From the perspective of the history of financial fraud at home and abroad, when the temptation of economic interests is large enough and the regulatory system is not perfect enough, there are listed companies that obtain benefits through financial fraud. From the “Blue Ocean bubble” in early Britain to the silver Guangsha incident in China, financial fraud has been continuing and fraudulent practices are constantly changing. At home and abroad, the research on financial fraud mainly focuses on the transformation and update of detection methods, and rarely excavates the business logic and cross checking relationship contained in financial statements, as well as the investment value and risk assessment behind them, which leads to the blank and lack of research in the field of financial fraud and becomes a new innovation.