自2001年银广夏的财务造假到2012年的万福生科（湖南）农业开发股份有限公司（以下称“万福生科”）欺诈上市，中国的股市在过去11年的时间里仿佛做了过山车一般起起落落，既有突破6000点的辉煌，也有跌破2000点的尴尬。期间，上市公司财务舞弊与反舞弊的角逐不仅一刻也没有消停过，而且舞弊手段不断翻新、舞弊金额屡创新高。2010年、2011年、2012年我国分别有347支、282支、153支新股票上市，但新股上市后首份财务报告即宣布业绩下滑的股票分别为81支、75支、58支，业绩“变脸”率分别为23.34%、26.60%和37.90%，业绩变脸的比例呈逐年上升趋势。万福生科欺诈上市和财务舞弊事件成为2012年中国资本市场上最为引人注目的事件之一。根据证监会调查结果，万福生科自2008年至2012年上半年累计虚增收入9.2亿元，虚增净利润2亿元左右。从2012年9月万福生科三套账本浮出水面、收到“立案稽查通知书”至2013年8月21日万福生科董事长龚永福因涉嫌欺诈发行股票罪、违规披露重要信息罪、伪造金融票证罪被公安机关刑事拘留，万福生科财务造假事件持续发酵，已经创下了中国资本市场上多项“第一”。这些“第一”包括第一例创业板公司涉嫌欺诈发行股票、第一次证监会对保荐机构单独立案并暂停其受理保荐业务资格、第一次由发行人和保荐机构协商赔偿投资者损失，等等。本文以万福生科财务欺诈为案例，通过分析万福生科财务欺诈的动机、手法、识别，揭示了当前IPO财务造假的主要特征，并提出了相应的防范措施。

From the well-known financial scandal initiated by Yinguangxia (ST Guangxia 000557) in 2001 to a much bigger financial scandal conducted by Wanfu Biotechnology(Hunan) Agricultural Development Co., Ltd(code: 300268 SZ) in 2012, the stock market in China mainland was experiencing so many ups and downs just like riding on a roll coaster. Stock index was once bullish by hitting 6000 points and then slumped below 2000 points during past more than 10 years. During past one decade, the battles of anti-fraud are getting fierce. Fraud techniques are renovated and fraud records in amount are continuously broken.During past three years, there were 347, 282 and 153 new stocks were issued, respectively, Of which, financial performance of 81, 75 and 58 stocks were reported deteriorated when compared to IPO financial statements. The deterioration rates were escalating, accounting for 23.34%, 26.60% and 37.90%, respectively.Financial fraud conducted by Wanfu Biotechnology was one of the most far-reaching issues in china capital market in 2012. According to CSRC, its revenue and net income were artificially inflated by 920 million and 200 million respectively from 2008 to 2012.Up to 21st Aug 2012 when Gong Yongfu, chairman of Wanfu Biotechnology, was arrested, this financial fraud had created several records. It was the first case of financial fraud in China Growth Enterprise Market in Shenzhen Exchange. It’s the first time for CSRC to put the sponsor firm on record and suspended its sponsor business. It was the first time that the issuer and the sponsor firm cooperate in compensating the investors in advance for losses resulted from the fraud, etc.The author of this article conducted thorough analysis on the fraud case of Wanfu Biotechnology, including the inner drive, finesse, discerning the case. The analysis revealed the main features of IPO financial fraud existing in china capital market, at the same time put forward anti-fraud measures accordingly.