安然公司案例分析英文翻译
“安然”事件及SOA简介
法案的关键内容
㈠会计准则的制定：由以“规则”为基础转 为以“原则”为基础；
㈡财务报告改进：提高财务信息披露的透明 度和及时性；
㈢会计监管：由行业自律变为由公众公司会 计监督委员会管理；
四、后续影响
1、安达信被清分；
2、证券市场连锁反应
①2002年4月11日施乐（Xerox）曝财务舞弊，在 1997～2000年间，虚增利润15亿美元；
②2002年6月22日，美国第三大药品连锁店）莱德艾 德公司曝财务舞弊，1997～1999年间虚增税后利润16 亿美元；
③2002年6月25日，世界通信公司曝自1999年至2002 年一季度，公司累计虚增税前利润73.18亿美元，致使 公司股票跌至0.06美元，市值由巅峰期的1150亿美元， 降为不足3亿美元，并于当年7月31日遭摘牌。
伴随公司的发展，公司的股价飞涨，自 1985年的10美元左右，于2000年8月攀升至 90.75美元
二、破产始末
2001年10月，安然公司宣布当年三季度亏损6.18 亿美元，且因经营不善公司净资产缩水12亿美元。
10月22日SEC介入调查。11月8日，迫于SEC、市 场及媒体的压力，安然公司重新公布了过去五年的 财务状况，显示自1997年以来共虚报了5.69亿美元 的盈利。
④期间，宝利来、凯玛特、环球电讯等也先后破产， 微软、IBM、GE、美国在线、波音、福特、摩根大通等 诸多大牌公司也曝或多或少的财务舞弊、报表粉饰、债 务隐匿等丑闻。
五、政府反应 : SOA法案出台
2002年4月24日美国众议院以334票赞成、90票反 对的绝对优势高票通过了由众议院财务服务委员会主席、 共和党人Oxley提交的第3763号法案《公司与审计的责 任、义务和透明度2002年法案》。6月18日参议院银行 委员会也以17票赞成、4票反对的结果，批准将该委员 会主席、民主党人Sarbanes提交的《公众公司会计改革 和投资者保护2002年度法案》送交参议院表决通过，这 两个法案合称《2002年萨班斯——奥克斯利法案》。
安然事件案例及分析
安然事件案例及分析安然公司（Enron Corporation）是美国能源和天然气公司，曾经是世界上最大的公司之一。
1990年代末和2000年代初，安然在财务造假和贪污的丑闻中涉及数十亿美元，引发了被称为“安然事件”的全球金融危机。
本文将从安然公司的经营模式、财务造假及其影响等方面进行分析。
1.经营模式安然公司采用的经营模式是“能源交易”模式，也就是商业能源市场交易。
该模式的主要特点是将商品作为交易品，并在交易中根据市场预期赚取差价。
安然通过各种合同来进行交易，其中包括像电力贸易、能源期货和互保协议等。
安然公司的经营模式成功吸引了众多投资者，股票价格不断上涨，公司成为了市值最高的公司之一，也成了散户投资者眼中的“稳赚不亏”的公司。
2.财务造假虽然安然公司表现出色，但其股票价格的上涨归根到底是由于财务造假，尤其是对公司债权、债务的资产估值存在大量不合理的错误，导致投资者对公司价值的认识存在误差，从而向安然借入大量资金，进而造成公司资产、负债结构恶化，严重影响了公司的财务状况。
此外，安然公司高管为了追求业绩，利用各种手段造成公司财务造假，其中包括通过虚构收入和开放认证公司（SPV）等手段。
通过假账和虚构收入来掩盖公司运营所面临的现实危机，安然高管成功地排除了监管部门的审查和市场的质疑，促使股价持续上涨。
3.影响财务造假最终导致了安然公司的破产和全球金融风暴的爆发。
从2001年到2002年初，安然股价从高峰的90美元降至仅有0.26美元的底部，公司市值锐减，公司股票也被从纳斯达克股市退市。
这次事件不仅使得安然公司的员工、投资者和合作伙伴蒙受了重大损失，也让美国的公共信任和对企业的认识发生了巨大变化。
对于经济学家和管理学家而言，安然事件也提供了重要的教训。
一个企业实行的必须是诚实和透明的经营方式，而不是欺骗和贪婪的盈利模式。
企业的核心价值观和文化也是重要的，必须让员工知道公正和诚实的管理是不容忽视的，否则只会注定失败。
安然事件分析（英文）（精选）
The Enlightenment of the Enron Case2009-5-10●The enlightenment of CPACertified public accountant audit the business needs to complete two scales, one accounting standards, F Independent Auditing Standards. With the ongoing globalization, many of the major capital markets are ac efforts to promote to the globally accepted accounting standards and the convergence of auditing standards. , can not ignore the international accounting and auditing guidelines for the convergence of this trend.1) To encourage and guide the development of China's accounting firm of non-audit services consulting. At present, the accounting firm of the service structure is basically a single audit services, s services did not bring the structure of the high independence of the audit, and the firm is not conducive to stability and long-term development. China's accession to the WTO after the domestic accounting marke bound to increasingly intense competition, the international accounting firm brought about by the increas competitive pressure. In addition, supplementary audit under way after a comprehensive, internationally largest on the domestic impact of the audit services market will not, and should be non-audit consulting servi market.2) At the same time, strengthen the supervision of non-audit services.1> a listed company effective the r of the Audit Committee.2> to enhance the role of industry self-regulation, and improve the independence certified public accountants system of industry self-regulation, research detailed Code of Ethics for Certif Public Accountants, and strengthen the independence of the sector-specific regulations. 3>and give full play the joint monitoring and social supervision.●The enlightenment of audit1) The face of audit risk analysis and countermeasures to be taken.First, it is necessary to predict the risk of audit, control and analysis. The second is intended to avoid. T third is self-protection. Fourth, the transfer risk. Fifth, take risks.2）Audit risk control initiative of countermeasures to be taken.The first is to remove all outside interference, to honesty and self-discipline, solidarity and cooperation, subject to the overall situation, the work of excellence, hard. Second, we should pay attention to case studies and theoretical research. The third, the audit process in the strict implementation of national auditing standards, so that actions are consistent with the criteria for audit requirements. The fourth one is the establishment of audit institutions in the quality standard system. Fifth, improve the system of personal responsibility. Six is to improve the incentive and restraint mechanisms.3) Auditors should be taken to avoid the risk of technical countermeasures.4) In addition, the project, working papers, and other survey methods together constitute the technical elements of audit quality as well as project management of the content can not be ignored.The enlightenment of tax1), the National People's Congress and its Standing Committee should strengthen the tax legislation, so that the tax laws work.2), the tax authorities according to law, strictly enforced the tax.3), the people's courts and prosecutors to strengthen the regulation of the phenomeno n of the digital law punished.4), a certified public accountant and registered auditor to assume the responsibility of the real.5), enterprises pay taxes to raise consciousness.6), tax accounting to improve the professional ethics.The enlightenment of corporate governance and internal controlThrough the wake of the Enron case, we recognize that stock options can not deny the system, the audit committee to play a positive role in internal controls, but it can not rely too much on their role and exaggerated, and the need for a variety of institutional arrangements, such as a system of independent directors, synergy with the external audit system. Because of deficiencies in corporate governance structure is not isolated; there is need for a holistic consideration of issues and system solutions.First, the issue of corporate governance structure, involving the board of directors, board of supervisors, managers and the correlation between the settings, and the other is set up and its relationship management, financial management, financial management is how to determine the breadth and depth, resulting in centralized management and hierarchical management model.Second is the control of authority to authorize.1> the scope of powers delegated by, usually all the business activities of enterprises should be included in its scope.2> The powers delegated by the level of economic activity should be based on the importance and determine the size of the powers delegated by the different levels, thus ensuring the right to have the management responsibility.3> The powers delegated by the responsibility, it should be clear who is authorized to deal with in the performance of power which is responsible for, and unclear responsibilities should be avoided, if there are problems with its dedicated and hard to blame the situation.4> Authorize the approved procedure, should provide for each type of approval process of economic operations in order to apply for approval in accordance with the procedure in order to avoid leapfrog approval, the occurrence of non-approval.Third is the accounting system control. Clear accounting documents, accounting booksand financial accounting reporting procedures and methods. Set a comprehensive budgetcontrol and a preservation of property control. Human resource control is important. Management Information System includes two aspects, on the one hand is to strengthen information systems for electronic control of their own.On the other hand, it is necessary to use electronic means of information technology toestablish control systems to reduce or eliminate the impact of internal human control, toensure the effective implementation of internal controls.Control of the internal audit ofinternal control is a special form, it is a internal economic activities a nd compliance management system, reasonable and effective independent rating agencies, in a sense, theother to control the internal controls. Covers a broad range of internal audit, its purpose can bedivided into a financial audit, management audit and management audit. Internal audit in theenterprise should be maintained relative independence, should be independent of the otherbusiness management, preferably by the Board or under the leadership of the Audit Committee.Reference:1. Xie.H (2009) Enron business to China Institute of Certified Public Accountants of Enlightenm /new/287_289_/2009_3_26_wa7456373449623900214504.shtml2. Huang.S (2002) Institute of Certified Public Accountants of the Enron case on the impact of the mode regulation, CICPA3. Zhang.L (2002) Independent certified public accountants: act with the core values of bound, CICPA4. Lin,Q (2002) Audit and non-audit services: a conflict of interest can not be coordinated?, CICPA5. Mei,F (2001) The development of advisory services, Accounting World6.Ji.H (2005) Several audit risk prevention countermeasures, /paper/v2853.html7. Hahahenhao (2008) Organization of planning control, /283136_374148.html8. Huang.S (2002) Institute of Certified Public Accountants of the Enron case on the impact of the mode of regulation. Also on the integrity of education and audit quality, the Chinese Institute of Certified Public Accountants9. Zhang.L (2002) Independent certified public accountants: acts of constraints and the core values of the Chinese Institute of Certified Public10. Lin Qin.Y (2002) Audit and non-audit services: a conflict of interest can not be coordinated? Triggered by the Enron case once again the topic, the Chinese Institute of Certified Public Accountants11. Mei.F (2001) Development of advisory services, the Chinese financial newspaper. Accounting world12. Shen,J (2000) Northeast University of Finance and Economics Press, Certified Public Accountant exam books。
安然公司事件详细分析案例
丑闻曝光前后的安然公司股价走势
股票价格
➢ 2001年11月30日，股价跌至0.26美元，市值 （800亿元美元-２亿美元）
➢ 2002年１月１５日 -股票被摘牌-柜台交易 (90.75-0.07)，股东提起集体诉讼
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有限合伙人
LJM有限 合伙公司
一般合 伙人ຫໍສະໝຸດ ERNB公司 （独立第三方）
投资７５０万美元
Ｃａｍｐｓｉｅ公司 （独立第三方）
投资７５０万美元
投资１００万美元
LJM开曼有限合伙公司 (ＬＪＭ１)
应付票据６４００万美元
出售３４０万股安然股票
法斯托先生
为唯一董事
拨付１６０万股 安然股票和３７５万美元现金
安然事件 COSO分析
五.信息与沟通
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1.未建立信息收集、加工机制 安然的“只能成功”理念，导致企业人员必须保持 安然股价持续上升的压力，诱使高级管理者在投资 和会计程序方面冒更大的风险。其结果就是虚报收 入和隐瞒越来越多的债务。 另外，安然的决策者也未能正确的认识市场及其发 展，进行错误的决策，向下级员工传达了错误的指 示，导致对外投资中的巨大损失。 2.组织信息传递制度不完善 一项学术调查指出在安然公司内，高级主管未能履 行一些“领导的沟通职责”，譬如“沟通恰当的价 值观念”和“保持问题征兆的公开性”等。 在外部信息传递方面，与客户、供应商、股东之间 的沟通采取了隐瞒或谎报的方式，安然公司在对外 公布的财务报表上弄虚作假，以此来吸引股东投资 来提高股价。 防舞弊机制形同虚设 安然的14名监事会成员有7名成员与安然关系特殊，要么正 在与安然进行交易，要么公职于安然支持的非盈利机构， 对安然的种种劣迹采取了默认的态度。监事会名存实亡， 不仅没有起到监事的作用，反而起到帮衬的作用。 同会计事务所和监管机构沟通过于密切，共同进行造假。
4.企业文化
企业文化是内部控制的重要组成部分，是其他控制 政策与程序实施的基石。塑造怎样的企业文化和价值观， 这直接影响着决策者的战略管理。如果说企业文化管理 是企业战略管理的最终决定形式，安然的决策层显然是 鄙视了企业文化管理的合理性。而且决策层还弄虚作假， 败坏自己的企业文化，整个公司充斥着弄虚作假的氛围。
安然事件 COSO分析
安然公司简介
美国安然(Enron)公司成立于1985年，其前身是休斯敦天然 气公司，在20世纪八十年代末之前的主业是维护和操作横跨北美 的天然气与石油输送管网络。随着美国政府在80年代后期解除对 能源市场的管制，激发了能源期货与期权交易的蓬勃兴起。 安然 于1992年创立了“安然资本公司”，拓展其能源零售交易业务， 并涉足高科技赛频产业。整个20世纪90年代的10年间，安然从一 家主营天然气、石油的传输公司变成一个类似美林、高盛的华尔 街公司，旗下事业包括电力、天然气销售、能源和其他商品配销 运送，以及提供全球财务和风险管理服务，在全球拥有3000多家 子公司，控制着全美20％的电能和天然气交易。
安然事件英文观后感作文
安然事件英文观后感作文Reflections on the Enron Scandal.The Enron scandal, which unfolded in the early 2000s, remains a prominent case study in corporate ethics and governance. As one of the largest corporate failures in history, it shook the financial world to its core, raising questions about the integrity of corporate leadership, the role of auditors, and the regulatory frameworks that govern corporate behavior.Enron, once a powerhouse in the energy industry, collapsed under the weight of its own fraud and deceit. The company's leadership, led by Jeffrey Skilling and Kenneth Lay, employed complex financial schemes to inflate profits and hide debts, all while misleading investors and regulators. The use of off-balance sheet partnerships and accounting gimmicks allowed Enron to portray a picture of financial health that was far from the truth.What makes the Enron scandal particularly egregious is not just the scale of the fraud but also the brazen disregard for ethical standards. Executives at the top knew full well what they were doing was wrong, yet they chose to prioritize their own financial gains over the long-term interests of the company and its shareholders. Thisreckless pursuit of short-term profits came at a巨大代价, not only for Enron but also for the thousands of employees who lost their jobs and the investors who lost their savings.The role of auditors in this scandal is also noteworthy. Arthur Andersen, Enron's long-time auditor, was complicitin the fraud, as they failed to detect the accounting manipulations and turned a blind eye to unethical practices. This failure highlights the critical importance of independent auditors in ensuring corporate accountability and transparency. When auditors fail to uphold their duties, the integrity of the financial system is compromised.The Enron scandal also exposed the limitations of regulatory frameworks. Despite the presence of regulationsdesigned to protect investors and ensure corporate accountability, these failed to prevent the fraud from happening. This underscores the need for constant vigilance and updating of regulatory frameworks to keep pace with the evolving complexities of corporate finance.In hindsight, the Enron scandal serves as a powerful reminder of the critical importance of ethics and integrity in corporate leadership. It reminds us that while profits and growth are important, they cannot come at the cost of ethical standards and corporate responsibility. Leaders must be held accountable for their actions and must prioritize the long-term interests of the company and its stakeholders.Moreover, the Enron scandal underscores the importance of robust regulatory frameworks and independent auditors in ensuring corporate accountability and transparency. Auditors play a crucial role in validating financial statements and identifying potential frauds, while regulators set the standards and enforce the rules that govern corporate behavior. When these two pillars ofcorporate governance fail, the consequences can be catastrophic.In conclusion, the Enron scandal is a sobering reminder of the consequences of unethical corporate leadership and the failure of regulatory frameworks. It serves as a call to action for businesses, auditors, and regulators to constantly strive for excellence in corporate governance and ethics. Only by upholding high standards of conduct and ensuring transparency and accountability can we prevent such scandals from happening again and protect theinterests of investors, employees, and society at large.。
美国安然事件
美国安然事件1. 简介美国安然事件（Enron scandal）是指发生在2001年的一起重大金融丑闻，涉及美国能源公司安然（Enron Corporation）的会计舞弊和公司管理层的腐败行为。
这起事件不仅引发了安然公司破产，也对整个美国的金融市场造成了巨大冲击。
本文将介绍事件的背景、过程和影响，并分析其中的教训。
2. 背景安然公司是美国一家电力、天然气和通信服务公司，在成立初期一直保持着较为健康的经营状况。
然而，随着时间的推移，安然公司管理层逐渐放弃了诚信和透明度，开始进行大规模的会计舞弊和虚报利润。
3. 事件过程安然公司的会计舞弊主要是通过特殊目的实体（Special Purpose Entities，SPEs）进行的。
这些SPEs不仅设置了复杂的财务结构，还与高级管理人员存在利益关联。
通过将债务转移到SPEs并利用会计漏洞，安然公司能够将负债和亏损隐瞒起来，虚增公司利润。
这一系列的操作使得安然公司在外界看来一直保持着良好的财务状况。
然而，真相最终还是被揭穿了。
2001年，一位名叫Sherron Watkins的员工向高层管理层举报了安然公司的不法行为。
此举引起了公众和监管机构的关注，安然公司的内部问题逐渐曝光。
公司的股价暴跌，投资者纷纷撤资，最终导致安然公司宣布破产。
4. 后果与影响安然事件对美国金融市场产生了深远的影响。
首先是投资者的损失，许多人的投资在安然公司破产后变得毫无价值。
其次是员工的失业，安然公司的破产导致数千名员工失去了工作。
此外，这起事件也对美国的监管制度产生了冲击，监管机构被质疑没有及时发现和制止安然公司的违法行为。
除了直接的经济损失外，安然事件还对整个商界产生了重大的警示作用。
它揭示了公司管理层的腐败问题以及会计舞弊的严重性，触发了对公司治理、财务透明度和监管制度的反思。
作为一起极具代表性的丑闻，安然事件引发了全球范围内对企业道德和诚信的讨论，并推动了金融市场的改革。
安然(Enron)事件分析
IntroductionSince 2001, the business world has weathered scandal after scandal. Again many ethical problems had aroused people’s attention again. Is business ethic? Why is business ethics important? How to improve ethics in business world? According to Enron’s case, I will focus on the business ethic problem and discuss it in this essay. What happened in Enron?According to the case of Skilling vs. United States in the Supreme Court of United States, as a big energy trader in the world, Enron ranked as the seventh revenue grossing company in the United States.Jeffery Skilling, a long-time chief executive officer of Enron, resigned in August 2001. Less than four months later, Enron crashed into bankruptcy, and its stock plummeted in value. After an investigation through which uncovered an elaborate conspiracy to prop up Enron’s stock prices by overstating the company’s financial well-being, the U.S. Federal Government prosecuted dozens of Enron employees who participated in the scheme include Skilling and two main executives in Enron. Count 1 of the indictment charged Skilling with, inter alia, conspiracy to commit“honest-services” wire fraud, by depriving Enron and its shareholders of the intangible right of his honest services. Skilling was also charged with over 25 substantive counts of securities fraud, wire fraud, making false representations to Enron’s auditors, and insider trading. [1] (SUPREME COURT OF THE UNITED STATES, p1)Justices’ decision and honest-service statuteSkilling appealed the decision which was made by the court and raised two questions after the voir dire in 2006. First, he felt that he acquired an unfair trial under pretrial publicity and community prejudice. Second, he asserted that it is improperly for jury to convict him conspiracy to commit honest-services wire fraud.According to the jury’s conviction, Jeffery Skilling committed “honest-service” wire fraud. However, the case expresses: “in proscribing fraudulent deprivations of the intangible right of honest services, according to 18 U.S.C.S. § 1346, Congress only intended at least to reach schemes to defraud involving bribes and kickbacks”. [2] (SUPEREME COURT OF UNITED STATES, p 1) Based on this aspect, Skilling appealed. But his claim was rejected by the Court o Appeals because“it did not address Skilling’s argument that the honest-services statute, if not interpreted to exclude his actions, should be invalidated as unconstitutionally vague”. [2] (SUPEREME COURT OF UNITED STATES, p 1)According to Justice Ginsburg’s decision, honest-service statue should be in part advocated in Skilling’s case because proscribing fraudulent deprivations of “the intangible right of honest services” should be at least included in bribes and kickbacks. However, Skilling did not do the fraudulence as this. Justice Ginsburg’s opinions are as follow:We disagree with the Fifth Circuit’s honest-services ruling. In processing proscribing fraudulent deprivations of “the intangible right of honest services,”§1346,Congress intended at least to reach schemes to defraud involvingbribes and kickbacks.Construing the honest-services statute to extend beyondthat core meaning, would encounter a vagueness shoal. Construing thehonest-services statute to extend beyond that core meaning, we conclude,would encounter a vagueness shoal. We therefore hold that §1346 covers only bribery and kickback schemes. Because Skilling’s alleged misconductentailed no bribe or kickback, it does not fall within §1346’s proscription. Wetherefore affirm in part advocate in part. [2] (SUPEREME COURT OF UNITEDSTATES, p 1)Ethical discussionAs the Enron scandal wore on, many other companies such as WorldCom, Xerox, and Merck collapsed and became financial scandal as well. As the question mentioned at beginning, is business ethical? A survey of high school students conducted by Junior Achievement and Deloitte Touche found that only eighteen percent believe business leaders are ethical. [3] (M.Jennings, p 32) That is to say, it is time for the business field to improve their ethical level, in order to rebuild their image. However, is it necessary to do this? The answer is absolutely “yes”and the reasons are as follows:First one is cost of unethical behavior. Companies would lose their customers if they are not responsible. It costs corporations a huge amount of money and time to rebuild their reputation. Nestlé is probably a good example. From the 1970s to 1980s, Nestlé promoted infant formula in baby milk with misleading and harmful strategies that violated the International Code of Marketing of Breastmilk Substitutes and put babies at risk. A Nestlé boycott was launched at that time all over the world,especially in the U.S. In order to continue business, headquarter decided to recall the entire harmful baby milk in the less economically developed countries where their breast milk substitutes were sold mostly. And set up the independent Nestlé Baby Milk Product Review Committee. Through these sincere efforts, slowly, Nestléacquired people’s confirmation, and in 1983, the United States Teachers Unions, the biggest organization in the boycott, repealed the boycott to Nestlé’s products. However, Nestlé expensed huge amount of money to communicate with the public and improve their products annually during that period. The same situation in Enron, but the cost of the unethical behavior for Enron is bankruptcy. So cost is the first reason for a company to be ethical. [4] (The Internet Classics Archive. Web Baby Milk Action)Second is impact on reputation. Reputation or goodwill is the determinant element of a corporation, although it seems ridiculous to some business people. A company with a high reputation can absorb more and more customers and occupied more market shares to maximize their profit. In contrast, low reputation company not only cannot maintain their current customers and market shares, but loses them and even goes into bankruptcy. Because of overrating the financial well-being, Enron’s stock was popular among stock agencies and was highly recommended as well. However, after the investigation, Enron’s share plummeted. Enron lost credit to their shareholders who sold their stocks crazily in the four months. From ninety dollars, the highest share price, to pennies per share, shareholders’ wealth shr ank heavily, and some people fell. Enron’s reputation fell to zero or even negative with the falling of itsstock price, although it is not reasonable to measure by numbers. In general, reputation is the most significant element of a company even the whole business. How to maintain relatively high reputation? The answer is quite simple: behave ethical.Finally is reputation’s impact on the business world. As we mentioned above, unethical behavior impacts on the corporation’s reputation which is important to a company. On the other aspect, one company’s scandal especially the leading enterprise’s can probably raise the crisis of confidence in the whole industry. As an energy trading enterprise, Enron’s business is constructed in the credit basis. That is to say, energy suppliers and consumers sign contracts through Enron, and promise to fulfill the obligation in several months. So the reputation is tremendously important to companies in this industry. Enron’s collapse brought significant impact on the “Energy Trading” industry. Suppliers and consumers can hardly trust these media companies after the scandal happened, and they may probably find another safer way to sign contracts. In general, Enron’s mistake may possibly lead to the depression of the whole “Energy Trading” industry.According to the reasons, unethical business behavior raises the cost of companies, lost reputation and even reputation of the certain industry, whichever problem can lead to a bankruptcy or even the crisis of economic. So it is time to emphasize ethic in business field, but according to Enron’s case, what should be comprehended to avoid unethical behavior in company? How can an enterprise enhance their ethic and culture?Ethics begin at the top of a company. A business must have from its board and itsCEO a commitment to earning a profit within ethical boundaries. In Enron’s case, Jeffery Skilling, the company’s CEO, and many members in the board of supervisor set up their private companies and do business with Enron ( inside trading). They achieve large amounts of liabilities for Enron in their own companies’ name, in order not to disclose them in Enron’s balance sheet. In conclusion, these officers deceive the public without any social responsibility by overrating Enron’s value to make the stock price go up and up. As presented in the beginning of the section, ethics begin at the top of a company. That is to say, leadership’s ethical culture has important implication to employees and even the whole enterprise. So it is necessary to enhance the tone at the top. There are four keys to a company with a good ethical culture [3] (M.Jennings, p65):First of all, establishing written standards of conduct; this method can help companies manage their employees more effectively, and remind employees what behavior is ethical in the company, if a person does not follow the regulations on the wall; he/she would get sanctions and terminations due to unethical behavior.Second, proceeding ethic training for both employees and the top managers; ethics can be strengthened in both employees’ and executives’ mind in this means.Third, funding ethics advice lines or offices, is a minimum requirement for companies in the post-Sarbanes-Oxley era. In order to encourage employees to report problems, companies may develop tools or hotlines to heighten employee awareness of ethics and encourage them to raise concerns. [3] (M. Jennings, p66) Forth, completing systems for anonymous reporting of misconduct; companiescan develop an anonymous system to encourage employees reporting problems or ethical dilemmas they faced because there may still be fear and concern that their jobs are at stake. Companies can also set up some award fund to inspire people to do so.In other aspect, companies need to set a reasonable reward system to pay both their employees and top managers. According to Enron’s case, Enron pays large amount of its stock options to executives include Skilling. This method indeed encourages officers to work hard, but in the other hand, it led to Enron’s collapse indirectly. Ethic is so vulnerable when interest is taken for priority; in order to make huge profit from the soaring of the stock price, Skilling and some other executives deceive the public by manipulating Enron’s financial reports. It is significantly important to establish a healthy method to pay employees with a reasonable amount of stock options.ConclusionIn nowadays, after scandal and scandal, business field is undertaking unprecedented ethical pressures. It is time to rebuild public’s confidence and enhance ethics in business. In 2004, after Enron’s scandal, Sarbanes-Oxley was implemented by American stock market, which is the severest regulation in recent decade, and it focuses on enhancing public enterprises’ internal control. Although it is difficult time for business field, there are reasons to believe that the situation can be better and better by everyone’s efforts.Reference[1] SUPREME COURT OF THE UNITED STATES. SKILLING v. UNITED STATES. CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE FIFTH CIRCUIT[2]SUPREME COURT OF THE UNITED STATES.JEFFREY K. SKILLING, PETITIONER v. UNITED STATES ON WRIT OF CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE FIFTH CIRCUIT. June 24, 2010.[3] Jennings, Marianne. Business: Its Legal, Ethical and Global Environment. Cincinnati: West, 2006.[4]/aboutus/aboutus。
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美国安然公司破产的原因分析及启示
一﹑安然公司的基本情况
安然公司成立于1985年,由当时的休斯敦天然气公司(Houston Natural Gas)和北联公司（Inter North）合并而成。
其以创造性的手法将金融市场中的期货﹑期权等概念移植到能源交易中，提供能源产品的期货﹑期权交易，并不断开拓新的市场，一度成为能源寡头。
2001年12月2日，安然公司正式申请破产保护。
二﹑安然公司破产原因分析
昔日的能源寡头到被迫申请破产保护，其中原因自然是复杂多方面的。
有宏观环境的变化，美国金融﹑会计审计制度方面的缺陷，公司监督机制及经营方式等方面的问题。
大致可分为以下几个方面：
1﹑脆弱的泡沫化经营作为公司发展的基础。
2﹑隐瞒债务﹑人为操纵利润等手段难以为继。
3﹑公司监管机制形同虚设。
4﹑美国会计审计制度缺陷使安然公司有机可乘。
三﹑安然公司破产的启示
安然公司的破产对当时的经济有着很强的破坏力，其反映了市场经济条件下企业的不当行为对经济带来的巨大影响。
这对于完善我国的市场经济体制﹑防范金融风险﹑促进金融市场健康发展具有十分重要的意义。
Causes Analysis and Enlightenment of Enron's Bankruptcy
A, Basic Situation of Enron
Enron Corporation was founded in 1985, the merger of Houston Natural Gas Corporation ( Houston Natural Gas ) and the Northern Alliance ( Inter North ). With a creative approach, Enron transplanted the concept of financial markets in futures, options to energy trading, supplied energy futures, options trading, and constantly opened up new markets, became energy oligarchs. On December 2, 2001, Enron filed for bankruptcy protection .
B, The Cause Analysis of Enron's Bankruptcy
The reasons which caused yesterday energy oligarchs to file for bankruptcy protection are complex and multi-faceted including changes in the macroeconomic environment, financial, accounting and auditing system deficiencies , the company supervision mechanism and mode of operation and so on. They could be divided into the following areas:
a , A fragile bubble operation as a basis for the development of the company;
b , Concealing debt , manipulated profits is unsustainable;
c , Useless regulatory mechanism;
d , Accounting and auditing system defects.
C, the Enlightment of Enron's Bankruptcy
Enron's bankruptcy has a strong destructive power , which reflected that the misconduct of the enterprises in the market economy brought tremendous impact on the economy. It has a great significance for improving China's market economic system, guarding against financial risks, promoting financial market health.。