公司治理与企业伦理教育

1、公司治理与企业伦理教育1、 Zabi Rezaee Ph.D., CPA, CMA, CIA, CFE, CGFM Thompson-Hill Chair of Excellence & Professor of AccountancyFogelman College of Business and Economics The University of Memphis扎比·瑞扎伊，博士，注册会计师（CPA）、注册舞弊审核师（CFE）、注册管理会计师（CMA）、注册内部审计师（CIA）和注册政府财务经理（CGFM）汤普森-希尔会计学杰出讲座教授福格曼商业及经济学院孟菲斯大学2

2、、 The Cost of “Bad Press” The Arthur Andersen partner was on his cell phone when he said,“Ship the Enron documents to the feds,”But his secretary heard,“Rip the Enron documents to shreds.”It turns out that it was all just a case of bad cellular.“丑闻”的代价亚瑟·安达信的合伙人在电话中这样说道：“把安然的文件送去联邦调查局”但他的秘书听成了“

3、把安然的文件撕成粉碎”原来这一切都只因为一个坏细胞。3、 Pepper . . . and Salt 胡椒粉和盐October 2, 2007我们状况良好，没有人看得懂我们的财务报表。4、 Financial Statement Fraud: Prevention and DetectionReview in Journal of Accountancy, December 2002, pp. 8990:“Financial Statement Fraud is a good reference for understanding some of the current corporate f

4、inancial statement problems in making sure that financial statements are correct.”财务报表舞弊：预防与发现会计期刊上的评论，2002年12月，P89-90：“财务报表舞弊一书对于我们理解当前公司财务报表准确性方面的一些问题提供了很好的参考。”Review in Internal Auditing May/June 2002, p. 4647:“This professional reference is highly recommended reading for all internal auditors an

5、d should be included in all internal auditing libraries and used in internal auditing training programs.This book should hit the bestseller lists rather quickly.”国际审计上的评论，2002年5/6月，P46-47：“强烈推荐所有内部审计人员阅读这本专业的参考书，所有的内部审计图书馆都应该收藏这本书，内部审计相关培训课程也应使用这本书作为教材。这本书很快便会登上畅销书排行榜。5、 Cooking the Books = FSF = CR

6、IMEFinancial Statement Fraud Formula Cooks+Recipes+Incentives+Monitoring (lack of)+End Results=CRIME财务报表舞弊公式：造假者+秘诀+动机+监管不足=最终结果（犯罪：由各词首字母组成）6、 Corporate Governance Post-Sarbanes-Oxley: Regulations, Requirements, and Integrated ProcessesLynn Turner writes, “Corporate Governance Post-Sarbanes-Oxley a

7、ppropriately provides the reader with a useful discussion of emerging and contemporary issues confronting those involved with corporate governance including those in the monitoring function, as well as those in the growing field of not-for-profit organizations. And it adds an international flavor to

8、 its pages, which is unquestionably important and useful as todays largest investors as well as accomplished management teams and directors come from a multitude of countries.”萨班斯-奥克斯利法案实施后的公司治理：法规、要求与综合过程林恩·特纳写道：“萨班斯-奥克斯利法案实施后的公司治理：法规、要求与综合过程一书恰当地为读者提供了一个关于当代不断出现的诸多问题的有益讨论。这些问题是公司治理、监管和日益发展的非赢

9、利组织领域必须面对的。并且，该书带有国际化的特点。毫无疑问，这是十分重要和有益的，因为当今企业最大的投资者、卓越的管理团队人员以及董事会成员都是来自众多不同的国家。”Michael McCauley, Director of Corporate Governance for the Florida State Board of Administration, wrote, “Corporate Governance Post-Sarbanes-Oxley offers one of the most comprehensive examinations available. Dr. Rezae

10、e achieves an in-depth, thorough review of todays corporate governance landscape and provides a sound perspective for the reader. His systematic description offers a practical guide for any investor interested in the role of governance within the capital markets. An excellent book.”弗罗里达州管理委员会主任Micha

11、el McCauley写道：“萨班斯-奥克斯利法案实施后的公司治理：法规、要求与综合过程提供了一个颇为全面的考察体系，也是目前可利用的最为全面的审查体系之一。Rezaee博士对当前公司治理的情形做了深入、详尽的评论，并为读者提供了一个良好的视角。书中系统化的描述为对治理在资本市场中的作用感兴趣的投资者提供了一份实用的指南。这的确是一本非常好的书。”7、 IntroductionThe demand for ever-improving corporate governance and accountability for business organizations appears to be

12、 a global trend in the post-SOX era. Business schools should provide higher education with relevant curriculum. Two areas that have recently received long-awaited attention are business ethics and corporate governance. Business schools play an important role in preparing the next generation of busin

13、ess leaders, who will experience lifelong training in acting with integrity, upholding the highest level of ethical conduct, and carrying the heavy burden of public trust. There is little background data available with respect to the integration of corporate governance and business ethics education

14、into the business and accounting curriculum.介绍：萨班斯-奥克斯利法案实施后，不断改善企业的公司治理和责任机制似乎成为一个全球化的趋势。经济院校应该在高等教育中提供相关的课程。企业伦理和公司治理这两大领域最近受到了等待已久的关注。经济院校在培养下一代商界领导者方面发挥着重要的作用。这些领导者将毕生经历行为诚征性的磨练，坚持最高水平的道德操守，并肩负着公众信托的沉重担子。 很少的背景资料可以来证明公司治理和企业伦理教育已整合到经济和会计课程中。8、 DefinitionsBusiness Ethics: The moral principles and

15、 ethical standards that guide business behavior.Professional Ethics: The National Association of State Boards of Accountancy (NASBA) defines education in ethical and professional responsibilities as “a program of learning that provides potential professional accountants with a framework of professio

16、nal values, ethics and attributes for exercising professional judgment and for acting in an ethical manner that is in the best interest of the public and the profession” (NASBA, 2005).Corporate Governance: An ongoing process of managing, controlling, and assessing business affairs to create sharehol

17、der value and protect the interests of other stakeholders.定义：企业伦理：引导企业行为的道德原则和伦理标准。职业道德：州会计委员会全国联合会（NASBA）对“道德和职业责任教育”的定义为：“该学习项目为潜在的专业会计师提供一个关于职业价值观、道德规范和基于公众利益及职业，从道德角度实施专业判断的框架”（NASBA，2005）公司治理：管理、控制和评估公司事务来为股东增值并保护其他股东利益的过程9、只要市场稳定，他就能整夜睡个安稳觉。10、Why Teach Corporate Governance and Business Ethics

18、?Reported financial scandals (e.g., Enron, WorldCom, Global Crossing, Adelphia, Qwest) underscore the importance of vigilant corporate governance and ethical conduct by corporations.The Sarbanes-Oxley Act of 2002 (SOX) is intended to improve corporate governance by enforcing more accountability for

19、public companies and requiring adoption of a code of ethics for their executives.Anecdotal evidence and academic studies suggest that corporate governance and business ethics are not properly integrated into business education, and coverage of these issues should be increased.为什么要讲授公司治理和企业伦理？报道出来的一些

20、财务丑闻（例如：安然、世通、朗讯、Adelphia， 奎斯特）强调了警惕公司治理和企业伦理行为的重要性。2002年的萨班斯-奥克斯利法案旨在通过对上市公司强加更多的责任和要求他们的主管人员遵守一套道德规范来提高企业的公司治理水平。一些轶事证据和学术研究表明公司治理和企业伦理并没有恰当地整合到经济教育中，并且这类问题越来越多。11、改革12、There is an inventory of support materials for teaching business ethics and corporate governance in the post-Enron era. There are

21、 sufficient resources (published articles, Internet Web sites & videos) to offer a stand-alone course or integrate business ethics and corporate governance modules throughout accounting courses.It is easier to obtain administrative support to offer business ethics and corporate governance course

22、s in the post-SOX era.There is an increasing trend toward incorporation of business ethics and corporate governance education into the business curriculum worldwide. Corporate governance has evolved from compliance requirements to a business imperative.安然事件之后，有一系列辅助材料来教授企业伦理和公司治理。有许多充足的资源（发表的文章，互联网网

23、站和视频）可以提供一个卓越的课程或是将企业伦理和公司治理模式整合到整个会计课程。萨班斯-奥克斯利法案实施后，提供企业伦理和公司治理课程很容易取得行政上的支持。世界范围内，将企业伦理和公司治理教育与经济课程相结合已越来越成为一种趋势。公司治理已从一种被动遵守的规定演变为公司一种势在必行的行为。13、PwCs 2003 survey indicates that ethics is not properly integrated into accounting education and encourages academicians to increase the coverage of eth

24、ics and ethical issues in the classroom.Business schools have been alleged for ethics violations that “range from widespread cheating by students to faculty who have falsified data and manipulated research findings” (AACSB 2004).Business schools have been criticized for teaching “students to bend th

25、e rules to make the numbers” or encourage students to bypass policies, procedures, and even the law, to ensure favorable financial results (AACSB 2004).A KPMG 2007 study confirms that ethics training should tackle employee fraud and theft.普华永道2003年的一份调查报告显示，道德伦理并没有恰当地整合到会计教育中，应鼓励学者在教学时增加道德和伦理问题的探讨。经

26、济院校已被指责违反道德规范，具体表现在“从学生到老师广泛地作弊，伪造数据和研究结果”（美国国际管理教育联合会 2004）经济院校也受到如下批评：“教导学生违反规则编造数据，或鼓励学生绕过政策、程序甚至法律来确保可信的财务结果”。（美国国际管理教育联合会 2004）毕马威的研究证明了伦理培训能解决雇员的欺诈和偷窃行为的问题。14、KPMG conducted a survey of about 7,000 employees of companies and found significantly more positive support for ethical behavior in org

27、anizations with compliance ethical programs (CEP).The Association to Advance Collegiate Schools of Business International (AACSB) has promoted the integration of business ethics and corporate governance into the business curriculum.AACSB in its task force report promotes the coverage of business eth

28、ics and corporate governance in the business curriculum.This report identifies the four important areas viewed by the AACSB as the “cornerstones of a comprehensive and viable ethics education curriculum in business schools”: （1）responsibility of business in society; （2）ethical decision making; （3）et

29、hical leadership; and （4）corporate governance.毕马威对大约7000名公司雇员进行了一项调查，结果发现雇员大多都对遵守道德计划（CEP），对组织的道德行为表示积极支持。美国国际管理教育联合会倡导将企业伦理和公司治理整合到经济课程中。AACSB在其专题报告中提出促进企业伦理和公司治理在经济课程中的覆盖范围。报告表明，四个重要领域被视作经济院校中一个综合而可行的道德教育课程的基础：（1）企业的社会责任；（2）与伦理有关的决策；（3）伦理型的领导关系（4）公司治理15、The AACSB, however, stopped short of requiri

30、ng accredited schools to offer specific ethics or corporate governance courses.It is left up to business schools to determine whether and how to provide corporate governance and business ethics education to business students either in a single course or integrated across the curriculum on a module-b

31、asis.NASBA recommends that the process of ethics education start with a discussion of broad ethical theories and concepts and their applications to the accounting and business environment.NASBA initially recommended that ethics education programs contain: (1) three semester credit hours in ethical a

32、nd professional responsibilities of CPAs. (2) three semester hours in ethical foundations and applications in business. These recommendations were subsequently tabled.然而，AACSB停止要求认可的学校提供具体的伦理和公司治理课程。由学校自主决定是否开设公司治理和企业伦理教育及怎样开设这类课程，单独开课还是基于某种模式的整合课程。州会计委员会全国联合会（NASBA）建议，伦理教育应从广泛探讨伦理理论、概念和它们在会计和经济环境中的

33、应用开始。州会计委员会全国联合会（NASBA）起初建议伦理教育应包括：（1）三学分单元时间用于探讨注册会计师的伦理和职业责任（2）三学分单元时间用于探讨企业的伦理基础和应用。这些建议后来提交上去了。16、Ethics TriangleEthics sensitivity: Moral principles, workplace environment, gamesmanship, loyalty, peer pressure, and job security that influence ones ethical decisions.Ethics incentives: Rewards, p

34、unishments, and requirements for ethical behavior (e.g., tone at the top, AICPA code of professional ethics).Ethics behavior: Doing “the right thing” rises above a rules-based mindset that asks, “is this legal,” and adopts a more principles-based approach that asks, “is this right?”道德三角形：道德敏感性：道德原则、

35、工作场所环境、投机手段、忠诚、同事间的压力和工作安全影响一个人的道德选择。道德激励：奖励、惩罚和道德行为规范（例如，美国注册会计师协会职业道德规范）道德行为：做“正确的事”上升到以规则为基础的思想高度相当于说“这是合法的么”，从原则为基础的角度“这是正确的么”17、The established codes of conduct and ethics programs address the following:Avoidance and resolution of conflicts of interest between the company and employee. Complian

36、ce with all applicable regulations. Emphasis on customer relations to enhance the companys reputation. Avoidance of improper use of the companys confidential information. Encouragement of whistleblowers to reveal dishonesty, wrongdoings, and improper behavior.既有的行为准则和道德规范都有如下特征：避免和解决公司和雇员利益之间的冲突；遵从所

37、有可适用的规则；侧重于客户关系以提高公司的声誉；避免不恰当利用公司机密资料；鼓励举报者揭发不诚实、不道德和不恰当的行为18、1. A KPMG 2007 study confirms that ethics training should tackle employee fraud and theft.2. Federal Sentencing Guidelines require ethics and “code of conduct” training for employees covering the following:a. The rules against theft, no m

38、atter how small the asset.b. The early warning signs of employee misconduct (isolation, refusal to provide information to management, a sudden change in spending habits.c. Educating employees about whistleblower programs, hotlines.3. A corporate culture must promote ethical behavior at all levels.1、

39、毕马威2007年的一份研究证实了伦理培训应能解决雇员的欺诈和偷窃行为问题。2、“联邦裁决指导方针”规定雇员的道德和行为规范培训应包括以下几项：a、反对偷窃行为，不论是多么小的资产b、雇员不正当行为的预警信号：孤立、拒绝提供管理信息、突然改变消费习惯c、教育雇员举报程序、热线电话。3、企业文化必需能在各个层面上提高企业伦理水平。19、Sources of Corporate GovernanceThe primary sources of corporate governance in the United States are corporate law, securities law, li

40、sting standards, and best practices. Corporate laws: State corporate law establishes standards of conduct for corporations and defines fiduciary duties, authorities, and responsibilities of shareholders, directors, and officers. Federal securities laws: Federal securities laws are passed by Congress

41、 and are intended to protect investors and improve investor confidence in the integrity and efficiency of the capital markets.The two fundamental federal securities laws pertaining to public companies are the Securities Act of 1933 and the Securities Exchange Act of 1934.公司治理的来源：在美国，公司治理的主要来源是公司法、证券

42、法、上市标准和最优惯例。公司法：州公司法为企业建立了行为准则，界定了受托责任、管理当局和股东、董事及办公人员的责任。联邦证券法：联邦证券法是由国会通过的，旨在保护投资者，提高投资者对资本市场的完整性和效率方面的信心。两部适用于上市公司的基础的联邦证券法分别为1933年的证券条例和1934年的证券交易条例。20、SOX expanded the role of federal statutes in corporate governance by providing measures to improve corporate governance, financial reports, and

43、audit activities. Listing standards: Listing standards adopted by national stock exchanges establish corporate governance standards for listing companies to promote high standards of shareholder democracy, corporate responsibility, and accountability to shareholders and monitor the operation of secu

44、rities markets. Best practices: Corporate governance best practices suggested by professional organizations are nonbinding corporate governance guidelines intended to improve corporate governance policies and practices above and beyond state and federal statutes and listing standards.通过提供一些能改进公司治理，公

45、司财务报告以及公司审计活动的策略，萨班斯法案进一步扩充了联邦法规在公司治理中所起的作用。上市标准：国家证券交易所采用的上市标准为上市公司设立了公司管理标准，从而促进更高标准的股东民主、公司责任以及股东责任，同时监督证券市场的运作。最优惯例：各种专业性机构提出的关于公司治理的最佳实践方法是一种非约束性的公司治理准则，旨在超出州及联邦政府法规和上市标准的范围之外，改善公司治理政策和实践。21、Global Convergence in Corporate GovernanceThere are no globally accepted corporate governance reforms an

46、d best practices.Differences are mainly driven by the countrys statutes, corporate structures, and culture. The United States and United Kingdom operate under common law with the purpose of aligning the interests of management with those of shareholders compared to countries under code law (e.g., Ge

47、rmany) with the purpose of protecting the rights of minority shareholders.Corporate governance reforms in the United States are typically regulator-led being established by the SEC to protect investors, whereas reforms in the United Kingdom are normally shareholder-led indicating that investors are

48、responsible for safeguarding their interests.公司治理的全球性融合没有全球广泛认可的公司治理改革以及最优惯例。存在差异的主要原因是国家的法律法规、公司结构还有企业文化。 美国和英国在判例法（法院在进行诉讼审判时，寻求过去的司法判例当作审判依据。亦即相同的诉讼，有相同的审判结果）的规范下经营发展，公司治理的目的在于使管理层与股东的权益保持一致。而相对地，在法典体系约束下的国家（如德国），其目的在于包含小股东的权利。 在美国，公司治理改革是很典型的监管者导向，该模式是由SEC创设的，以保护投资者的利益，然而英国的公司治理改革一般以股东为导向，这意味着投资

49、者对他们的利益负责任。22、Corporate and Capital StructureCorporate governance in a dispersed share ownership (U.S.) is designed to align the interests of management with those of shareholders.In a concentrated ownership (Germany) corporate governance creates a right balance between the interests of minority and

50、 majority shareholders. The primary purpose of corporate governance in the U.S. is to enhance shareholder value creation while protecting the interests of other stakeholders (creditors, employees, suppliers, customers, government), whereas in Germany the focus is more on protecting creditors as bank

51、s play an important role in financing companies.公司及其资本结构股权分散形式的公司治理（美国）旨在使管理层的效益与股东权益相一致。一个股权集中的（德国）公司治理可以很好地维持大小股东之间一个的平衡关系。在美国，公司治理的主要目的，在保护其他股东（债权人，员工，投资者，客户，政府）利益的同时，增强股东价值，然而在德国，公司治理更多关注于保护债权人，因为银行在为公司融资方面起到重要的作用。23、The Board SystemIn one-tier boards in the U.S., directors are elected to overse

52、e management in running the company.In the two-tier board system in Germany, the supervisory board advises, appoints, and supervises the management board in managing the operation of the company.Japans companies operate through a complex system of committees, and these committees oversee and run the

53、 company.Cultural and political differences can also influence corporate governance as some cultures are more collective and risk averse than others (e.g., German compared to U.S.).董事会体系在美国的单层董事会中，董事们负责监督管理层对公司的运作。在德国的双层董事会体系中，监管层董事会负责对管理层董事会的运作提出建议、人员委派和监督的职责。日本的公司运营是通过一个复杂的委员会系统来实施的，这些委员会监督并且经营着公司

54、。文化以及政治上的差异也会影响公司治理，因为公司治理也像某些文化一样，具有集体性和风险性。（例如，德国和美国的对比）24、SOX Impact on Corporate Governance & EthicsSection 406 of SOX and SEC rules require public companies to disclose whether they have adopted a code of ethics for their senior executives and make it publicly available by: (1) filing their

55、 code of ethics as an exhibit to their SEC annual reports; (2) posting their rules of ethics on their Web site; and (3) disclosing in their annual reports that a copy of their code of ethics is available without charge upon request.SOX is reported to have a positive impact on business codes. However

56、, SOX is only one element in the complex corporate culture that determines the ethical conduct of participants (directors, officers, auditors, employees) in the current corporate business model. The other elements require changes in corporate culture in promoting competency and integrity among all c

57、orporate governance participants. A 2007 survey conducted by Grant Thornton indicates that about two-thirds of CFOs feel they could intentionally misstate their financial statements to auditors.萨班斯法案（SOX）对公司治理以及企业伦理的影响SOX406节和SEC规则要求上市公司披露他们是否对高管人员采用了一套道德守则，并将以下几方面对公众公开： (1)在SEC年度报告中列示公司的道德守则； (2)将道

58、德守则张贴他们的网站上的； (3)在年报中披露道德守则，而且这种披露根据要求是免费的。萨班斯法案被证实对公司守则有积极的影响。然而，在当前的公司经济模式中，萨班斯法案只是用以确定公司事务参与者（董事、办公人员、审计员、雇员）道德行为的复杂公司文化的一个元素。其他元素要求公司文化发生些变革以促进在所有公司治理参与者的能力和诚正性。格兰特·桑顿在2007做了一份调查，结果表明大约三分之二的财务总监他们可能故意地对审计人员错报他们的财务报表。25、Corporate Governance FunctionsThe seven essential corporate governance functions are oversight, managerial, compliance, internal audit, advisory, external audit, and monitoring. Corp