波叔一波中特图片
代寫 會員中心 TAG標簽
網站地圖 RSS
英國作業 新西蘭作業 愛爾蘭作業 美國作業 加拿大作業
返回首頁

英國會計專業BA essay作業:The primary aim of accounting is to provide

時間:2019-03-28 11:59來源:未知 作者:anne 點擊:
1.0 Introduction引言 信息披露主要是指上市公司利用招股說明書、上市公告書、定期報告、中期報告等形式向投資者和公眾披露公司相關信息的行為(Rimerman,1990)。投資者和有權獲取這些信息的
1.0 Introduction引言
信息披露主要是指上市公司利用招股說明書、上市公告書、定期報告、中期報告等形式向投資者和公眾披露公司相關信息的行為(Rimerman,1990)。投資者和有權獲取這些信息的公眾可以將這些信息作為作出更明智決策的主要依據(McCaslin和Stanga,1986年)。然而,信息披露制度建立后,會計信息欺詐的使用頻發,許多人質疑信息披露的有效性(國際會計準則委員會,2010年)。本文首先闡述了信息披露有效性的理論基礎,然后結合安然公司的案例,探討了導致信息披露失敗的原因,最后對信息披露有效性進行了初步的總結。
Information disclosure mainly refers to the actions that public companies take by using prospectus, listing announcement, periodic reports, interim reports and other forms to disclose company-related information to investors and the public (Rimerman, 1990). Investors and the public having an access to this information can take the information as the main basis for making more informed decisions (McCaslin and Stanga, 1986). However, after the establishment of information disclosure system, the use of accounting information fraud has occurred frequently, many people questioned the effectiveness of information disclosure (International Accounting Standards Board, 2010). This essay first explains the theoretical basis of the effectiveness of information disclosure, then combined with the case of Enron to discuss the reasons leading to the failure of information disclosure, and finally it is tentative to give conclusions on the effectiveness of information disclosure.
2.0 Main body主體
2.1 Literature review文獻綜述
2.1.1 The theory of efficient market hypothesis有效市場假說理論
根據現有信息的分類,有效市場假說將資本市場分為三類:弱形式效率、半強形式效率和強形式效率(_i_an,2015)。?i?an認為,有效的市場是理想的,因為在這樣的市場中,由于信息是由每個投資者共享的,沒有人能夠利用信息產生超額回報,信息型投機不再存在,充分發揮了證券市場的資源配置功能。然而,在現實中,投資者獲得的信息總是不同的,理論上有效的市場是不可能存在的,現實中的市場更接近于弱形式效率或半強形式效率的市場。信息披露制度的存在,使投資者能夠盡快獲得與企業有關的優質金融信息,從而做出更明智的決策,從而提高證券市場的效率,使弱形式效率或半強形式效率的市場可能接近于有效市場的狀態。 
According to the classification of available information, efficient market hypothesis divides the capital market into three categories: weak form efficiency, semi-strong form efficiency, and strongly form efficiency (?i?an, 2015). ?i?an (2015) argues that efficient markets are ideal because in such markets, as information is shared by each investor and no one can use information to generate excess returns, information-based speculation ceases to exist and it gives full play the role of resource allocation function of securities market. However, in reality, information obtained by investors is always different, theoretically effective market can not exist, the market in reality is closer to a weak form efficiency or a semi-strong form efficiency market. The existence of information disclosure system allows investors to obtain high-quality financial information related to enterprises as soon as possible in order to make more informed decisions, so that the efficiency of the securities market is improved, making a weak form efficiency or a semi-strong form efficiency market is possibly close to the state of an effective market.
2.1.2 Information asymmetry theory
In securities market, the phenomenon of information asymmetry is widespread, the uneven distribution of information makes stock price unable to reflect the real business situation of a company, and information asymmetry causes adverse selection and moral hazard, which exacerbates inefficiency of securities market (FRC, 2012). In securities market, according to the theory of information asymmetry, raisers and investors have different information, leading to that the value of corporate stock can not be properly reflected (FASB. 2010), so that good companies withdraws from securities market, and bad companies are still in the market . To solve this vicious cycle, information disclosure is the only way, by requiring listed companies to disclose information relevant to their business conditions, so that investors can get as much information as possible about making more informed decisions, which can ensure the orderly operation of securities market and improve its operational efficiency. In securities market, management of listed companies have a lot of inside information, when the management find that the publication of false information or the use of insider information to trade can bring them interests, although this will undermine the interests of investors, the management are still desperate to implement the act (Elliott and Elliott, 2015). To solve this problem, one of the solutions is through information disclosure to allow investors to understand business situation, investment decisions of management and other management activities in a timely manner, so that investors can externally supervise the management to ensure that management will effectively implement their obligations and safeguard the healthy operation of securities market.
2.2 Enron event 
In 2001, accounting fraud of the largest US energy trader – Enron was found out and it filed for bankruptcy, causing a huge panic in the US capital market (Munawer, Yahya and Siti-Nabiha, 2012). Enron's problem lies in related-party transaction and information disclosure (Cullinan, 2004). Inappropriate related-party transactions were not enough to make Enron collapse in a few months, the real fatal was Enron’s error in information disclosure. In order to keep its global high speed growth and realize its huge expansion plans, Enron has to earn a lot of low-cost capital (Phadke, 2009). To do that, Enron must have a high credit rating. In order to achieve this goal, Enron underreported debt in the financial statements and overestimated profits (Cullinan, 2004). At the same time, Enron's disclosure to U.S. Securities and Exchange Commission about the related transactions with its partnership was not sufficient and accurate, which was too vague and difficult to be understood by the majority of investors (Munawer, Yahya and Siti-Nabiha, 2012). This near-intentional approach caused Enron’s losing market confidence after the occurrence of the Enron event. In the end, the serious consequences of false information disclosure caused the collapse of Enron.
2.3 Discussion
2.3.1 Defects in corporate governance structure
In order to solve the negative impact of information asymmetry, the international practice is to perfect corporate governance structure through power distribution, power balance, information disclosure and other mechanisms, but whether it is the system arrangement of corporate governance structure, or the mechanism design of executive stock option, both are inseparable from high-quality accounting information. In order to prevent insiders’ control and balance the power of management and large shareholders in terms of accounting information, in Britain, the United States and other developed countries, they have introduced an independent board system (International Accounting Standards Board, 2010). This corporate governance mode emphasizes the function of independent directors, of course, it has its reasonable ingredients, but the Enron event shows that independent directors are not omnipotent. Among the 17 directors of Enron, 15 were independent directors (Munawer Yahya and Siti-Nabiha, 2012). Enron's independent board of directors not only failed to fulfill their internal control obligations, but might be related to false disclosure of information, they faced allegations including neglect of duty, making false accounts, inducing investors, seeking personal gain and so on (Cullinan, 2004; Munawer, Yahy and Siti-Nabiha, 2012).
2.3.2 Independence of certified public accountant (CPA)
Social audit is the external institutional arrangement to solve information asymmetry (Elliott and Elliott, 2015). CPA is responsible for ensuring the quality of accounting information, reducing the cost of identifying accounting information. However, in the real world, CPA and a listed company share a glory and a loss (Elliott and Elliott, 2015). The collapse of Enron was also closely related to Andersen, which was responsible for providing audit assurance and advisory services for Enron (Cullinan, 2004; Munawer, Yahya and Siti-Nabiha, 2012).. Andersen not only provided audit services for Enron, but also provided consulting business to get a lot of money, Enron was Andersen's second-largest customer (Phadke, 2009; Munawer, Yahya and Siti-Nabiha, 2012). Andersen obtained rich revenue from providing consulting services to Enron, which would inevitably affect the independence of Andersen. This is also a major cause of information disclosure failure.
2.3.3 Quality of information disclosure 
Rimerman (1990) points out that information disclosure system is out of date, there are many imperfections. At that time most of the financial information disclosure is very complex and it is difficult for information users to understand. Company information disclosing is more passive fulfillment of obligations rather than taking the initiative to provide investors with relevant information, especially trend information. Enron also used the most sophisticated financial instruments known as SPE and other off-balance sheet for financing (Munawer, Yahya and Siti-Nabiha, 2012). Such tools allowed Enron to raise financing without finding out liabilities in balance sheet (Cullinan, 2004). This invisible covered the risk of Enron and infringed the interests of investors. Berardino, who was the Chairman of Andersen argued in the reflection of the case of Enron that for a long time, the financial reporting system in the capital markets only provided a large amount of complex information about what had happened in the past, regardless of the need of investors with limited understanding for “what happen currently and what might happen in the future” (Phadke, 2009; Munawer, Yahya and Siti-Nabiha, 2012). To this end, a company should improve the quality of information disclosure to convey to investors the information to really understand the company's business model and its operational risks, financial structure and operating performance.


推薦內容
  • 英國作業
  • 新西蘭作業
  • 愛爾蘭作業
  • 美國作業
  • 加拿大作業
  • 代寫英國essay
  • 代寫澳洲essay
  • 代寫美國essay
  • 代寫加拿大essay
  • MBA Essay
  • Essay格式范文
  • 澳洲代寫assignment
  • 代寫英國assignment
  • 新西蘭代寫assignment
  • Assignment格式
  • 如何寫assignment
  • 代寫英國termpaper
  • 代寫澳洲termpaper
  • 英國coursework代寫
  • PEST分析法
  • literature review
  • Research Proposal
  • 參考文獻格式
  • case study
  • presentation
  • report格式
  • Summary范文
  • common application
  • Personal Statement
  • Motivation Letter
  • Application Letter
  • recommendation letter
  • 波叔一波中特图片 pk10五码一把中的方法 江西时时历史数据 ssc彩婆计划软件 买手机的网站有哪些 中国体肓彩票开奖号码 pk10技巧稳赚贴吧 pk10走势图看法教程 广东11选5计划软件下载 双色球技巧中6红方法 竞彩混合投注什么意思