从美国公司丑闻谈公司治理和市场监督

【作者】 李利俊；

【导师】 范黎波；

【作者基本信息】 对外经济贸易大学 ， 工商管理， 2003， 硕士

【摘要】 以安然ENRON公司为代表的不断发生的美国公司丑闻，暴露出来美国经济中的诸多问题，比如财务报告造假、上市公司欺诈、市场中介利益冲突、当局监管不力、投资者盲目投机等，这些可以归结为公司治理和市场监督问题。本文的研究对象是董事会、管理层和股东的内部公司治理安排，以及市场中介、政府和监管当局等公司治理外部市场环境。本文以定性分析为主，通过对ENRON丑闻的分析；通过对董事会、管理层和机构投资者在公司治理中的现状和存在问题的分析；通过对财务报告供应链和热点会计问题的分析；通过对政府、监管当局、审计师、分析师、投资银行等各个市场参与者激励和约束的处境分析、以及他们存在问题及改进方法的分析，揭示出公司治理这一系统工程涉及的诸多制衡方面，揭示出公司治理改革需要公司董事会、管理层、股东、政府、监管当局和各个市场中介的共同努力和利益协调，揭示出完善公司治理和市场监督需要在观念、方法、程序、法令和规则上进行制度化改变和创新。最后，本文就美国公司丑闻及公司治理对我国的启发、我国上市公司治理结构存在的问题及解决途径进行了简单阐述更多还原

【Abstract】 The ongoing corporate scandals in USA, represented by Enron’s scandal, have disclosed many problems, such as financial reporting falsity、corporate fraud、conflict of interest in many market watchdogs、insufficiency of market supervision and stock speculation of investors etc. All of those issues can be boiled down to corporate governance and market supervision. This paper workes over two major objects, internal corporate governance arrangements and external corporate governance market and environment, the first one focused on board of directors、management and stockholders, the latter focused on those market watchdogs, like government、security and exchange commission、auditors、financial analysts and investment bankers. The study is conducted, mainly through qualitative analysis, to investigate Enron’s scandal, to analyse the status quo and problems of board of directors、management and stockholders, to analyse financial reporting supply chain and three hot topics in accounting, to analyse the circumstances and present questions of all those market watchdogs, both in their motivation and constraints, and introduce ways of improvement about their roles playing on market supervision. The conclusions are: firstly,those stakeholders and market watchdogs relevant to corporate governance are interconnectedly checked and balanced; secondly, reform on corporate governance, like systems engineering, requires all those parties’ endeavor and delicate coordination of their interests; thirdly, improvement on corporate governance and market supervision demands systematic changes and innovations on the perspective、methods、processes、rules and laws. In the end, this paper sets forth some suggestions on corporate governance in China, using US’s reference, and briefly summarizes present problems in China and approaches to resolve them更多还原