安然公司的分析

.................................................................................................. 2 ........................................................................................................... 3 ...................................................................................... 3

(1). The aggressive atmospheres................................................................................ 3

（2）the head of Enron had many mistakes . .................................................................. 3

（3）. The audit corroporation . .................................................................................. 4

（4）. Enron put its money in many ways ..................................................................... 4

（5）. Enron has so many filiales ............................................................................... 4 ---------------------------------------------------6

The Collapse of Enron

Before we start to analyze the Enron,it appears important to have a summery review of Enron’s rapid rise and even more rapid fall.

1.The darling of Wall Street

Enron was created in 1985 in Houston, Texas by the merger of two relatively small pipeline companies. From the early to mid-1990’s, primarily under Lay’s leadership the company developed and carried out two very aggressive, and apparently successful strategies at that time: Internally, it transformed itself rapidly from an “old economy” company based on “hard assets” to an “new economy” global energy trading and service company. The other thrust strategy was in the political front. Between 1993 and 2000 Lay and the company donated nearly $2 million to help Mr. George W. Bush become the President of the United States. . From 1998 to 2000, Enron’s annual revenues jumped from $31 billion to more than $100 billion, making it the seventh largest company on the Fortune 500 list. Thus, during the second half of 11 引自于 论文节选《Profound Considerations about the Enron Event》

1990’s, Enron was a darling of Wall Street1. For six years running, it was voted “most innovative” among Fortune’s “most admired” companies. The price of its stocks went up from $20 in 1997 to a high of over $100 in 2000.

2.Anron Nightmaire

Unfortunately, many of these fast growing and earnings were based on sham transactions as well as other accounting gimmicks. On December 2, 2001, the company apparently had no choice but to file the largest corporation bankruptcy in American history at that time.

What did we learn? First, wholesale deregulation has a vicious downside for ordinary citizens and is open to gross manipulation. Second, as Floyd Norris of the New York Times pointed out, Enron is essentially not an energy company but a financial institution that trades various financial instruments, utterly free of regulating limits. Like a bank, it must raise huge capital flows to maintain liquidity to underwrite the transactions, but unlike a bank or a financial market, it operates without oversight. Third, nearly every party to this debacle--Enron itself, its auditor, the bankers and brokerages--is guilty of profound conflicts of interest. They do not tell the truth to retail customers like small-scale investors for fear of offending their big investment clients. Enron, it seems, didn't tell the truth to its bankers either, and they didn't ask.

As we learn more, the fall of Enron may be seen as the logical result of repealing the Glass-Steagall Act, which prohibited 1 资料参考论文《"ANRAN Affair" about Basic Theory of Constituted accountancy Standard in our Country》 节选，选自期刊:《金融教学与研究FINANCE TEACHING AND RESEARCH》 2002年 第03期

commercial banks from merging with investment houses. The remedial agenda would start with the reregulation of banking and finance, in order to restore a milieu of prudence and honest dealings at the heart of capitalism. Other sectors should follow: energy, telecommunications and airlines, for starters.1

3.The Reflection of Anron Collapse

(1). The aggressive atmospheres of the work place caused workers to not only disregard the law.The employees were told to perform acts that could live in Enron. From their point of view, the aggressive strategies they adopted as well as the actions they took were beneficial both for themselves as well as the social group’s stakeholders such as the investors, employees etc.

（2）. As we all see , the head of Enron had many mistakes ,even they had broken the law .First, they accountant.At last ,they only seek themselve profit ,regardless the complany profit.

（3）. The audit corroporation –Anderson,as the Anderson of Enron did not find any problems before Enron bankruptcy .the reason is that between anderson and Enron there was a subtle relationship,which break the law of USA.

Andersen’s crisis team was nationally based in the firm’s Chicago headquarters and its W ashington DC office. It included staff with expertise in public relations, legal, and lobbying. In turn, smaller Andersen teams in London and Hong Kong communicated 24/7 with that team, and with countries in their own time zones, to ensure the most consistent message delivery possible

Logistically, they drew up an immediate list of priority 1 本段资料来源于>2005年 第15卷 第08期

作者: 徐静, 期刊 ISSN : 1005-6033(2005)08-0116-03

publications to which they would speak directly, and dedicated their website to information for everybody else. The team was deluged. There were literally thousands of press queries per week. 1

Despite the deluge, the team was able to respond directly to rampant speculation and get the message out that the indictment was "grossly political.” They ran effective attack advertisements, got their top people on television shows, and placed op-ed pieces in the right places. They built highly visible grassroots teams and introduced an unimpeachable spokesperson in Paul Volker.

The problem was that no one was listening.

Andersen also had terrible luck because the story hit during proxy season, and, when corporations like Delta publicly fired Andersen, it was ominous indeed. Actually, less than 5 per cent of Andersen’s client base bolted at that point, but the press presented the defections as terminal symptoms, so the exodus accelerated. Had the story hit in June or July, it is likely there would still be an Andersen. 2

many believe that Andersen’s first mistake was irreparable: they listened to lawyers who told them they were innocent. They focused on the letter of law and took no responsibility for Enron. It was a media relations mistake that grew from arrogance, and an inability to understand that innocence was irrelevant. Crisis situations are about perception. Reality is the distant cousin and should be treated as one. Warmly invite reality into your home, but only when the entire family is ready. 1《 安然公司破产的反思》 作者:谷晓莉, 中图分类:F2 > 经济计划与管理

安然公司破产事件不仅给美国的经济复苏和美国的信用及银行带来了不良影响, 同时也反映了美国金融体制和" 安然" 模式存在的问题.

2 资料参考论文《Profound Considerations about the Enron Event》

期刊:金融教学与研究FINANCE TEACHING AND RESEARCH 2002年 第03期

（4）. Enron put its money in many ways ,for example,the gas,the electricity ,energy ,investment, adverttisement,ect.because,overestimating itself,Enron got into debe quickly.

（5）. Enron has so many filiales ,but,to everyone’s surprise,Enron trade with them and made sham accontantment,at last ,Enron put its debt on them.

（6）. In other words, the company would use expected future beneficial value instead of the estimated current contract value for these contracts, so that they could use mostly inflated future value in order to show largely exaggerated earnings for the company1.

4.Who is to responsible to The Collapse of Enron

(1).Government

(2).Investors

(3).Bad accounting practices

(4).Gatekeepers of America stocks markets

(5).Of course,the most we should blame for are the the board of directors of the Enron.

1

《安然事件对我国证监制度的启示Thinking about Chinese Supervision System from Enron event》>2002年 第7卷 第04期 作者: 曾虎

,