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,suchactionsmaybeconsideredcriminal.However,thefinelinebetweenthesetwotypesofmanipulationremainsblurred.
Severalprofitmanipulationstrategiescanbeapplied:
smoothingreducesthevarianceofearningsandthereforetoreduceperceivedrisk;bigbathaccountingwipestheslatecleanforanewappointeddirector;orquitesimplyopportunisticmanagement,thephenomenonsupportedbytenantsofPositiveAccountingTheory.
Someofthesetechniquesaretheprivilegeof“headquarters”level,i.e.boardroomsdecidingtomanipulatecorporateresultssothatconsolidatedaccountsprovidethe“expected”figures.Otherpracticespresentedbelowarealsousedatotherlevelsintheorganizations.
PositiveAccountingTheoryresearchersalmostexclusivelyfocusontop-managementlevelprofitmanipulation.
Wedenythehypothesisaccordingtowhichthedirectorisaloneinmakingaccountingdecisions.Internalcontracting,mostoftencoveredinPositiveAccountingTheory,dealswiththecompensationhypothesis.Inthisarea,resultsfromdifferentstudiesarecontradictory.FewstudiesinthecontextofPositiveAccountingTheorylookatinternalearningsmanagement.Smoothingcouldbedestinedto
(1)externalusersoffinancialstatements,suchasinvestorsandcreditors,and
(2)managementitself.Morespecifically,asfarasmanagementisconcerned,itshouldbenotedthatthemotivationtosmoothincomeisnotconfinedtotopmanagement.Lowermanagementmayattempttosmoothtolookgoodtothetopmanagement.Theymaytrytomeetpredeterminedbudgets,whichinadditiontoservingasforecasts,alsoactasperformanceyardsticks.Thatmostbusinessunitmanagersmanipulatetheperformanceoftheirunits.
Therearefewempiricalstudiesoninternalprofitmanipulation.Pressuretoreachnetearningsorbudgetedexpensesencouragesmanagerstomoveearningsfromyeartoyearbymanipulatingtheaccounts.Thatprofitmanipulationdependsinlargepartontheforecastingprocess.Infact,ateachlevelintheorganizationexpectationsmaybeestablishedinoneofthreeways.Firstly,anindependentestimatecanbereachedindependentlyfromanyotherintheorganization.Secondly,anestimatecanbereachedbyaggregatingestimatesmadebylowerlevelsintheorganization.Thirdly,anestimatecanbereachedbydisaggregatingahigherlevelestimate.Thatoneresponsetofailureinreachingforecastsiscreativebook-keeping-therewasevidenceofacrossallocationofcostsinordertoprotectunitsfromexternalcriticismandtoprotectreputation.
Theorganizationofsuchprotectionwasanimaginativetaskfortheaccountingstaff.
Lastly,anotherfactorwhichexplainsprofitmanipulation:
theresultofthesecasestudiesindicatesthattheinterdependenceofforecastsatdifferentlevelswhenforecastshavebeenmadebydisaggregatingmayencouragemanagerstotakeaseriesofdefensivepositionsandmaketheinformationandreportingsystemsopaque.Howmuchprofitmanipulationtakesplacedoesnotonlydependonhowaccountingisusedtoevaluatetheperformanceofmanagersandtheirpaybutalsohowforecastsaremadethatwillbeusedasabaselineforsuchperformanceappraisal.Thus,theremunerationhypothesisputforwardinthePositiveAccountingTheorydoesnotsufficetoexplaininternalprofitmanipulation.
TheagencymodelinaFrenchcontext
Profitmanipulationperformedbymanagementcontrollersmustbeputinperspective.TheAnglo-Saxonmodelofcorporategovernanceisconsistentwithaspecificculturalcontext,andlendsfactualdata,andthereforeaccounts,aspecialstatus.Indeed,theAmericanapproachtocollectingandhandlingfactualdataisintimatelytiedtotheAmericanwayoflife.Judicialorquasi-judicialprocedures,whichareheldinhighesteem,givefundamentalvaluetomaterialproof.ThewaydataiscollectedandusedreflectstheAmericanpreferenceforaccountsthateveryoneshouldrenderpublic.Accountingstatementscorrespondperfectlytothiswayofthinking.
TheFrenchdistinguishtworolesfactualdataislikelytoplay:
enablingustounderstandbetterhowthingswork;andprovidingameansofassessingpeople.IntheFrenchsystem,confusingthesetworoles(whichisperfectlylegitimateintheUnitedStates)generatesresistance.Thecontroller’ssenseofresponsibilityalone(meaningwhathefeelsresponsiblefor,andnotwhatheneedstoaccountfor)makeshimpayattentiontoinformationhereceives.TheFrenchmodelhardlyencouragesustojudgeeachpersononthebasisofsuchdataandisopposedtosuperiorsdemandingaccountsthataretoostringent.Thatsubordinatesmayprotectthemselvesfromallhierarchical“interference”bysurroundingtheiractivityinashroudofopacityisnotconsideredanillegitimateact.
Asaconsequence,itisthelegitimacyofaccountsthatliesattheheartofthedebateinaFrenchcontext.Ingeneral,accountscan