关联交易及利润操纵的英文文献就(带中文译文).doc
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关联交易及利润操纵的英文文献就(带中文译文).doc
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浙江工业大学法学院 上市公司关联交易中利润操纵的法律问题研究
THEPROFITANDITSMANIPULATION
MascaEma
Universitatea“PetruMaior”,Tg.Mures,bld.1Decembrie1918,nr.13/10,0265266237,E-mail:
masca_ema@
Inthelightofrecentcorporatescandals,accountingtodayasanobjectivewayofpresentingeconomicrealityissufferingfromarealcrisisofconfidence.CentraltotheAnglo-Saxonsystemofcorporategovernance,ithasbeenpushedintothepublicspotlight,whereitsimpartialityandobjectivityisbeingquestioned.
Keywords:
profit,manipulation,management
ThePositiveAccountingTheoryandprofitmanipulation
EventhoughmostofthescandalshavetakenplaceintheUnitedStates,thecrisisofconfidencehashadanimpactfarbeyondU.S.borders,astheAnglo-SaxonsystemofgovernanceisspreadingthroughoutcontinentalEuropeandparticularlyinFrance.
Inordertocontainthecrisis,theUnitedStatesandFrancearecommittedtoinstitutionalandlegalreform.Moreover,thoseidentifiedashavingperpetratedsuchmanipulation,essentiallyauditorsandfinancialdirectors,havebeenlegallysanctioned.Weshouldnonethelessquestionwhethertheselegalandlegislativemeasureswillbesufficienttorestorelong-termconfidenceinthesystem.BernardCollaseisaskinghimselfifshouldn’tthesocialdimensionoftheissuebetakenintoaccount?
Isn’titnecessaryfirsttounderstandthereasonsbehindprofitmanipulationandhowitfunctionsbeforechanginglegislation?
TenantsofPositiveAccountingTheoryhaverepresentedthemainstreamofaccountingresearchsincetheearly80s.Theyseeprofitmanipulation,whichtheyeuphemisticallycall“earningsmanagement”,fromanexclusivelyeconomicstandpoint.
Howandwhydomanagementcontrollerstakepartinprofitmanipulation?
Thatshareholderpressureleadsmanagementcontrollerstomanipulatetheirfirm’sprofits.Goingbeyondindividualresponsibility,theorganizationimposedonacompanybyitsshareholderswiththeaimofrespectingcriteriaofAnglo-Saxoncorporategovernanceisitselfthecauseofaccountingmanipulationatalllevels.
First,wewilldefinethenotionof“earningsmanagement”,presentarangeofpractices,andassesstheroleofmanagementcontrollersinthisphenomenon.Wewillobservethatmanagementcontrollersimplementdifferentmethodsformanipulatingprofit.
Skillinprofitmanipulationenablesmanagementcontrollerstogainlegitimacyintheeyesofmanagersworkinginaculturalcontextthatistraditionallydifficultforthem.Theysoonbecomeindispensablestrategicalliesplayingtheroleofarbiterbetweenthemarkets’short-sightednessandtheimperativesofoperationalmanagement.
Schipperproposesarepresentativeacademicdefinitionofprofitmanipulationthatshereferstoas“earningsmanagement”,similarlytothevastmajorityofliteratureonthissubject.Shedefinesprofitmanipulationas:
“apurposefulinterventionintheexternalfinancialreportingprocess,withtheintentofobtainingsomeprivategain”.HealyandWalhenidentifytwomainincentivesforprofitmanipulation:
contractswrittenintermsofaccountingnumbers;andcapitalmarketexpectationsandvaluation.
ThefirstperspectiveissupportedbythetenantsofPositiveAccountingTheory.Theysuggestthatcontractsbetweenthefirmanditsstakeholderscreateincentivesforearningsmanagement.Precisely,theyproposethreehypotheses:
thebonusplanhypothesis(directorswhobenefitfrombonusestiedtoprofitsaremorepronetousingaccountingtechniquesthattransferfutureprofitsintothepresent);thedebt/equityhypothesis(themoreacompanyisindebt,themoreitisinitsinteresttofocusonpresentearningsbecausedebtcovenants,commonintheUnitedStates,requirecertainlevelsofprofitability);andthepoliticalcosthypothesis(thelargeracompany,themoreitisinitsinteresttopostponeitsprofitsuntilafutureaccountingperiodtofaceanyriskofburdensomelegislationbeingimplemented).
Thesecondperspectivesuggeststhatthegoalofearningsmanipulationistobeinlinewiththeexpectationsofthefinancialmarkets.DechowandSkinnerunderlinethatacademicshavemainlyfocusedoncontractualincentives,muchmorethanontheinfluenceofcapitalmarketsonearningsmanagementandthat“thisfocushasbeensustainedbytheassumptionthatmarketsareefficient”.
Profitmanipulationcantaketwoforms:
earningsmanagementandfalsification.Earningsmanagementinvolvespostponingtheperiodaffectedbyanoperationbychangingthemeasurementmethods,speedingupasaleordelayingapurchase.
Here,wecanmakeoutinthebackgroundearningsmanagementaslimitedtomanipulatingaccountingfigures,ratherthantoprofitmanipulationthatinvolvesactingonrealbusinesssituations.Falsificationinvolvesdisclosingwrongfuldata.Inthiscase,suchactions
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