1、外文文献翻译原文THEROLEOFRELATEDPARTYTRANSACTIONSINFRAUDULENTFINANCIALREPORTINGTERMINOLOGYISSUESWHATISMEANTBY“RELATEDPARTYTRANSACTION”EVERYTRANSACTIONACOMPANYUNDERTAKESISWITHEITHERARELATEDORANUNRELATEDCOUNTERPARTY,IE,WITHACOUNTERPARTYWHOHASSOMEEXTRATRANSACTIONRELATIONSHIPWITHTHECOMPANYTHROUGHEMPLOYMENT,OWNE
2、RSHIP,ORBOTHORWITHACOUNTERPARTYWHOHASNOEXTRATRANSACTIONRELATIONSHIPWITHTHECOMPANYFORFINANCIALREPORTINGPURPOSES,ITISNOTPURELYTHE“RELATEDPARTYNESS”OFATRANSACTIONTHATWARRANTSPARTICULARATTENTION,BUTRATHERTHETRANSACTIONSPOTENTIALECONOMICEFFECTONTHECOMPANYEVERYPAYMENTTOANEMPLOYEEORMANAGERSALARY,EXPENSEREI
3、MBURSEMENT,EQUITYBASEDCOMPENSATIONISATRANSACTIONWITHAPARTYWHOISRELATEDTOTHECOMPANYVIAEMPLOYMENTFINANCIALACCOUNTINGSTANDARDSLIMITWHICHOFTHESETRANSACTIONSREQUIREDISCLOSURESPECIFICALLY,FAS57FASB1982,2SPECIFIESTHATONLYMATERIALTRANSACTIONSOUTSIDETHE“ORDINARYCOURSEOFBUSINESS”NEEDBEDISCLOSEDEVERYPAYMENTTOA
4、DIRECTORDIRECTORFEES,EQUITYBASEDCOMPENSATION,EXTRACONSULTINGFEESISATRANSACTIONWITHAPARTYWHOISRELATEDTOTHECOMPANYVIABOARDMEMBERSHIPTHESECREQUIRESNONFINANCIALSTATEMENTDISCLOSUREOFDIRECTORCOMPENSATIONANDOFTRANSACTIONSMEETINGCERTAINCRITERIA,EGTHOSEINEXCESSOF120,000INWHICHARELATEDPERSONDIRECTORSOROTHERRE
5、LATEDPERSONSHASADIRECTORINDIRECTMATERIALINTERESTSECREGULATIONSKSEC2006THEISSUEWITHTRANSACTIONSINVOLVINGMANAGERSORDIRECTORSISTHATINSUCHTRANSACTIONS,SHAREHOLDERSINTERESTMAYBEPARTICULARLYSUSCEPTIBLETOBEINGTREATEDWITHLOWERPRIORITYTHANTHEMANAGERSORDIRECTORSPERSONALINTERESTATONEEXTREME,SUCHTRANSACTIONSARE
6、SIMPLYEQUITABLECOMPENSATIONATTHEOPPOSITEEXTREME,PAYMENTSINSUCHTRANSACTIONSARESIMPLYMISAPPROPRIATIONOFTHECOMPANYSASSETSEVERYTRANSACTIONBETWEENAPARENTCOMPANYANDITSSUBSIDIARIESORCONTROLLEDCOMPANIES,ORBETWEENTWOSUBSIDIARIESOFTHESAMECOMPANYISATRANSACTIONWITHAPARTYTHATISRELATEDTOTHECOMPANYRELATEDTOTHECOMP
7、ANYVIAOWNERSHIPAND/ORCONTROLHOWEVER,DISCLOSUREISREQUIREDONLYFORTRANSACTIONSNOTELIMINATEDINCONSOLIDATIONFAS57,FASB1982,2THEISSUEISWHETHERREPORTEDTRANSACTIONS,IFNOTIDENTIFIEDASBEINGWITHARELATEDPARTY,MIGHTDISTORTTHEECONOMICREALITYOFTHECOMPANYSFINANCIALPOSITIONSALESTOARELATEDPARTY,FOREXAMPLE,MAYNOTABEMA
8、DEONTHESAMETERMSASSALESTOUNRELATEDTHIRDPARTIES,AND/ORBBEASSUSTAINABLEASSALESTOUNRELATEDPARTIESTHISPAPERUSESTHETERMRELATEDPARTYTRANSACTIONASDEFINEDINFAS57ANDSECREGULATIONSX,ANDENCOMPASSES“RELATEDPERSON”TRANSACTIONSASDEFINEDINSECREGULATIONSKINOTHERWORDS,RELATEDPARTYTRANSACTIONSTHATSHOULDBEDISCLOSEDTHE
9、REISPOTENTIALFORCONFUSIONINTHISTERMINOLOGYSINCEFRAUDULENTRELATEDPARTYTRANSACTIONSSHOULDNOTBEUNDERTAKENATALL,ANDITISSOMEWHATINCONSISTENTTOSAYTHATATRANSACTIONTHATSHOULDNEVERHAVEOCCURREDSHOULDBEDISCLOSEDSO,MOREPRECISELY,WEUSETHETERMRELATEDPARTYTRANSACTIONSTOREFERTOBOTHOFTHEFOLLOWINGATRANSACTIONSWHICHAR
10、ENOTALLEGEDTOBEIMPROPER,BUTWHICHREQUIREDISCLOSUREASRELATEDPARTYTRANSACTIONSANDBIMPROPERTRANSACTIONS,WHICH,IFPROPER,WOULDREQUIREDISCLOSUREASRELATEDPARTYTRANSACTIONSANOTHERISSUEWITHTERMINOLOGYISTHEOVERLAPBETWEENTHETERM“RELATEDPARTYTRANSACTION”ANDOTHERTERMSINCLUDING“SELFDEALING,”“INSIDERTRADING,”AND“TU
11、NNELING”SELFDEALING,ASDEFINEDINSHAPIRO1984,IS“THEEXPLOITATIONOFINSIDERPOSITIONSFORPERSONALBENEFIT”WHEREPERSONALBENEFITISDEFINEDTOINCLUDEEMBEZZLEMENTOREXPROPRIATIONOFFUNDS,ALLOCATIONOFCORPORATECONTRACTSTOBUSINESSESINWHICHTHEINSIDERHASANINTEREST,ANDTHEUSEOFCORPORATERESOURCESFORPERSONALGAIN5DJANKOVETAL
12、2005,1DEFINEDSELFDEALINGTOINCLUDEACTIONSTAKENBYINDIVIDUALSWHOCONTROLACORPORATIONMANAGERS,CONTROLLINGSHAREHOLDERS,ORBOTHTO“DIVERTCORPORATEWEALTHTOTHEMSELVES,WITHOUTSHARINGITWITHTHEOTHERINVESTORS”DJANKOVETALS2005EXAMPLESOFSELFDEALINGINCLUDETHEFTOFACOMPANYSASSETS,TAKINGCORPORATEOPPORTUNITIES,EXCESSIVEE
13、XECUTIVECOMPENSATION,ANDSELFSERVINGFINANCIALTRANSACTIONSSUCHASEXECUTIVELOANSANDEQUITYISSUANCE6INRESEARCHONNONUSPUBLICCOMPANIESWHICHOFTENHAVEACONTROLLINGSHAREHOLDERWHOISALSOATOPMANAGER,JOHNSONETAL2000B,23USETHETERM“TUNNELING”TOREFERTOTHE“TRANSFEROFRESOURCESOUTOFACOMPANYTOITSCONTROLLINGSHAREHOLDER”USI
14、NGTHEFTORFRAUDOR“ASSETSALESANDCONTRACTSSUCHASTRANSFERPRICINGADVANTAGEOUSTOTHECONTROLLINGSHAREHOLDER,EXCESSIVEEXECUTIVECOMPENSATION,LOANGUARANTEES,EXPROPRIATIONOFCORPORATEOPPORTUNITIES,ANDSOON”7VARIATIONSINTERMINOLOGYDESCRIBINGRELATEDPARTYTRANSACTIONS,COMBINEDWITHTHEWIDEVARIETYINTRANSACTIONSTRUCTURES
15、,HIGHLIGHTTHENEEDFORSPECIFICILLUSTRATIVEEXAMPLESASPROVIDEDINTHECURRENTSTUDYMOSTRELATEDPARTYTRANSACTIONSAREPROBABLYNOTFRAUDULENTEVENWITHREGULATORSLIMITATIONSONWHICHTRANSACTIONSREQUIREDISCLOSURE,DISCLOSURESOFRELATEDPARTYTRANSACTIONSARECOMMONGORDONETAL2004AREPORTTHAT80OF112COMPANIESSTUDIEDINAPRESARBANE
16、SOXLEYPERIOD2000TO2001DISCLOSEDATLEASTONERELATEDPARTYTRANSACTIONADDITIONALLY,ABUSINESSPRESSARTICLEREPORTSTHAT75OFTHE400OFTHELARGESTUSPUBLICCOMPANIESINAPOSTSARBANESOXLEYPERIOD20022003DISCLOSEDONEORMORERELATEDPARTYTRANSACTIONSWALLSTREETJOURNAL2003INCONTRAST,FRAUDULENTFINANCIALREPORTINGATLEASTTHATWHICH
17、ISDETECTEDISRELATIVELYRARELEV2003,40REPORTSTHEREWEREONLYABOUT100FEDERALCLASSACTIONLAWSUITSALLEGINGACCOUNTINGIMPROPRIETIESANNUALLYSTUDYPERIOD1996TO2001,COMPAREDTOTHEUNIVERSEOFOVER15,000COMPANIESLISTEDONUSEXCHANGES,ANDNOTESTHAT“OVERALL,THEDIRECT,CASESPECIFICEVIDENCEONTHEEXTENTOFEARNINGSMANIPULATIONFRO
18、MFRAUDLITIGATION,EARNINGSRESTATEMENTSANDSECENFORCEMENTACTIONSSUGGESTTHATSUCHOCCURRENCESARERELATIVELYFEWINNORMALYEARS”SINCEMOSTCOMPANIESDISCLOSEATLEASTONERELATEDPARTYTRANSACTIONEVENWITHTHENUMEROUSLIMITATIONSONWHICHTRANSACTIONSMUSTBEDISCLOSEDBUTFEWCOMPANIESHAVEBEENFOUNDTOENGAGEINFRAUDULENTFINANCIALREP
19、ORTINGACTIVITIES,ITISREASONABLETOASSUMETHATMOSTRELATEDPARTYTRANSACTIONSARENOTFRAUDULENTFRAUDSNEEDNOTINVOLVERELATEDPARTYTRANSACTIONSANYMISAPPROPRIATIONOFACOMPANYSASSETSBYANEXECUTIVECOULDBECALLEDARELATEDPARTYTRANSACTIONALBEITAFRAUDULENTONEHOWEVER,FRAUDSNEEDNOTINVOLVERELATEDPARTYTRANSACTIONS,ANDPRIORRE
20、SEARCHSUGGESTSTHATMOSTSECURITIESLAWVIOLATIONSINVESTIGATEDBYTHESECDIDNOTINVOLVERELATEDPARTYTRANSACTIONSSOMEEVIDENCEONTHEPREVALENCEOFRELATEDPARTYTRANSACTIONSOCCURRINGINFRAUDCASESCANBEGLEANEDFROMAKEYWORDSEARCHESOFAAERS,ANDBPREVIOUSEMPIRICALRESEARCHONSECENFORCEMENTACTIONSKEYWORDSEARCHESOFAAERSONLEXISNEX
21、IS8FORTHEWORD“FRAUD”AND“FRAUDULENT”YIELD910AND689DOCUMENTS,RESPECTIVELYAKEYWORDSEARCHFOR“RELATEDPARTYTRANSACTION”YIELDS138DOCUMENTSHOWEVER,ACOMBINEDSEARCHFOR“FRAUD”AND“RELATEDPARTYIES”YIELDSONLY89DOCUMENTS,WITHDATESSPANNING20YEARSFROM1984TO2005ASEARCHFOR“FRAUD”AND“SELFDEALING”YIELDSONLY11DOCUMENTSDA
22、TINGFROM1993TO2005,SIXOFWHICHAREDUPLICATESWITHTHEPREVIOUSSEARCHWHILEADMITTEDLYSIMPLISTIC,THESEKEYWORDSEARCHESSUGGESTTHERARITYOFFRAUDSPECIFICALLYNOTEDTOHAVEINVOLVEDRELATEDPARTYTRANSACTIONSTHERESULTSOFTHESEKEYWORDSEARCHESARECONSISTENTWITHEMPIRICALRESEARCHINTHISAREABASEDONARANDOMSAMPLEOFSECINVESTIGATIO
23、NSINTHEPERIODBETWEEN1948AND1972,SHAPIRO19849REPORTEDTHATOF228CASESOFVIOLATIONSBYSECURITIESISSUINGCOMPANIES,21INVOLVEDMISREPRESENTATIONSABOUTCORPORATEINSIDERSSUCHMISREPRESENTATIONSINCLUDED“THEIRBACKGROUND,COMPENSATION,FINANCIALINTERESTS,ANDSELFDEALING”SHAPIRO,1984,10INADDITION,15OFTHESECURITIESVIOLAT
24、IONSCASESINVOLVEDSELFDEALING,ANEXAMPLEOFWHICHFOLLOWS“ACOMPANYSFOUNDERWHOINCORPORATEDHISBUSINESS,TOOKITPUBLIC,ANDREMAINEDTHEMAJORSHAREHOLDERUSEDTHECORPORATIONFORHISOWNFINANCIALBENEFIT,HOWEVER,NETTINGHIMSELFAGREATDEALOFMONEYANDDEPLETINGCORPORATECOFFERSUNTILITSEVENTUALBANKRUPTCYFOREXAMPLE,HEBOUGHTMETAL
25、AT5CENTS/POUNDBUTSOLDITTOTHECOMPANYFOR2738CENTS/POUNDWHICHTHENPROCESSEDANDSOLDIT,THOUGHUNABLETOMAKEAPROFITHECREATEDOTHERPERSONALCOMPANIESTHATWOULDPROCESSCORPORATEPRODUCTSATGREATPROFITWITHOUTPERFORMINGANYACTUALFUNCTIONFOREXAMPLE,BUYINGSAWSFROMTHECORPORATIONAT850ANDSELLINGTHEMAT16,UTILIZINGCORPORATERE
26、SOURCESTOMAKETHEDISTRIBUTION”SHAPIRO1984,20THENUMBEROFVIOLATIONSINTHESHAPIROSTUDYINVOLVINGRELATEDPARTYTRANSACTIONSCOULDBEHIGHERTHANTHE15AND21SPECIFICALLYINCLUDEDINTHESELFDEALINGANDINSIDERMISREPRESENTATIONCATEGORIES,RESPECTIVELY,BECAUSEOTHERCATEGORIESOFVIOLATIONSUSEDINTHESTUDYAPPARENTLYINCLUDERELATED
27、PARTYTRANSACTIONSTWOEXAMPLESILLUSTRATEFIRST,WITHINTHECATEGORYOFMISREPRESENTATION,SHAPIRO1984,14DESCRIBEDACASEINWHICHACOMPANY“FAILEDTOREVEALTHESUBSIDIARYSTATUSOFCERTAINCOMPANIESCLASSIFIEDASCUSTOMERS”IE,THESEWERESALESTOARELATEDPARTYWHICHWERENOTDISCLOSEDASSUCHSECOND,WITHINANOTHERCATEGORYMISAPPROPRIATIO
28、N,SHAPIRO1984,18DESCRIBEDACASEINWHICH“THEGENERALPARTNEROFALIMITEDPARTNERSHIPDOUBLEDHISSALARYWITHOUTAUTHORIZATIONUTILIZEDCORPORATEFUNDSTOEXTENDLOANSTOHIMSELFANDOTHERBUSINESSESINWHICHHEHADANINTEREST”IE,RELATEDPARTYTRANSACTIONSDESPITEVARIATIONSOFTERMINOLOGY,SHAPIROSSTUDYSUGGESTSTHATRELATEDPARTYTRANSACT
29、IONSWEREINVOLVEDINFARFEWERSECSECURITIESVIOLATIONSCASESTHAN,FOREXAMPLE,REGISTRATIONVIOLATIONS75OFCASES,MISREPRESENTATIONSABOUTTHESTATUSOFACORPORATIONANDITSFUTURE58AND40,RESPECTIVELY,ORMISREPRESENTATIONSABOUTASTOCKOFFERING50OFCASES10BONNERETAL1998EXAMINEDLITIGATIONFORASAMPLEOF261COMPANIESWITHSECENFORC
30、EMENTACTIONSBETWEEN1982AND1995,ANDREPORTEDTHAT17OFTHEIRSAMPLEHADRELATEDPARTYDISCLOSUREPROBLEMS,AND2HADFICTITIOUSSALESTORELATEDPARTIESOTHERRESEARCHONSECENFORCEMENTACTIONSBEASLEYETAL2000DECHOWETAL1996BENEISH1997FEROZETAL1991ALSOREPORTEDTHETYPEOFVIOLATIONS,BUTTHEROLEOFRELATEDPARTYTRANSACTIONS,IFANY,WAS
31、NOTPARTOFTHEIRRESEARCHFOCUSMORERECENTLY,ANSECSTUDYOFENFORCEMENTACTIONSINVOLVINGREPORTINGVIOLATIONSDURINGTHEPERIODJULY31,1997TOJULY30,2002FOUNDTHATONLY2310OF227ENFORCEMENTCASESINVOLVEDFAILURETODISCLOSERELATEDPARTYTRANSACTIONSSEC2003OVERALL,THESTUDYRESULTSSUGGESTTHATFAILURETODISCLOSERELATEDPARTYTRANSA
32、CTIONSWASINVOLVEDINFARFEWERREPORTINGVIOLATIONSENFORCEMENTCASESTHAN,FOREXAMPLE,IMPROPERREVENUERECOGNITIONFOUNDIN56OFTHECASESORIMPROPEREXPENSERECOGNITION44OFCASESSEC2003HOWEVER,BECAUSETHEROLEOFRELATEDPARTYTRANSACTIONSPERSEWASNOTAFOCUSOFTHESECSTUDY,ITISNOTCLEARWHETHERSOMEOFTHESTUDYSOTHERCATEGORIESOFIMP
33、ROPERACCOUNTINGMIGHTHAVEINVOLVEDRELATEDPARTYTRANSACTIONSWHILETHEABOVESTUDIESPROVIDEINFORMATIONABOUTTHEFREQUENCYOFRELATEDPARTYTRANSACTIONSINFRAUDULENTFINANCIALREPORTING,OTHERRESEARCHHASADDRESSEDTHERELATIVEIMPORTANCEOFRELATEDPARTYTRANSACTIONSASAFRAUDRISKINDICATOR,WITHSOMEWHATMIXEDCONCLUSIONSBELLANDCAR
34、CELLO2000,USINGASAMPLEOF382FRAUDANDNONFRAUDAUDITENGAGEMENTSFROMAMULTINATIONALCPAFIRM,NOTETHATTHERATESOFOCCURRENCEOF“SIGNIFICANTANDUNUSUALRELATEDPARTYTRANSACTIONS”WEREABOUTTHESAMEINFRAUDCASESANDNONFRAUDCASESTHUS,THEAUTHORSCONCLUDETHAT“ALTHOUGHSIGNIFICANTANDUNUSUALRELATEDPARTYTRANSACTIONSMAYBECONTRIBU
35、TINGFACTORSINSOMEFRAUDS,ABSENTOTHERRISKFACTORS,THEIRMEREPRESENCEDOESNOTAPPEARTOELEVATETHERISKOFFRAUD”BELLANDCARCELLO2000,174CERTAINOTHERRESEARCH,CONSISTENTWITHTHENOTIONTHATTHEMEREPRESENCEOFRELATEDPARTYTRANSACTIONSDOESNOTNECESSARILYELEVATETHERISKOFFRAUD,INDICATESTHATEXTERNALAUDITORSDONOTVIEWTHEPRESEN
36、CEOFRELATEDPARTYTRANSACTIONSASAMONGTHEMOSTSIGNIFICANTINDICATORSOFPOTENTIALFRAUDAPOSTOLOUETAL2001HEIMANNHOFFMANETAL1996WILKSANDZIMBLEMAN2004SOMEWHATINCONTRAST,HOWEVER,ONESTUDYSHOWEDTHATASAMPLEOF77INTERNALAUDITORSVIEWEDRELATEDPARTYTRANSACTIONSASONEOFTHEMOSTIMPORTANTREDFLAGSINDETECTINGFRAUDULENTACTIVIT
37、YMOYESETAL2005FURTHER,BEASLEYETAL2001REPORTEDTHATFAILURETORECOGNIZEAND/ORDISCLOSETRANSACTIONSWITHRELATEDPARTIESWASONEOFTHETOPTENAUDITDEFICIENCIESINASAMPLEOF45SECENFORCEMENTACTIONSBETWEEN1987AND1997ALTHOUGHAUDITRESEARCHHASADDRESSEDTHEGENERALIMPORTANCEOFRELATEDPARTYTRANSACTIONSINAUDITINGANDINDETECTING
38、FRAUD,LITTLERESEARCHHASADDRESSEDTHENATUREOFRELATEDPARTYTRANSACTIONSRELATEDTOFRAUDINTHEUSENVIRONMENT11。OVERALL,OURSTUDYINDICATESTHATRELATEDPARTYTRANSACTIONSARENOTNECESSARYASMECHANISMSFORFRAUD,ANDTHEIRPRESENCENEEDNOTINDICATEFRAUDULENTFINANCIALREPORTINGANIMPLICATIONISTHATITIS28IMPORTANTFORTHEAUDITINGPR
39、OFESSIONTOUNDERSTANDTHEBENIGNNATUREOFMOSTRELATEDPARTYTRANSACTIONS,THEDIFFERENTIATINGFEATURESBETWEENBENIGNANDFRAUDULENTTRANSACTIONS,ANDTHEIMPORTANCEOFEVALUATINGACOMPANYSRELATEDPARTYTRANSACTIONSINLIGHTOFITSBROADERCORPORATEGOVERNANCESTRUCTUREFORINSTANCE,ACOMPANYTHATENGAGESINRELATEDPARTYTRANSACTIONSFACE
40、SGOVERNANCECHALLENGESKOHLBECKANDMAYHEW2004GORDONETAL2004B,ANDSUCHCHALLENGESTHEMSELVESWARRANTAWARENESSOFPOTENTIALFORFRAUDADDITIONALLY,ITMAYNOTBEIMPORTANTFORREGULATORSTOPLACEDISPROPORTIONATEEMPHASISONALLASPECTSOFAUDITINGRELATEDPARTYTRANSACTIONSIFTHERISKOFMISSTATEMENTASSOCIATEDWITHSUCHTRANSACTIONSISNOT
41、UNIFORMLYEXCESSIVESOURCEHTTP/SSRNCOM/ABSTRACT993532译文虚假财务报告中关联交易的作用术语问题什么是“关联方交易”公司的每一笔交易是与一个相关或不相关的另一公司进行的,即与有一些额外交易关系的公司或是与没有额外交易的公司通过雇佣、所有权、或者是两者皆有进行。就财务报告而言,它不是单纯的“关联方性”的交易,值得特别关注的,而是潜在影响公司经济的交易。每一笔支付给员工或经理的工资、费用报销、股票补偿,这是一方与公司通过雇佣进行的交易。财务会计准则规定这些交易需要披露。具体来说,FAS的57条(财务会计准则委员会1982年)规定只有日常业务外的重大交易
42、需要予以披露。每一笔付款中用以支付补偿每一名董事的董事费、董事的股票补偿,额外的咨询费,这是一方与公司通过董事会成员进行的交易。美国证券交易委员会要求披露董事薪资和符合一定标准的交易,例如,那些超过120,000美元,其中相关人(董事或其他相关人)有直接或间接的物质利益(美国证券交易委员会(SEC)SK规定;2006)。这个问题涉及的是管理者或董事,在这些交易中,管理者或董事的利益较于股东的利益优先处理。在一个极端,交易只是公平赔偿;另一种极端,支付在这样的交易中仅仅是滥用公司的资产。每一笔在母公司、其子公司或控制的公司、两个子公司之间的交易,是一方与公司通过所有权或控制进行的交易,然而,财务
43、会计准则委员会规定只要求披露在合并过程中没有消除的交易。这个问题在于交易报告,如果没有确定将成为一个关联部分,可能曲解公司现实的财务状况。向关联方销售,例如,与向无关的第三方进行销售有不同的价格。本文使用的关联交易的定义,是财务会计准则委员会和美国证券交易委员会规定的,包括“相关人”交易,是美国证券交易委员会规定的定义,换句话说,关联方交易应当予以披露。也有可能对这一术语的混乱,欺诈性关联交易不应该承担的,它可以说有点不一致,不应该发生的交易应当予以披露。所以,更准确地说,我们使用关联交易术语是在指以下两个方面(一)不涉及不正当但需要作为关联方交易予以披露的交易;(二)不正当交易,但如果适当,
44、就需要作为关联方交易予以披露的交易。另一个问题是重叠术语所称的“关联交易”和其他条款包括“自我交易”、“内幕交易”和“隧道”。谋私交易,为夏皮罗定义(1984),是利用内幕的位置谋取利益,其中谋取利益的定义包括贪污或侵吞公司的资金,分配公司签订的合同利益,并利用公司资源谋取私利。以DJANKOV等人(2005)创造的自我交易参数为例,自我交易包括窃取公司的资产,利用企业的名义,企业高管获取过高薪酬,以执行贷款和发行股票来谋取个人利益。在研究美国非上市公司(通常有一位控股股东也是总经理)方面,JOHNSON等人使用的“隧道”术语来指明把公司的资源转移给控制股东,使用盗窃或欺诈或资产出售和转让的合
45、同,如价格有利于控股股东的合同,过高的高管薪酬,贷款担保,征收企业的机会等等。描述关联交易术语的变化中,结合多种交易结构,突出显示在当前研究的例子中需要提供具体规定的范例。大多数关联方交易也有可能不是欺诈即使管理者限制交易信息的披露,披露关联交易的信息也是常见的。GORDON等人2004年的报告指出,研究了在萨班斯法案时期(20002001学年度的112家公司的80,其中至少有一家公司披露了关联方交易的信息。此外,商业报纸的文章报道说,75的400家美国规模最大的上市公司在萨班斯法案时期后(20022003学年度)有一个或多个公司披露了关联交易(华尔街日报2003)。相比之下,虚假财务报告,至
46、少发现的是比较少见。LEV(2003年)的研究报告显示,100个联邦集体诉讼案声称每年有会计违规行为(研究期间从1996年至2001年),与在全世界有超过15000家美国上市交易所相比,并指出“全面的,直接的,具体诉讼案件中欺诈盈余操纵的程度,收入重述和SEC的执法行动表明此类事件在正常年份中发生时相对较少的”由于多数公司至少有一个在披露关联交易信息方面(即使对需要予以披露的交易有许多限制),但是很少有公司被发现有从事欺诈性财务报告活动。我们有理由相信,大多数关联交易不存在欺诈。舞弊行为不需要涉及关联交易任何一家公司的资产被管理机构挪用可以称为关联交易(尽管是欺诈)然而,欺诈不一定需要涉及关联
47、方交易,以前的研究表明,大多数证券交易委员会会调查违反证券法的不涉及关联交易的违法行为。对发生关联交易欺诈案例中一些普遍存在的证据可以根据公告中的关键词进行搜寻,美国证券交易委员会对以往的执法行动进行研究。公告上的重点词汇,“欺诈”和“欺诈性”分别来自LEXISNEXIS910和689文件。关键词“关联交易”搜索于138文件。然而,对于“欺诈”和“关联方”组合搜索只有89文件,使用日期跨越20年(1984年至2005年)。搜索“欺诈”和“自我交易”的说法,只11文件(自1993年至2005年),6个是复制先前的搜索。虽然显然太简单化了,这些关键词搜索很少专门指出欺诈都涉及关联方交易。这些关键字
48、搜索的结果与这方面的研究结果一致。根据美国证券交易委员会(SEC)在1948年到1972年期间的随机抽样调查,SHAPIRO指出,228个证券公司违法案件,21涉及企业内部虚假陈述。这样的虚假陈述包含“他们的背景、补偿、经济利益,自我交易”。15的证券违法案件涉及自我交易,其中一个例子如下公司的创立人注册了公司,并把它上市,依然是公司的主要股东。使用公司资源为自己谋利,从公司的收益里获取大量的金钱直到公司最终破产。例如,他买了5美分/磅金属,进行加工,把它卖给了公司2738美分/磅。他创立了另一家个人公司,公司在加工产品的过程中在不进行任何实际功能下获取利润,比如,从公司购买锯子85美元,卖了
49、16美元,利用公司资源来进行分配。在SHAPIRO研究中违反关联交易尤其是内部虚假披露可能高于1520。因为其他类别的违法行为,显然包括在研究中使用的关联交易。举两个例子来说明。首先,欺诈类,SHAPIRO(1984年,14)描述了一宗案件,公司“未发现子公司作为客户的一定的地位”即(这些都是这种销售给关联方的没有披露)。另一类,SHAPIRO(1984年18)描述了一宗案件,“在有限的合伙企业,合伙人在没有授权批准下私自增加了一倍薪水,擅自使用公司贷款的资金投资其他公司。尽管术语的变化,SHAPIRO的研究表明,涉及关联方交易的违规案件远远少于美国证券交易委员会发现的,例如,登记违法行为(75),和虚假陈述公司的现状和未来(分别为58,40),或虚假陈述有关的股票(50)。BONNER等人调查一个为1982年到1995年之间收到诉讼的美国证券交易委员会(SEC)公司实施行动样本,并宣称样本的17有关联披露问题,2向关联方销售有虚假情况。美国证券交易委员会的执法行动其他研究(BEASLEY2000年;DECHOW1996年;BENEISH1997年;FEROZ1991)也报道了违规类型,但关联方交易的作用,如果有,也不是他们的研究重点部分。最近,美国证券交易委员会于1997年6月30日到2002年6月30日的执法行动的研究,只有23(1
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