风险投资中的财务造假研究.pdfVIP

摘 要 财务造假是导致风险投资失败的主要原因，而财务尽职调查作为风险投资过程中必 不可少的程序，能够深入地研究和识别企业的财务风险点，有效防范财务造假。本文将 站在风险投资的角度，首先，通过研究财务造假及尽职调查的一般理论，归纳财务造假 的识别、手段、动机及特征。其次，在理论基础上，结合财务造假案例分析，总结出导 致风险投资失败背后深层次的原因，包括忽视行业特点，中介机构独立性问题，以及调 查未审慎尽职，并就既是“委托人”又是“审计对象”的经营管理层与审计等中介结构 的共谋现象进行了深入剖析。最后，在结合财务造假理论与案例研究的基础上，讨论财 务尽职调查防范财务造假的必要性，提出风险投资过程中财务尽职调查普遍存在的问 题，并基于此针对性地提出财务尽职调查关键事项的主要调查思路，以求能够搭建出优 化的财务尽职调查框架。 通常情况下，财务尽职调查不会考虑行业特性，假设企业提供的审计数据和陈述属 实，不会对财务指标及比率做出分析性复核，也不会对重大会计科目采取适当的实质性 测试。此外，财务尽职调查仅分析企业的盈利状况，忽视了对盈利质量的分析及相应调 整。因此，常规财务尽职调查程序往往过于标准和形式化，难以全面地发现财务造假问 题。有鉴于此，在财务尽职调查中融入行业特性分析、分析性复核和适当的实质性测试、 以及盈利质量分析和调整等关键事项，将能够对企业的财务状况和可持续性盈利能力进 行更深入的研究，相比常规的财务尽职调查，也能够更有效地防范财务造假，提高风险 投资成功率。 关键词：风险投资，防范财务造假，财务尽职调查 Abstract Accounting fraud is the main cause of the failure of venture capital investment, and financial due diligence process as one of the essential procedures to the venture capital investment, is able to thoroughly study and identify enterprises’ financial risks, and effectively prevent financial fraud. The article will analyze the accounting fraud from the perspective of venture capital. First of all, through the study of general theories of the accounting fraud and financial due diligence, it has summarized financial fraud identification, means, motives and characteristics. Secondly, based on the theories, it has combined with the financial fraud case analysis, based on which, summarized the reasons behind the failure of the venture capital, including neglect of industrial characteristics, agency independence and the imprudent due diligence in the investigations, and has conducted in-depth analysis on the collusion between the intermediaries and the management team. Finally, based upon the combination of financial fraud theories and case study, it has discussed the necessity for fin