Sarbanes-Oxley: The Evidence Regarding the Impact of Section 404
Sarbanes-Oxley: The Evidence Regarding the Impact of Section 404
复制标题
DOI：
--
复制
发表时间：
2007-06
期刊：
影响因子：
--
通讯作者：
R. Prentice
中科院分区：
文献类型：
--
作者：
R. Prentice
萨班斯-奥克斯利法案是自上世纪30年代以来最重要的证券立法，它最终是否被视为成功，可能取决于对其备受争议的内部控制条款404条款的看法。事实上，这项法律是否成功可能取决于人们对404法案的看法。SOX 404法案受到了猛烈的攻击，特别是因为它给企业带来了沉重的成本，并对美国资本市场的竞争力产生了不利影响。本文对相关实证学术文献进行了综述。尽管这些文献并不打算（也没有）解决SOX法案的总体收益，或者SOX 404法案的具体收益是否大于随之而来的成本这一总体问题，但它确实说明了对SOX法案最严厉的批评被夸大了。重要的是，SOX 404在短期内明显改善了公司财务报告。其产生长期有益影响的潜力在很大程度上取决于其是否被资本市场参与者视为合法。目前，它的合法性正受到忽视许多重要证据的批评的削弱。
Sarbanes-Oxley is the most important securities legislation since the 1930s, and whether it is ultimately considered a success will likely turn on perceptions of its controversial internal controls provision, Section 404. Indeed, whether the law is a success will likely turn on perceptions of 404. SOX 404 has been savagely attacked, especially for its burdensome cost to corporations and its adverse impact on the competitiveness of American capital markets. This article surveys the relevant empirical academic literature. Although that literature does not purport to (and does not) settle the overall question of whether SOX's benefits generally, or SOX 404's specifically, outweigh attendant costs, it does illustrate that the harshest criticisms of SOX are overblown. Importantly, SOX 404 has demonstrably improved corporate financial reporting in the short-term. Its potential for having long-term beneficial impact is largely dependent upon its being perceived as legitimate by capital market participants. At the moment, its legitimacy is being undermined by criticism that ignores much of the important evidence.