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The corporate governance structure and accounting control

Author: ZhangYanXing From: www.yourpaper.net Posted: 2007-11-21 19:13:44 Read:
[Abstract] the governance structure of the company, the main users of accounting information can be identified, to determine the accounting view.Usa Inc equity dispersive characteristics, determines the accounting decision-usefulness orientation; feature control mechanism of German and Japanese companies, the accounting concept of fiduciary responsibility orientation; the corporate governance structure of our country, both German Japanese institutions control type, and the East Asian type of owner management, China's accounting control concept guidance of establishing accounting standard system, realistic, and necessary, feasible, embodies the Chinese characteristic accounting.As with the international coordination of accounting, the accounting standard system in China can be implementation of "one country two systems": the general accounting to accounting control theory as a guide, listing Corporation accounting to decision-usefulness orientation; or all of enterprise accounting in accounting control theory as a guide, listing Corporation accounting implementation of the decision-making useful concept as a guide to.

[keyword] corporate governance structure, accounting control accounting with Chinese characteristics and

One, the corporate governance structure and accounting target

China's current basic goal of accounting system reform is to establish the accounting standard system adapts with the socialist economic system.To achieve this goal, two problems need to be answered: one is the characteristic of the Chinese accounting; two is the Chinese accounting internationalization.In these two problems, only the characteristics of Chinese accounting solution, to solve the internationalization of Chinese accounting.

To solve the problem of Chinese characteristic accounting, we should first clear our accounting target.Accounting objective is the starting point of accounting theory framework and accounting practice.The objective of accounting of our country academic debate, mainly around the Western commission responsibility view and decision-usefulness view.This paper thinks, accounting objectives should be established on the basis of accounting the economic environment, we can't just stay in the western accounting objectives to establish the system of accounting standard in our country, we need to clear the basic accounting and economic environment in China, to establish our country's accounting objectives, and establish the accounting standard system in china.

To clear the accountant of our country economy, analysis of social politics, economy, law, education, culture, or from the macroscopic aspect of accounting basis, but the key is the corporate governance structure to research in China, because the corporate governance is the product of social politics, economic, legal, cultural and other macroeconomic factors, the research of corporate governance structure, the main users of accounting information to help us identify, resulting in the formation of our country's accounting target.Corporate governance structure is the translation of English "CorporateGovernance", Chinese in the "governance" is a top-down, one-way process, such as "governance", "management", and the Governance system in economics is a two-way, mutual control or system structure.[1]CorporateGovernance should be translated as "corporate governance" and "corporate governance system", mainly refers to the Modern Corporation enterprise in leadership, management, incentive, restraint system and principles, it involves all stakeholders in the division of responsibilities and interests, and the checks and balances, rather than a one-way, top-down rule and relations of domination.Analysis based on the "CorporateGovernance" is the original meaning of the translation, to illustrate the "corporate governance", because of "corporate governance" has been established, this paper will still "CorporateGovernance" called "corporate governance structure".

The main users of accounting information to identify, resulting in the formation of accounting objective, we need to analyze the corporate governance structure from the following two aspects:

Analysis of 1, external corporate governance structure.Analysis of indirect control of competitive market of the company, including the capital market, manager market, merger market, of which the most important is the analysis of capital market.

Analysis of the internal governance structure, the company 2.Company ownership structure analysis is relatively centralized or relatively dispersed, the company's board of directors and managers are separated from each other or each one, if separated, then analysis the board of directors of the company is strong or weak executive constraints.

Based on the Usa Inc governance structure and accounting decision-usefulness view, German and Japanese corporate governance structure and accounting accountability view basic causality analysis, through the analysis of the corporate governance structure of our country, think the accounting standard system in China is similar to the German and Japanese pattern, but also has its own characteristics, should be based on the accounting control concept as accounting standard system of our country guide.Finally, consider the accounting standard system in China should implement the "one country two systems", namely in the implementation of the accounting control and accounting system based on oriented, listing Corporation also should implement the concept of accounting standards to the decision usefulness, to coordinate with international accounting conventions.

Two, the governance structure of Western companies and two kinds of accounting view

The western corporate governance structure referred to here, mainly the United States and Germany on the governance structure of two kinds of company, corporate governance structure is different, will produce different accounting view.

(a) Usa Inc corporate governance structure and accounting decision-usefulness view the United States the basic accounting decision-usefulness view, the United States of America's financial accounting standards board first conceptual structure notice requirements: "the financial report shall be provided to the present and potential investors, creditors and other users to assess the company expected future cash flow information, the amount of time and uncertainty......."The decision-making useful concept, business activities of the participants did not know each other, companies should provide more, higher levels of public information.Accounting information is mainly for market investors service, present and potential investors use financial report data, through a variety of assessment model to analyze the intrinsic value of the company, to estimate the risk of investment, so as to make investment decisions.

Accounting decision-usefulness view, is based on the Usa Inc governance structure.Usa Inc governance structure has two main characteristics:

(1) the relationship between shareholders and companies generally desalination.The United States of America highly developed stock market, but the company's equity is highly fragmented, many shareholders are unwilling or unable to participate in the general meeting of shareholders, the weakening of the shareholder power.The United States of America corporate shareholders is mainly the non-bank financial institutions (insurance companies, pension funds and mutual funds and other institutional investors), but cannot be directly affects the shareholding enterprise, because it is restricted by the United States: the state law, the insurance company in any one company stock is generally not more than the shares of the company 5% of GDP, pension funds and mutual funds are generally not more than 10%, otherwise it will face adverse tax treatment, the first payment of corporate tax to income, then to fund shareholders dividends when receiving a tax.The securities and exchange law of the United States of America passed in 1934, any fund shareholders can not enter the board of directors of the enterprise or the control, management of enterprises, in order to prevent the fund control board, damage the interests of individual shareholders.

(2) the actual operating enterprises.The United States Board of directors has great power in the law, but in practice it often operators manipulate.Because the shareholder is the main investment institutions and individual shareholders, its ability to intervene the affairs of the company, the directors of the board by the general manager recommended by the general manager, the resolution of the board of directors propose.Many enterprises of the board of directors appointed by the chief executive, and the external directors most itself is other business operators, not only from the company get paid, and no time for specific operation with enterprises, tend to sympathize with and support the chief executive, the board of directors of the supervisory role of outside directors also have very limited.

From the analysis, the United States of America enterprises relative weakening the internal constraint mechanism, the actual control of the enterprise.In this case, the external constraint mechanism, especially the capital market the constraint becomes very important.

Because the dispersed ownership, the United States of America shareholders do not have sufficient incentive to exercise direct control, so they pay more attention to the stock rights and benefits related to income control, dividends payable, stock price fluctuations, stock transfer play an incentive role against shareholders, the shareholders through stock market into the incentive constraints on the members of the board of directors and managers, the owners to provide more constraints to return, the United States of America shareholders "vote by hand", can "vote with their feet".Constraint and an active takeover market, manager market, product market, the corporate governance structure of the United States of America formed a powerful and complete external restriction mechanism for operators.Thus, people outside the business decision-making needs, will become the main object of financial accounting.
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