A Case Study of Financial Fraud in Listed Companies Based on GONE Theory—Take Kaile Technology as an Example

As the "power source" of China's economic growth, listed companies have far-reaching significance to the long-term development of China's overall economy. However, with the rapid development of the securities market in recent years, the number of listed companies committing financial fraud by means of related party transactions, fictitious business and inflated profits is also increasing year by year. The financial fraud of listed companies destroys the market integrity, seriously damages the interests of investors, and becomes a "stubborn disease" that affects the healthy development of the capital market. As the first listed company delisted from A-shares in 2023, Kaile Technology is involved in A high amount of money and concealed fraud methods, which has representative significance for the research on financial fraud of listed companies. Based on the overall goal of improving the quality of listed companies, this paper analyzes the specific cases of financial fraud of Kaile Technology based on GONE theory, analyzes the motivation of financial fraud of Kaile Technology from the perspectives of G, O, N and E, and proposes governance measures to prevent financial fraud of listed companies based on the motivation of fraud, in order to provide references for governance of financial fraud of listed companies.