Regulatory arbitrage through financial innovation
Regulatory arbitrage through financial innovation
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通过金融创新进行监管套利
DOI：
10.1108/09513579710158720
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发表时间：
1997
期刊：
影响因子：
--
通讯作者：
A. Shah
中科院分区：
文献类型：
--
作者：
A. Shah
尽管存在会计准则，但在解释这些准则方面仍有一定程度的灵活性，规则之间也存在差距。据称，管理层采用“创造性遵守”的做法，以影响年度报告中描述的财务业绩。这种做法不一定是“非法的”，因为它不一定违反任何规则的文字，但可能挑战它们的精神。由于会计是公司监管和治理的一个组成部分，创造性遵守的做法使会计监管显得薄弱和无效。通过对可转换证券金融创新的案例研究，追踪和分析了一个主要的创造性会计方案的设计和实施的目标。证据突出了管理层在具体会计比率方面的压力，以及公司愿意（在银行家和律师的帮助下）实践创造性会计的程度。表明，这些做法，如审计师，分析师和媒体的传统约束，并没有有效的。由此产生的是监管机构与受监管公司之间的不平衡冲突，后者拥有大量的财政和专业资源，似乎始终占上风。
Despite the existence of accounting standards, there still remains a degree of flexibility in their interpretation and gaps between rules. It is alleged that management practises “creative compliance” to influence the picture of financial performance portrayed in the annual report. This practice is not necessarily “illegal” because it need not violate the letter of any rules, but may challenge their spirit. Since accounting is an integral part of the regulation and governance of the corporation, the practice of creative compliance makes accounting regulation appear weak and ineffective. Traces and analyses the objectives underlying the design and implementation of one major creative accounting scheme through a case study of financial innovation in convertible securities. The evidence highlights the pressures on management to perform on specific accounting ratios, and the extent to which companies were willing to go (with assistance from bankers and lawyers) to practise creative accounting. Shows that the conventional restraints on these practices, such as auditors, analysts and the media, have not been effective. What emerges is an unbalanced conflict between the regulators and the regulated corporations, where the latter, having access to significant financial and professional resources, appear to have a consistent upper hand.