壹 造假被嚴厲懲罰
近期，A股的一家上市公司因為財務造假而被處罰。連帶責任下公司的實際控制人、董事會秘書、獨立董事以及相關的中介機構包括會計師事務所和律師事務所等都受到牽連，需要支付巨額賠償金。市場歡呼A股市場上造假者終于能夠得到應有懲罰。同時，這一案例也意味著擔任上市公司獨董需承擔法律風險。周四爆出一家上市公司獨董辭職的消息。今后在A股市場這樣的新聞可能會接二連三, 造假在A股也將變得越來越難。
貳 美國如何處理造假？
美股市場上也曾發生過財務造假事件。2001年，安然公司財務造假，CEO和CFO被判刑入獄，為安然公司提供審計服務的安達信會計師事務所破產倒閉。投資者通過集體訴訟獲得了高達71.4億美元的和解賠償金。安然公司的高管、中介機構以及投資銀行都受到重罰。美國花旗集團、摩根大通和美洲銀行被判向安然受害投資者分別賠付20億美金、22億美金和6900萬美金。
叁 《薩班斯法案》
2002年美國出臺了《薩班斯法案》，該法案規定：對編制違法違規財務報告的刑事責任，最高可處500萬美元罰款或者20年監禁。篡改文件的刑事責任，最高可處20年監禁。證券欺詐的刑事責任，最高可處25年監禁。此外，還設立了對上市公司欺詐行為的舉報獎，舉報者可以獲得罰款金額10-30%的獎勵金。
肆 美國退市率高
美國對造假行為的嚴厲處罰使得上市公司意識到：業績不好大不了退市；但是如果造假，那就要有坐穿牢底的思想準備。因此，對造假的嚴厲懲處也在很大程度上推動了美國上市公司的退市步伐。根據世界證券交易所聯合會，從2007年到2018年10月，納斯達克上市公司退市2776家，退市率為7.6%；紐交所上市公司退市1823家，退市率為6.6%。
伍 我國退市率有望提升
相比而言，A股和港股的退市率均較低。同一期間，上證指數、深成指和恒生指數的退市率分別為0.3%、0.1%和1.2%。我國未來推行全面注冊制。注冊制中一個重要環節就是退市制度。隨著懲罰造假等制度安排日趨完善，退市在A股市場也將會成為一個常見的現象。
陸 A股缺乏方向
A股和港股下跌。A股國防軍工、鋼鐵和有色漲幅領先，而前期表現較好的傳媒、休閑服務和家用電器領跌。A股和港股當前都缺乏明確的方向，板塊輪動也很快。美股3季報即將發布完成，80%的公司業績超預期。美股科技股上漲。
I. Financial fraud was punished
Recently an A-share company has attracted market focus. Due to financial fraud its owner, secretary of the board, independent directors along with its audit firm and legal firm were sentenced to pay a big amount of money to its stock investors. On Thursday an independent director of a listed company resigned, which might be due to the legal joint responsibility. We foresee that there might be more independent directors to resign from the listed company as they do not want to shoulder the potential legal risks.
II. Financial fraud in the US
Financial fraud also happened in the US. In 2001 Enron Corporation was found to make financial fraud.Its CEO, CFO along with audit firm and investment banks were sentenced to pay US$740 million to investors. In 2002, the US issued Sarbanes-Oxley Act. Under this Act those who make financial fraud would be sentenced up to 20 years and be fined as much as US$ 5 million. Moreover, those whistleblowers would be awarded 10-30% of those fined money.
III. High delisting ratio in the US
From then on, financial fraud has become rare in the US. Those senior managers and owners of a company are faced with delisting due to lackluster performance. But it would be better than to be in jail due to financial fraud. Actually from 2007 to October 2018 the delisting ratio of Nasdaq Stock Exchange was 7.6%. An aggregated 2776 companies were delisted from Nasdaq. The delisting ratio in New York Stock Exchange (NYSE)was 6.6% and an aggregated 1823 companies delisted from NYSE.
IV. Delisting in A-share would become common in the future
Compared with the US the delisting ratio in both A-share and HK market was low. It was 0.3%, 0.1%and 1.2% for Shanghai Stock Exchange, Shenzhen Stock Exchange and HK Stock Exchange respectively during the same period. China is on the way to a comprehensive registering system in A-share. The punishment for wrongdoings in listed companies would encourage more companies to choose delisting in the future.
V. No direction for A-share at this moment
Both A-share and HK stocks fell.Both markets are at a loss as to which direction to go. The US tech stocks rose. 80% of those SP 500 companies that reported 3Q2021 earnings beat expectation. The tech stocks rallied.
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