Causes and Countermeasures of Financial Fraud in Listed Companies: A Case Study of Meishang Ecological

Shiyu Gao; Simeng Guo

doi:10.47297/wspdecWSP2515-797308.20250912

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Causes and Countermeasures of Financial Fraud in Listed Companies: A Case Study of Meishang Ecological

Volume 9, Issue 12

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Causes and Countermeasures of Financial Fraud in Listed Companies: A Case Study of Meishang Ecological
Causes and Countermeasures of Financial Fraud in Listed Companies: A Case Study of Meishang Ecological
Liaoning University of International Businessand Economics, Shenyang, Liaoning, 110000, China
Vol. 9, Issue 12, Pages: 37-41(2025)
Published：30 December 2025
DOI：10.47297/wspdecWSP2515-797308.20250912
Accepted：

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Gao Shiyu,Guo Simeng.Causes and Countermeasures of Financial Fraud in Listed Companies: A Case Study of Meishang Ecological[J].Development Economics of China,2025,09(12):37-41.
DOI：

Gao Shiyu,Guo Simeng.Causes and Countermeasures of Financial Fraud in Listed Companies: A Case Study of Meishang Ecological[J].Development Economics of China,2025,09(12):37-41. DOI： 10.47297/wspdecWSP2515-797308.20250912.

摘要

Abstract

In recent years

the persistent occurrence of financial fraud in the capital market has eroded investor confidence and undermined the market's foundation.Meishang Ecological

once hailed as a"growth benchmark"on the ChiNext Board

was ultimately delisted due to years of systematic fraud

serving as a highly cautionary case under the registration-based IPO system.This paper

anchored in the Fraud Triangle Theory and complemented by the perspective of Information Asymmetry

integrates literature review and case tracking to reconstruct the company's fraudulent trajectory from 2012 to 2020.It analyzes how the three elements—pressure

opportunity

and rationalization—intertwined to drive the fraud.The study finds that performance-based covenants and financing gaps constituted the pressure;highly concentrated ownership

ineffective internal controls

audit failure

and regulatory gaps provided the opportunity;while a decline in managerial ethics and weak legal awareness served as rationalization.The fraudulent methods

including premature revenue recognition

inflated subsidiary profits

and fabricated interest income

were both concealed and persistent.Accordingly

this paper proposes flexible performance targets and diversified financing channels to alleviate pressure;ownership checks

internal control optimization

audit reinforcement

and enhanced inquiry procedures to shrink opportunity;and compliance training and integrity culture to realign values.The conclusions extend the research boundaries on fraud in emerging market segments and offer actionable insights for regulatory refinement

investor protection

and intermediary accountability.

关键词

Keywords

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