Yifeng
Major: Financial
Research direction: Financial markets and investment
Grate: The class of 2020
Abstract
A modern enterprise develops and grows to a certain extent, considering various aspects
such as development strategy, it will acquire small enterprises to generate synergies and bring
new profit space for the enterprise. Before the merger and acquisition, the target company will
be comprehensively analyzed and considered, and the audit institution will be asked to
evaluate the financial data of the small company, in order to obtain the ownership of the
company at a reasonable price. In recent years, some companies have signed performance
commitments during mergers and acquisitions to guarantee the profitability and growth ability
of the company. If the company fulfills the performance commitment through financial fraud,
it will not only damage the brand image of the parent company, damage the interests of
investors, but also disrupt the capital market. order. The injection of "toxic assets" into
enterprises not only fails to bring benefits to the enterprise, but these negative effects will also
lead to a plummeting corporate image. At present, the methods of corporate financial fraud
are becoming more and more concealed and complex, which affects the judgment of
regulators and challenges the effectiveness of corporate information disclosure systems.
Based on the research on the financial fraud incidents of CY Technology Group's
subsidiaries, this paper searches for related financial fraud enterprises and combines the
financial fraud incidents of A company to clarify the reasons for corporate fraud. Based on the
triangular fraud theory to explore the financial frauds of CYZ company, under the increasing
pressure of market competition, A company with high performance commitments, used the
management's information and management advantages to cover up the real financial
situation and hide the truth from CY Technology Group management whitewashes its
financial reports in order to deliver on performance commitments. The unchanged
management of subsidiaries and the lax internal supervision system of the group have created
opportunities for the executives of CYZ company with moral problems, resulting in the
II

occurrence of financial fraud. Based on the analysis of the motivation, it can be seen that the
main problem of the company's financial fraud is the lack of internal control. This paper
analyzes the internal control system of CYZ company from five aspects in order to analyze at
a deeper level, from the problems existing in the internal control environment of enterprises,
the inappropriate risk assessment before and after mergers and acquisitions, the lack of
management and control of internal control activities after mergers and acquisitions, corporate
information disclosure and communication The internal control problems of enterprises can
be seen from the aspects of obstruction and failure of the internal supervision system. In-depth
understanding of the problems existing in the management of parent-subsidiary enterprises
from motivation analysis to internal control analysis. This paper puts forward
countermeasures and suggestions for strengthening the internal control system, and provides
reference suggestions for other enterprises, which has important practical significance for
preventing financial fraud in my country's parent-subsidiary enterprises.
Based on the above analysis, the following suggestions are put forward on the internal
control management of parent-subsidiary enterprises: First, optimize the internal control
environment. Enterprises should constantly improve their corporate governance structure and
establish corporate culture. Second, improve the risk assessment mechanism. Enterprises
should have an in-depth understanding of their own development and pay attention to their
business risks. Third, focus on internal control activities. Enterprise management should
implement effective management and ensure the orderly operation of the accounting system.
Fourth, strengthen information disclosure and communication. Fifth, improve the enterprise
supervision system. In order to provide reference and reference for parent-subsidiary
enterprises in the prevention and governance of financial fraud.
Key words: Financial fraud；Internal control；Management and supervision；Motivation of
financial fraud
III
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