Research On Accounting Regulation In Chinese And Foreign Countries

A series of corporate accounting frauds not only put forward new requirements to accounting regulation, but also lead to the deep theoretical thinking of accounting professionals and researchers: somethings are always theoretically perfect, but the results are always not perfect. It can be embodied as follows: on the one hand, the accounting reform thus become increasingly strict and perfect; on the other hand, the frequent occurrence of corporate accounting fraud cases illustrate that accounting fraud crises did not disappear because of the weak government accounting regulation. It is clear that the co-existence of more perfect government accounting regulation and the increasingly rampant corporate accounting fraud is a contradiction. Focusing on all the questions, this paper comprehensively uses the research methods such as induction, deduction, comparative analysis, mathematical statistics analysis and other methods to explore the government accounting regulation. This paper is divided into seven parts, the key contents are as follows:Firstly, this paper makes a deep, systematic theoretical analysis of accounting regulation. Based on the classical regulation theory, such as public interest theory, capture theory and the interest groups theory, this paper makes an overall study on the accounting regulation and reaches the following conclusions: accounting regulation has the dual nature of supervision and autonomy, manifested by the law and administrative regulations, etc., its implementation depends on the effective integration of regulatory institutions and execution supervision. Then, this paper makes a deep presentation on the relationship between accounting regulation and corporate governance. Accounting regulation and corporate governance do not independently exist. Corporate governance has a stimulating effect on accounting regulation; the demand for accounting regulation drives the accounting regulation evolution. Accounting regulation has a motivation effect on corporate governance and provides institutional guarantee for corporate governance. Accounting regulation and corporate governance also show convergence, the two deals with all kinds of problems in the collaborative development and make adaptive adjustments to jointly promote the healthy development of capital markets. This paper also elaborates the economic cause of accounting regulation from the characteristics of accounting information such as monopoly, externality, non-competitive, non-excludability and asymmetry.Secondly, this paper makes a systemic study on domestic and overseas accounting regulation evolution and concise characteristic. This paper introduces accounting regulation evolution in the represented countries such as the United States, the United Kingdom, China, Lithuania and Poland, and then summarizes the following characteristics: accounting regulation is the results of the social and economic development after economic crisis and serious corporate accounting frauds. It u sually achieves progressive evolution within the governmental promotion.Thirdly, this paper makes an empirical test on economic effects of accounting regulation. The Sarbanes-Oxley Act of 2002 has an overall analysis on problems of corporate scandals and brings changes to corporate governance; it also gives rise to revision of audit commission. This paper chooses independent board, women on board, financial expert, CEO is also the chair of the board, CEO presence on the board nomination committee to carry on one-way analyses of variance and pair comparisons. The results of empirical analysis show that: The Sarbanes-Oxley Act strengthen independence and expertise of the boards, eliminate the phenomenon of appoint people by favoritism, the express provisions of the Act with respect to corporate boards hastened the changes already taking place before passage of Sarbanes-Oxley. We speculate that companies that take the spirit and intent of Sarbanes-Oxley most seriously will go beyond the directives of the law. This paper uses the adjusted price model and revenue model to test the validity of accounting regulation in our country: it gradually enhance the value relevance of accounting information on the whole though show no consistent raise, which indicate that the accounting regulation has shown its economic effects on the capital market.