安然公司破产案例分析会计英语课程作业小组成员：袁星浩柯志亮毕健敏余依澜曹琼之BasicSituationofEnron•EnronCorporationwasfoundedin1985,themergerofHoustonNaturalGasCorporation(HoustonNaturalGas)andtheNorthernAlliance(InterNorth).•Withacreativeapproach,Enrontransplantedtheconceptoffinancialmarketsinfutures,optionstoenergytrading,suppliedenergyfutures,optionstrading,andconstantlyopenedupnewmarkets,becameenergyoligarchs.•OnDecember2,2001,Enronfiledforbankruptcyprotection.TheCauseAnalysisofEnron'sBankruptcyThereasonswhichcausedyesterdayenergyoligarchstofileforbankruptcyprotectionarecomplexandmulti-facetedincludingchangesinthemacroeconomicenvironment,financial,accountingandauditingsystemdeficiencies,thecompanysupervisionmechanismandmodeofoperationandsoon.Theycouldbedividedintothefollowingareas:•Afragilebubbleoperationasabasisforthedevelopmentofthecompany;•Concealingdebt,manipulatedprofitsisunsustainable；•Uselessregulatorymechanism;•Accountingandauditingsystemdefects.TheMethodsoftheEnron’sFinancialFraudThefollowinganalysisofEnron'smanagementhowtoobtainanon-legitimateinterestsoftheapproach,theEnronofthefourmethodsare:First,black-boxoperations,debt,baddebtstransferredtothebranchofthecompany.•ThemediapointedoutthattheEnronapproachisan"accountingofNirvanamade.•Enronsaidthediscoveryofhowtomakethetraditionalenergycompanies,becameahighgrowth,high-profit"newenterprise"ofthe"secret.“•Butinfact,mostofthecompany"values"arederivedfromthehiddendebt.•Ontheonehand,EnrondrillingGAAPTheyengagedinhidingthedebtthroughtheaffiliatedenterprises.•AccordingtoGAAP,anumberofsubsidiariesoftheindividualstatementsdonotneedintoEnron'sconsolidatedstatements,butthesesubsidiariesessentiallycontrolledbyEnron,butitsliabilitieshavenotbeenreflectedinEnron'sbalancesheet.•Ontheotherhand,Enron'suseof"TrustFund"andother"specialpurposeentity"meanshidingitsdebt.•ThefundsraisedintotheEnron,butEnron'sbalancesheetdidnotdisclosethedebt.Second,Enron'sfinancialauditoftheuseofenormousloopholeforsecretdealandthe"insidertrading."•Throughavarietyofmeansfortheexternalauditdepartmenttomaintainthecompany'stacitapprovaloffalsebehavior.•AXDmentionedabove,auditingandconsultingservicestooverlap,resultinginthenon-auditasanexample.•Asaresult,eachofEnron'sfinancialstatementscanbefabricatedinaccordancewithmanagement'sreleasedabeautifulfigureEnron'ssharepricesoared,thecompanybenefitedfromhigh-levelfollow.Third,theuseofcommercialrestrictionsonthecancellationoftheuseofpoliticalforce.•UnitedStates10yearsthecancellationofcommercialrestrictions,bothtopromotethedevelopmentofafreeeconomy,alsocontributedtoEnron'stheirchancetomakealotofspace.•Enron'suseofthegoodpoliticalrelationswiththeUnitedStates,"rewritetheprovisionsoftheU.S.government'senergypolicy"sothattheirenergypolicytiltedtoobtainalargenumberofbenefits.Fourth,continuedtocreatebusinessclimatereportstomisleadinvestorsandthepublic'seyes,inafewmonthsbeforeEnrondeclaredbankruptcy,Enronhasbeenhollowedoutinside,buttheexternalpropagandaisstilljoyofspring,aboom.•InAugust2000,Enronstockreachedarecordhighof90dollarspershare,whenEnronbegantoselltheirholding,chairmanofthecompanystock,hecertainlyknowsthecompanytohidethenumberoflosses.•Atthesametime,retailinvestorsareadvisedtocontinuebuyingEnronstock,priceswillcontinuetogoonalongendless.•Enronexecutivespromisedtoinvestors,company'ssharepriceroseto130-140U.S.dollarswillshare,butprivatelyhequietlyshareshishandsoutofspace,becausetheyknowthecompanylooksbleak.•Thesell-offbehaviorofexecutivesledtoEnron'sstockpricefell,investorsarestillbeingrecommendedtocontinuetobuyorholdEnronstock,theyaresuggestingstockpriceswillrebound.AtthesametimeEnronwasalsothroughtheestablishmentofalargenumberofoffshorecompaniestoevadetaxes.•Throughthisway,thesuccessofEnron'shigh-levelEnroncreatedafalseprosperityaslongas10years.•Themthroughaccountingfraud,insidertrading,etc.,wasmanipulatingstockprices.•Inthecompany'sincentivesystem,basedontheobtainedhugeprofits.•Ofcourse,theEnronbankruptcyultimatelydoomedfate.theEnlightmentofEnron'sBankruptcy•Enron'sbankruptcyhasastrongdestructivepower,whichreflectedthatthemisconductoftheenterprisesinthemarketeconomybroughttremendousimpactontheeconomy.•IthasagreatsignificanceforimprovingChina'smarketeconomicsystem,guardingagainstfinancialrisks,promotingfinancialmarkethealth.
