虛假財務報告中關聯(lián)交易的作用【外文翻譯】

1、外文文獻翻譯外文文獻翻譯原文：TheRoleofRelatedPartyTransactionsinFraudulentFinancialReptingTerminologyissues:Whatismeantby“relatedpartytransaction”Everytransactionacompanyundertakesiswitheitherarelatedanunrelatedcounterpartyi.e.withaco

2、unterpartywhohassomeextratransactionrelationshipwiththecompanythroughemploymentownershipbothwithacounterpartywhohasnoextratransactionrelationshipwiththecompany.Ffinancialreptingpurposesitisnotpurelythe“relatedpartyness”o

3、fatransactionthatwarrantsparticularattentionbutratherthetransaction’spotentialeconomiceffectonthecompany.Everypaymenttoanemployeemanager–salaryexpensereimbursementequitybasedcompensation–isatransactionwithapartywhoisrela

4、tedtothecompanyviaemployment.Financialaccountingstardslimitwhichofthesetransactionsrequiredisclosure.SpecificallyFAS57(FASB19822)specifiesthatonlymaterialtransactionsoutsidethe“dinarycourseofbusiness”needbedisclosed.Ever

5、ypaymenttoadirect–directfeesequitybasedcompensationextraconsultingfees–isatransactionwithapartywhoisrelatedtothecompanyviaboardmembership.TheSECrequiresnonfinancialstatementdisclosureofdirectcompensationoftransactionsmee

6、tingcertaincriteriae.g.thoseinexcessof$120000inwhicharelatedperson(directsotherrelatedpersons)hasadirectindirectmaterialinterest(SECRegulationSKSEC2006).Theissuewithtransactionsinvolvingmanagersdirectsisthatinsuchtransac

7、tionsshareholders’interestmaybeparticularlysusceptibletobeingtreatedwithlowerpriitythanthemanagersdirectspersonalinterest.Atoneextremesuchtransactionsaresimplyequitablecompensationattheoppositeextremepaymentsinsuchtransa

8、ctionsaresimplymisappropriationofthecompany’sassets.financialtransactionssuchasexecutiveloansequityissuance.6InresearchonnonU.S.publiccompanies(whichoftenhaveacontrollingshareholderwhoisalsoatopmanager)Johnsonetal.(2000b

9、23)usetheterm“tunneling”torefertothe“transferofresourcesoutofacompanytoitscontrollingshareholder…”usingtheftfraud“assetsalescontractssuchastransferpricingadvantageoustothecontrollingshareholderexcessiveexecutivecompensat

10、ionloanguaranteesexpropriationofcpateopptunitiessoon.”7Variationsinterminologydescribingrelatedpartytransactionscombinedwiththewidevarietyintransactionstructureshighlighttheneedfspecificillustrativeexamplesasprovidedinth

11、ecurrentstudy.MostrelatedpartytransactionsareprobablynotfraudulentEvenwithregulats’limitationsonwhichtransactionsrequiredisclosuredisclosuresofrelatedpartytransactionsarecommon.Gdonetal.(2004a)reptthat80%of112companiesst

12、udiedinapreSarbanesOxleyperiod(2000to2001)disclosedatleastonerelatedpartytransaction.Additionallyabusinesspressarticlereptsthat75%ofthe400ofthelargestU.S.publiccompaniesinapostSarbanesOxleyperiod(20022003)disclosedonemer

13、elatedpartytransactions(WallStreetJournal2003).Incontrastfraudulentfinancialrepting–atleastthatwhichisdetectedisrelativelyrare.Lev(200340)reptstherewereonlyabout100federalclassactionlawsuitsallegingaccountingimproprietie

14、sannually(studyperiod1996to2001)comparedtotheuniverseofover15000companieslistedonU.S.exchangesnotesthat“OverallthedirectcasespecificevidenceontheextentofearningsmanipulationfromfraudlitigationearningsrestatementsSECenfce

15、mentactionssuggestthatsuchoccurrencesarerelativelyfewinnmalyears....”Sincemostcompaniesdiscloseatleastonerelatedpartytransaction(evenwiththenumerouslimitationsonwhichtransactionsmustbedisclosed)butfewcompanieshavebeenfou