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1、本科毕业论文（设计）外 文 翻 译题 目 浙江中小企业会计信息质量研究 专 业 会 计 学 外文题目 The Corporate Governance and the Distorted Accounting Information 外文出处 Asian Social Science. July2008, Vol. 4, No. 7 外文作者 Qiufei Wang 原文：The Corporate Governance and the Distorted Accounting InformationAbstractDistorted accounting information of the
2、 public company becomes the main element restricting our countrys economic development. Hence, how to improve accounting information quality becomes a hot topic. This study in brief analyzes some factors, which affect accounting information quality from the direction of corporate governance. Moreove
3、r it gives out several different mathematical models and proposes a base train of administering thought, in order to establish a few foundations for research on the distorted accounting information problem.Keywords: Corporate governance, The Distorted accounting information1. IntroductionThe distort
4、ed accounting information is the “Chronic illness” of securities markets. Because it endangers government Marco-control, disturbs tax revenue and does harm to functioning of optimizing capital resource disposal, many governments attempt to resole this problem. Yet even to this day, varieties of even
5、ts about distorted accounting information still disturb the whole world. For example “Enron” in United States, and “Ying guangxia” and “lantian” in China. This study concludes that the reason that research and governance on distorted accounting information cannot acquire breakthrough is that it negl
6、ects the root of this question. Principal-agent relationship lead to distorted accounting information, so method of only depending on accounting standards and accounting institution is not the most effective way to settle problems.Corporate governance is an arrangement of law, culture, usual practic
7、e and systems, which are use for harmonizing and controlling the relationship and action between every participant. So the most fundamental problem, which will be resolved, is the action of the agent problem. For this reason, it is emergence to benefit conflict between “principal” and “agent” and as
8、ymmetric information. All of those evoke distorted accounting information. Reports published by COSO, on the basis of the research, which involve 200 public companies with financial report malpractice from 2003 to 1007, demonstrates that 72% of the cases are related to CEO, 43% are related to CFO; 2
9、5% of corporations did not set up the audit commission. The study research specimen included 50 public companies with financial malpractices from 1994 to 2000,according to punishments of CSRC, and demonstrates that there are 79% case related to distorted accounting information and among those is 79%
10、cases related to directors and managers. (Figure 1)Figue 1. Financial Affairs Malpractices CorporationIn view of the above, we think the reason that induces the distorted accounting information is defects in corporate governance patterns. Because of those defects, some mechanisms cannot supervise an
11、d penalize the action. So accounting information cannot be creditable. This study in brief analyzes some factors, which affect accounting information quality from the direction of corporate governance. Moreover it gives out several different instances that directly cause accounting information disto
12、rt. On this basis, this study designs a mathematical model and proposes a base train of administering thought, in order to establish a few foundations for research on the distorted accounting information problem.2. Ownership structure and distorted accounting informationGenerally speaking, ownership
13、 structure contains two implications: firstly, varied percent possessed by different stockholders; secondly, owner ship structure concentration degree. It is the significant component and the ownership base of corporate governance. Rational ownership structure decides if the basis function by which
14、corporate governance ensures the credible financial report can work well. Stockholders as owners of capital have to make contacts with managers according to the accounting information, and achieve maximum the capital profit. Hence the stockholder is the demander of accounting information. Yet stockh
15、olders, with distinct proportion, have different demands. We consider that large stockholders are indeed the accounting information demanders. In this group, the relation ship between economic benefit and accounting information is more important than others, so they possess more power to govern and
16、control quality of the accounting information. For example, the person who first discovered “Enron” case was the financial analyst in the investment organization. Rational ownership structure produces accounting information demanders and decreases instances of distorted accounting information.Throug
17、h the ownership structure research on the public company with financial report malpractice actions, we discover that there are two distinguishing feature in those companies: first the proportion of circulative stock is to low, and second the first stockholder are nation and “ legal person”, with the
18、 highest proportion being 51%(Figure 2). In Japan banks are the most important stockholders, with centralized ownership structure being only possess 15% ( Figure 3).Government and manager department as stockholders of national stock and owners of property rights are not able to ask for the remainder
19、, so it is nort enough impetus for them to supervise and evaluate the manager. So “insider control” becomes an important problem in China. In order to attain to control, an insider must use the distorted accounting information. So this kind of unrightfully ownership becomes the source of distorted a
20、ccounting information. Figure 2 . Corporate identityFigure 3 . Ownership Structures in Japan3. Improper incentive mechanisms is the direct cause that creates the distorted accounting informationThe problem of incentive mechanism is very significant in corporate governance. Because ownership and mana
21、gerial authority are separate in modern company.The interest of the stockholder and the managerial authority has diverged. For this reason, owners design incentive mechanism to make the action of managerial authority agree with stockholders benefit. In the U.S. the incentive mechanism of the public
22、company was most obvious. By the end of 2001, 90%of the great business of the U.S. sent non-qualified stock options to managers, 60% of the revenue of managers came from stock. Yet incentive mechanism is “two blade swords”. On one hang it makes managers work efficiently, but on the other hand it mot
23、ivates managers to supply the distorted accounting information. Swindles which happened in the U.S. confirm that the action of giving excessive motivation to inspire managers just like “drinking poison to quench thirst”. The benefits of managers should not be combined together with company benefit.
24、This is the cause of the distorted accounting information. To some degree, non-qualified stock options are the main reason of the American accounting swindles law cases. We consider that improper incentive mechanism is the direct cause that creates the distorted accounting information. The American
25、accounting swindle law case originated from over compensation, but the reason for distorted accounting information of the public company in China is just short of essential incentive mechanism. Nowadays, the revenue form in China is comparatively simple (Tab 1). Monthly pay and bonus are the most co
26、mmon form that the companies adopt. There is an intimate relationship between bonus and accounting benefit, so in the case of insider control, use bonus as incentive means usually leads the publish distorted accounting information to control benefit. On the other hand, the traditional viewpoint of C
27、hinese is “The government official is most important”. Some managers goal is to become an official or politician, so for those people accounting becomes a chess piece. It is not strange for a company to appear to “turn hostile suddenly”. Though analysis of those financial malpractice cases, we may d
28、iscover that the improper incentive mechanism impels managers to control the profit, thereby cause the distorted accounting information.Table 1. Corporation administration person year revenue together revenue shapeItemUnder1000010000-2000020000-50000Over50000Monthly pay90.685.276.564.7Yearly pay5.61
29、2.220.426.2Mortgaged6.74.48.84.4Dividend6.79.313.224.2Others2.92.22.16.04. The unqualified supervisory mechanism is the external cause that creates the distorted accounting informationThe supervisory mechanism of public company consists of exterior supervision and interior supervision. Exterior supe
30、rvision means the company restricts the managers action through outside marketplace. These marketplaces chiefly are the product marketplace, the manager marketplace, and the capital marketplace. Interior supervision means that companies restrict the managers action through specific system design. Ex
31、terior supervision will take a long time to be established, and tradition, culture, political of environment will have a great affect on it. Hence it is a long period of time for exterior supervision to resolve the distorted accounting information, and it cannot accomplish it in one move. Under this
32、 situation, resolving the problem as quickly as possible will depend on interior supervision. The way of the U.S. is worth studying. After experiencing a series of accountancy scandal cases, the U.S. Government passed Sarbanes-Oxley Action of 2002 to resolve accounting information quality. The law h
33、ad several aspects, while are as follow:(1) The act also has stiffened penalties for corporate and criminal fraud by company insiders. The law makes it a crime to destroy, alter or falsify records in a federal investigation or if a company declares bankruptcy. The penalty for those found guilty incl
34、udes fines, or up to 20 years imprisonment, or both.(2) No personal loans or extensions of credit to company executives either directly or though a subsidiary, except for certain extension of credit under an open ended credit plan or charge card, home improvement and manufactured home loans, or exte
35、nsions of credit plan by a broker or dealer to its employee to buy, trade or carry securities.(3) Any CEO or CFO who “recklessly” violates his or her certification of the company financial statement. If “willfully” violates, fine of up to $1,000,000 and /or up to 10 years imprisonment. Fine of up to
36、 $5 million and /up to 20 years imprisonment.(4) The act vests the audit committee of a publicly traded company with responsibility for the appointment, compensation and oversight of any registered public accounting information to perform audit services.The supervisory mechanism of the public compan
37、y in China consists of stockholder board, corporate board and supervisor board. But those boards cannot supervise the manager efficiently. When the outstanding achievement is not very good, certainly the manager will utilize different measures and announce the distorted accounting information to att
38、ain individual and political aims.5. Pattern of the relationship between the corporate governance and the distorted accounting information and some proposalsAccounting information is orient to advance efficiency and improve performance of company though using the mechanism to control the accountant
39、datum. If this corporate mechanism brings into play efficiently, the accounting information must combine well with capital market. Because the price of stock can identify effort of manager and the possibility of controlling the surplus, the accounting index may sieve the unconventional influence of
40、non-economic factors. The other way round, the corporate governance can promote the manager to report true accounting information.The relationship can be described by Figure 4.PerformanceCorporate governance mechanismAccounting informationPrice of stockAudit mechanismProtect degree of lawInfluence o
41、n politicsFinancing structureConcentration of industryFigue 4 . Relationship of Accounting Information and the Corporate GovernanceAfter the accounting information is announced by the manager, through the stockholder board the corporate board and the supervisor board, it finally becomes the public r
42、ecord. By means of the analysis of the foregoing paragraphs, we think the main elements affecting quality accounting information are the ownership structure, the supervisory mechanism and the incentive mechanism. According to the formula below, the real accounting information is measured to A, the i
43、mproperly ownership structure, supervisory mechanism and incentive mechanism which affect the degree of the accounting information quality is 、, the credible accounting information is Y:Y = A1-1-1- （1）（01,01,01, just,）To be fit for Chinese the conditions; solving problem of the distorted accounting
44、information involves changing ownership structure, and establishing incentive mechanism. Moreover this process involves improving the setup of interior and exterior supervisory mechanism.The following steps may be taken in the process:(1) Reducing the proportion of the national stock and personal st
45、ock in the specified situation, and then adding to the proportion of circulation stock.(2) Improving the essential system makes the valid demand accounting information a priority.(3) Improving the standard achievement evaluation target and the personal payment system, relieving the need to announce
46、the distorted accounting information.(4) Establishing more kinds of incentive mechanism.(5) Speeding up product market, director man and capital market establishment.(6) Establishing improved stockholder statute for their protection.(7) Establishing the independent audit commission, with strange bui
47、lt-in control.(8) Improving the supervisor board system.6. ConclusionsThe distorted accounting information possesses two general direction financial report malpractice and profit control. The scope of the study is restricted to the relationship between the financial report malpractice and corporate
48、governance. As to the corporate government, the study only carries on preliminary research through three main respects. The study proposes the easy mathematical model of the accounting information quality. That the relationship between the supervisory of the exterior, statue, the intermediary organization and the distorted accounting information is still awaiting further research.Source: Asian Social Science. 2008,7 (4)：69-73.译文：公司治理与会计信息失真摘要：制约我国经济的发展的主要因素是上市公
