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

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.