塞班斯法案

我曾对金融业心怀热忱，源于它能够带给人的高额利润。

在这个物质极度膨胀的社会，难免会被拜金思潮所左右。

但随着在金融专业的不断学习，我开始有对金融业另一角度的思考。

金融业这种虚拟经济，是基于信用、未来收益索取权等的一种符号经济，它只不过把已经存在的各种物质因素重新组合，组合成一种新的产品形态或使用价值形态，比如华尔街的金融衍生品，而通过这些符号经济的反复倒卖来获取利润，它并不真正创造社会财富。

实体经济才应是创造物质财务的载体，是一国国民经济的基础。

而高额的利润促使金融产业的迅速发展，高昂的税收却导致实体经济的逐步萎靡，社会财富逐渐转向金融市场的投机泡沫之中，缺乏以实体经济作为载体的稳固性和真实性。

我于是开始质疑这种投机产业。

在看过《华尔街》系列纪录片之后，发现原来自己是陷入了一个误区。

就是将以金融业为代表的虚拟经济与实体经济割裂开，而事实上，他们应是相互关联、相辅相成的。

中国的股市比美国的股市要脆弱的多。

中国的投资环境中更多的是个人投资者，更多以投机为主。

正是这样的投资环境，让我对资本市场有了以上的误读。

《华尔街》第一集《资本无眠》中的一句话正确定义了资本市场，它说：“高效融资和分散风险是资本市场的主要作用。

”资本市场并不是靠投机而存活的。

美国道琼斯公司行政主管普雷斯特伯说：“华尔街把各种资源分配到经济的各个方面，它能成就一己之力无法完成的大事业。

”接下来的几集从企业到国家，细致剖析了以华尔街为代表的金融力量是怎样发挥其资本市场的作用，一步一步地促进美国经济的发展的。

可以说，华尔街的成长史，就是近代金融史发展的缩影。

从荷兰为赚钱而买下曼哈顿地区，荷兰移民从阿姆斯特丹带来的股份制、股票交易所喝货币汇兑银行；到英荷两国因争夺海上霸权而开战，来自英国的移民，从伦敦带来的国债、跨国银行和中央银行；再到美国的独立战争，为还债而发行国债，最终促进了华尔街的兴盛。

每一步都伴随着金融种子在这片土地上的生根发芽，并逐渐枝繁叶茂，成为这个世界金融市场的核心。

塞班斯法案的内容可以阻止安然事件悲剧的发生《塞班斯法案》最关键的一点是404款，该条款要求上市公司每年必须出具一份由独立董事签署的代表董事会的报告，说明该上市公司在财务管理和其它重要管理方面主要弊端在哪里。

《塞班斯法案》同时还要求加强外部审计师的独立性和有效性，每年上市公司必须出具一份自我披露弱点的报告，外部审计师还要独立再出一份报告。

上市公司的内控管理必须切实做到保护财务数据、维护系统安全、保护客户数据免遭盗窃与破坏以提高公司披露的准确性和可靠性。

安然事件后，萨班斯法案第404条要求上市公司应当每年对公司的内部控制情况进行评估，萨班斯法案第406条要求公司作为证券发行者应向SEC汇报，披露其是否采用了专门针对高级财务管理人员的道德准则，如果没有，原因是什么。

随后，美国审计准则委员会（ASB）发布了独立审计准则（SAS）第99号——财务舞弊审计，SAS第99号反复重申先前准则的主旨，即公司的道德行为是以公司纲领和高层管理部门的价值观为基础的。

事实上，美国各方对于内部控制的讨论由来已久，也付出了巨大努力。

1992年美国COSO[1]项目委员会组织研究推出了第一份企业内部控制框架报告。

提出了由“三个目标”和“五个要素”组成的内部控制框架，成为迄今为止最为权威的内部控制概念。

COSO认为，内部控制是由企业董事会、经理当局以及其他员工为达到财务报告的可靠性，经营活动的效率和效果、相关法律法规的遵循等三个目标而提供合理保证的过程。

该报告认为，“诚信必须与道德价值共存，必须由公司的首席执行官和高级管理人员发起，并将其渗透到整个组织中去”。

美国公认审计准则（GAAS）要求，审计师在评估虚假和不正当行为风险的过程中，应该考虑公司环境。

内部控制系统“离不开负责设计、管理和控制内部控制系统的人员的诚信和道德价值”。

法案中最重要的是404款，它的积极作用体现在两个方面。

一是加强所有上市公司独立董事的地位。

因为独立董事都是审计委员会的领导者，上市公司规定审计委员是董事会下面最强的一个委员会，该委员会规定负责人一定不能由执行董事和非执行董事来担任，而是由独立董事来担任。

[华尔街2观后感]华尔街2(1) [华尔街2]华尔街2观后感范例华尔街2观后感篇一：华尔街2 观后感在纽约最大的金融财团位于华尔街的摩天大楼顶部，这家公司的股东们正召开一年一度的总结会议。

突然，坐在主席位置的财团总裁不理会席间热烈的讨论，爬到了会议用的长桌上，做了一个起跑的姿势。

正当其他董事们对这个举动目瞪口呆之际，他说了一句，“我要从这架巨大的旋转木马上下来了。

”说完，他便以长桌为跑道，奋力一跃，穿过窗玻璃，向底下人流穿梭的华尔街坠去。

以上戏剧性的一幕出现在科恩兄弟1994年电影《金钱帝国》的开头。

“一架巨大的旋转木马”，这是我迄今听到过的关于金融资本周转过程最生动、贴切的比喻。

当资本增值的时候，那飙升的数字就像游乐园里的旋转木马那么华丽、吸引人，让人忘乎所以；可一旦当资本达到一定数量之后，拥有者的幸福感却开始停步不前，或许资本仍旧在增长，就像木马仍旧在旋转，但幸福却停留在原地。

对此，有些人能够用资本增长所带来的快感代替幸福，有人却被这种幸福的虚无感逼得只能跳楼。

在揭露资本的贪得无厌和金融系统的黑幕、腐败方面，奥利弗·斯通1987年的《华尔街》是一部比《金钱帝国》更深刻、更尖锐的电影。

它的成功首先在于身为金融掮客之子的斯通为电影中的金融运作注入了足够的细节。

电影中涉及的金融系统内部的暗箱操作、欺诈和争夺现象显得错综复杂，而斯通能使其中的每一步都合乎逻辑、有据可循，整部电影就相当于一本揭示华尔街幕后运作规律的教科书。

电影主要的悲剧感则体现在青年的理想在意向不到的现实面前幻灭的事实中，这方面沿用了从《史密斯先生去华盛顿》开始好莱坞电影惯用的母题，构成了对美国梦的批判。

当然，电影最出色的地方仍在于迈克尔·道格拉斯对股市大亨戈登·盖柯生动的演绎。

戈登这个人物最大的特点恐怕就在于他能够真正地沉醉于旋转木马带来的快感。

当巴德问他什么赚多少钱才算够，什么时候会停止时，他说，“这不是钱的问题，这是一个游戏。

SOX法案研究作者：陶缙夕来源：《法制与社会》2011年第29期摘要：2002年前后，美国爆发了一系列的财务和管理丑闻，如安然和世通事件，这些丑闻严重破坏了美国金融证券制度，彻底打击了投资者对美国资本市场的信心。

为了扭转这一局面，美国国会通过了《2002年公众公司会计改革和投资者保护法案》。

该法案由美国参议院银行委员会主席萨班斯和眾议院金融服务委员会主席奥克斯利联合提出，又被称作《2002年萨班斯—奥克斯利法案》(Sarbanes—Oxley Act 2002，以下简称“SOX法案”)。

2002年7月，美国总统布什将此法案签署为法律。

SOX法案的颁布给美国以及世界其他各国带来了深远的影响。

本文主要从SOX法案产生的背景，内容等方面简要阐述SOX法案，并分析其对我国的借鉴和启示等。

关键词：SOX法案美国金融证券制度财务管理作者简介：陶缙夕，西南民族大学。

中图分类号：D920.5 文献标识码：A 文章编号：1009-0592(2011)10-196-02一、SOX法案产生的背景回顾华尔街的历史，华尔街最初的100多年并没有监管。

于是出现了德鲁和掺水股，当人们意识到信息的重要性之后才有了财经报纸和股票指数，1929年大萧条之后，华尔街开始受到真正的法律约束。

安然事件的财务造假事件再一次重创华尔街，塞班斯法案是一次对华尔街的及时修复。

为改变这一局面，在这种股市接连遭挫，投资大众不断恶化的信心危机背景下，布什总统和美国国会、美国会计总署、美国证券交易委员会（SEC）、美国财务会计准则委员会（FASB）、美国司法部、纽约证券交易所和联邦调查局再也忍耐不住，迅速提出与制定各种对策，最终于2002年7月25日美国国会参众两院通过了SOX法案。

SOX法案即《2002年萨班斯-奥克斯利法案》（Sarbanes-oxleyActof2002），又称之为《2002年公众公司会计改革和投资者保护法》豍。

7月30日，美国总统布什正式签署SOX法案，并在新闻发布会上称“这是自罗斯福总统以来美国商业界最为深远的改革方案”。

What Are the Main Features of the Sarbanes-Oxley Act?The Sarbanes-Oxley Act of 2002 came in the wake of several high-profile corporate accounting scandals, including those involving Enron, WorldCom and Tyco International.Confidence in publicly traded companies collapsed when the media revealed the details of unethical insider trades, corporate hubris and corruption of outside auditors. Congress enacted the Sarbanes-Oxley Act, named after Sen. Paul Sarbanes (D-Maryland) and Rep. Michael Oxley (R-Ohio), to rein in such practices.1. Greater Oversight of Accounting Practiceso The act created the Public Company Accounting Oversight Board. The board regulates and inspects public accounting firms that deal with publiclytraded companies. The act also requires CEOs and chief financial officers toestablish internal accounting controls as a means to prevent fraud andmalfeasance. These internal control summaries must be included in financialreports to increase corporate transparency. False statements on these internalcontrol documents may subject company executives to criminal penalties.Increased independence of auditors and analystso Sarbanes-Oxley lessens the influence companies wield over auditors and accounting firms. In previous situations of corporate reporting fraud, investigatorsfound inappropriately close business relationships between some companies andthe firms that audited them. This gave the auditors a financial incentive to portraythe company in a positive light. Sarbanes-Oxley basically allows auditing ofauditors as an oversight technique.Increased Penalties for Corporate Crimeo Sarbanes-Oxley allows the Securities and Exchange Commission to penalize or bar securities professionals for inappropriate behavior, such asinsider trading. The law also allows the SEC to punish executives who violateregulations. The SEC may bar executives convicted under Sarbanes-Oxley fromdirectorships or officerships in public companies. The act increased prisonsentences and fines for a number of corporate crimes. It also extended thestatute of limitations for shareholders to sue for fraud or deceit perpetrated by thecompany.Tighter Controls on Insider Activityo The act places greater controls on insider activities. The SEC defines an insider as an executive officer, a director or a shareholder with at least 10 percentof outstanding shares. The act requires faster reporting of insider trades to theSEC than previously required. Any insider trades must be reported within 48business hours of the trade. The act also bars any insider trades duringretirement fund blackout periods. Blackout periods occur when the fundexperiences major changes. Participants are prohibited from changing theirinvestment options during this blackout period.Sarbanes Oxley ExplainedThe Sarbanes-Oxley Act of 2002 must be complied with by all businesses. The main idea is to prevent fraud and put practices into place that protect businesses from such.1. What is Sarbanes-Oxley?o Sarbanes-Oxley is an Act that consists of 11 titles and 66 sections.Sarbanes-Oxley requires businesses comply with a number of controls to preventfinancial loss because of fraud and unnecessary spending.Historyo Sarbanes-Oxley was drafted after the stock market disaster of the late 1990s, when investors lost trillions of dollars. During that time, a small number ofindividuals made billions at the expense of these investors.Key Elementso Sarbanes-Oxley forces business to be accountable for their actions, and to take responsibility to ensure their business practices are sound through theimplementation of internal procedures and controls. These procedures andcontrols are then tested by auditors for compliance, and reported upon.Costo The average cost of Sarbanes-Oxley compliance is $1.7 million. It is expected these costs will drop each year as companies become familiar withSarbanes-Oxley practices and employ staff to handle it as a department.Benefitso The overall purpose of Sarbanes-Oxley is to reduce corporate costs and prevent fraudulent business practices. Sarbanes-Oxley improves financialpractices and makes a business more efficient over time. Sarbanes Oxley Act of 2002The Sarbanes-Oxley Act is a law that reformed accounting requirements for publiccompanies. Named after the main sponsors, Senator Paul Sarbanes and Representative Michael Oxley, it grew out of the corporate accounting scandals of the early 2000s.1. Corporate Responsibility For Financial Reportso Financial officers must sign off on all financial reports.Section 302 of the act requires financial reports be signed by the financial officersand top executives, and not contain any untrue statements or omissions thatmislead investors.2. Off Balance Liabilitieso Off balance liabilities must be reported.Off balance liabilities must be published in periodic financial reports. Prior to theact, companies would move debt into various off balance instruments, such astransferring liabilities to a third party, that allowed firms to hide the liabilities fromtheir balance sheets given to investors, leaving false impressions of theorganizations' financial position.3. Internal Control Structureso The company or its accounting firm must report on the scope and effectiveness of its internal controls, which are procedures and checks againstfraud. A description of these internal controls must be included in the firm'sannual report.Urgent Updateso Section 409 requires companies to update the public on major material changes in their financial situation. This must be done on an urgent basis and bepresented in a way easy to understand, utilizing graphs and visuals whenappropriate.Criminal Penaltieso Obstructing investigations can result in imprisonment.Section 802 sets the punishments for altering or destroying financial documentswith the intent of obstructing an investigation. Perpetrators face fines and up to20 years in federal prison. Accountants who willfully fail to maintain requiredfinancial records may face fines and imprisonment of up to 10 years. What Is SOX 404 Compliance?In order for a business to attain SOX 404 compliance, it is necessary to establishbusiness-reporting practices in line with section 404 of the Sarbanes-Oxley Act. The Sarbanes-Oxley Act is a set of internal control reporting provisions designed by theSecurities and Exchange Commission.1. Purpose of SOXo The Sarbanes-Oxley Act was established by the SEC to protect investors from corporate mismanagement leading to fiscal injury.SOX 404 Compliance Requirementso Section 404 states that public companies must include an in-house assessment of their internal control over financial reporting with their annualreport. This report must be accompanied by the attestation of an auditor.Benefits of SOX 404 Complianceo Companies with SOX 404 compliance are often viewed as safer investments due to their demonstrated commitment to fiscal transparency.What Are the Disadvantages of Sarbanes Oxley?The Sarbanes-Oxley Act of 2002 (SOX) was passed to prevent companies fromengaging in accounting fraud similar to that perpetrated by Enron and Worldcom. While SOX increased the accuracy and validity of financial information for outside stakeholders, it created some challenges for businesses attempting to comply with SOX guidelines.1. Internal Controlso SOX compliance requires companies to implement several internal controls to safeguard the financial information of a company. Internal controls arespecific to each accounting operation, such as accounts payable, cashreconciliations and fixed assets.Expanded internal controls add processing time to accounting functions, delayingthe timeliness of financial information. Additionally, employees must ensure thatall paperwork is accurate and approved by supervisors. Increasing the numberand functions of internal controls slows the closing time for each accountingperiod and delays financial statement preparation.2. Increased Personnelo An important function of SOX guidelines is the segregation of accounting duties. This ensures that one individual does not handle certain accountingprocesses from start to finish, which may increase the chances of fraud orembezzlement. In order to meet the segregation of duties requirement,companies must add additional accounting personnel. Using current employeesoutside the accounting office is not acceptable because it breaks down theinternal controls function.Additional Auditso SOX guidelines require publicly held companies to have an annual audit conducted by a third-party accounting firm. The public accounting firm is limited in the total accounting services that it can perform. The separating of audit functions from consulting functions under SOX helps public auditors maintain an objectiveopinion about a company, but may require that more than one accounting firm be hired.Increasing the number of audits and accounting firms that must be used by apublicly held company increases business costs. Higher audit and accountingfees require companies to adjust their budgets to pay for these accountingservices.More Regulationso The SOX legislation was enacted in 2002, less than a year after the major accounting scandals of Enron and Worldcom. While the legislation provides some needed oversight in the accounting industry, it was not determined to be a finalsolution for the accounting industry. Future government regulations poseincreased financial burdens on companies, increasing the costs of conductingbusinesses. Some regulations may also limit certain business operations. Tougher Penaltieso Penalties for accounting fraud and embezzlement were increased under the new SOX guidelines. Unfortunately, some penalties enacted focused onminimal violations, such as not signing financial statements or issuing statements to the public stating that executive management has approved of any financialinformation released by the company. Strict penalties on such minor infractionsmay limit the executive talent pool if future management employees do not wishto be liable for such actions and penalties.Fiduciary Duties under the Sarbanes-Oxley Act∙Following corporate financial scandals that seriously affected the economy and consumer confidence, Sen. Paul Sarbanes and Rep. Michael Oxley developedlegislation to regulate financial practice and corporate governance, which wasenacted in 2002. The Sarbanes-Oxley Act, also known as the Public CompanyAccounting Reform and Investor Protection Act, creates standards for corporateaccountability and imposes strict penalties for violations.Audit Services∙The Act establishes the Public Company Accounting Oversight Board, to provide independent oversight of public accounting firms providing audit services. If these firms provide a company with audit services, they may not provide it withaccounting services such as bookkeeping; accounting; financial informationsystems design; actuarial, appraisal or valuation services; internal auditoutsourcing; investment or brokerage services; legal services and any otherservice that the Board determines to be prohibited.Transparency∙The Act calls for greater transparency and requires financial reports that contain financial statements to be prepared in accordance with the accounting principles set down in the Act. It also calls for disclosure of fiduciary transactions by everyperson who is "directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security", including directors, officers, stockholders and family members.Executives∙To ensure that executives do not claim that they were not responsible for financial reports and statements, periodic financial reports and statements mustbe accompanied by a written certification statement by the chief executive officerand chief financial officer or their equivalents.Penalties∙The Act imposes fines and up to 20 years imprisonment for "altering, destroying, mutilating, concealing, falsifying records, documents or tangible objects" andfines and up to 10 years imprisonment "on any accountant who knowingly andwilfully violates the requirements of maintenance of all audit or review papers." Changes to the Guidelines in 2007 for the Sarbanes-Oxley ActThe Sarbanes-Oxley Act of 2002 is an extensive piece of United States legislation that reformed the standards for company boards and accounting firms in the wake of the Enron scandal. However, one aspect of the act became somewhat controversial and was changed in 2007.1. Section 404o Section 404 of the Sarbanes-Oxley Act required companies to have internal oversight on their financial reporting. Additionally, companies had to haveexternal auditors report on the strength of said oversights. Pro-business activistscompanies complained this section was too expensive for too little benefit forcompanies.SECo The Securities Exchange Commission (SEC) agreed that the section was too prohibitive on business. The SEC voted in May, 2007, to pass new guidelines to help businesses deal with the expenses of Section 404.Congresso However, the SEC does not have the power to repeal Section 404. In 2007, there were various attempts to repeal or modify Section 404 in Congress,including the Compete Act of 2007 proposed by Rep. Gregory Meeks of NewYork. However, the section was not changed by Congress in 2007. Sarbanes Oxley Audit Requirements∙The Sarbanes-Oxley Act of 2002 (SOX) was designed as a response to the accounting scandals of the early 2000s. In many of these scandals, a particularproblem was that auditors had an interest in the companies on which they wereperforming the audit, leading to fraudulent audits which were more positive thanthey deserved to be. SOX, which came into force in 2004, addressed thisproblem by creating an auditing oversight board, the PCAOB, and instituting anew set of requirements on auditors intended to separate the interests of auditors from their clients, reduce the opportunities for fraud, and raise the overall level of accountability. It should be noted that SOX applies only to public companies.Conflicts of Interest∙SOX requires that auditors may not perform any consulting work for the companies they are auditing. Such work includes bookkeeping, IT design, andlegal, management, or investment banking services. The idea behind thislegislation is that an auditor providing such services would, in effect, be auditinghis own work for the company. In addition, auditors may not advise clients aboutperforming their own internal audits. To comply with these regulations, auditorsmust provide the PCAOB with a list of their clients as well as a description ofservices provided and fees collected from each client. To avoid auditors creatingclose relationships with their clients, they cannot audit the same company morethan five years in a row.Internal Controls∙One of the most contentious parts of SOX is section 404, which requires that auditors conduct a top-down risk assessment of a company’s internal controls.This requirement means that auditors must not only examine the validity of acompany’s financial reports, but also the ways in which the company generatesits figures. This element was put into place to identify any weaknesses in acompany’s accounting system which could be compromised and lead to fraud.Many companies object to the high costs involved with documenting and testingthe numerous parts of these systems in anticipation of an outside audit, and infact recent rulings have tried to alleviate these burdens.Information Technology∙As accounting systems are under increased scrutiny with SOX, it is no surprise that audits of IT systems are now required as well. Auditors must examine howfinancial transactions are recorded and compiled, as well as which employeesare able to input and access information. In general, the SOX legislationadvocates for centrally automated systems, as these are viewed as being lessprone to manipulation. IT security considerations such as data backup, firewalls, and server placement are also subject to auditing, and in the case of an IT-dependent company email systems may also be audited.Internal Audits and Committees∙In addition to the requirements on outside auditors, SOX requires that companies perform their own thorough internal audits. These audits are designed todiagnose and address any problems before the outside auditors begin, and arealso evaluated for their effectiveness. Companies are also required to formauditing committees made up of people not directly employed by the firm,although board members are allowed. These committees are held personallyresponsible for the results of the outside audit so that poor results cannot beblamed on the auditors.。

塞班斯法案内容及评述回顾华尔街历史，华尔街最初的100多年并没有监管。

于是出现了德鲁和掺水股，当人们意识到信息的重要性之后才有了财经报纸和股票指数，1929年大萧条之后，华尔街开始受到真正的法律约束。

安然事件的财务造假事件再一次重创华尔街，塞班斯法案是一次对华尔街的及时修复。

极其严厉的塞班斯法案（Sarbanes-Oxley Act，简称SOX法案），是在美国“安然”“世通”等一系列的经济丑闻爆发后颁布的。

鉴于这些公司破产后造成大量职工的巨大经济损失（美国人将自己的大部分收入用于购买公司股票，作为将来的养老金），以及民众由此造成对美国经济的不信任，美国对证券交易所的上市公司要求强制实行该法案。

实施该法案对上市公司的成本而言是很大的，它对于内部控制、信息披露以及对控制、披露工作不适当的惩罚都是极致的。

由于这个法案的实施，很多的公司高管走入班房，或者从此不再担任高管工作；很多的内部交易被撤销，获得的利益被强迫吐出来。

2004年，美国证券市场开始实施近10年来最严厉的针对上市公司财务和公司治理的Sarbanes-Oxley（塞班斯法案）。

该法案规定，企业的首席执行官和财务总监必须对呈报给美国证券交易委员会（SEC）的财务报告予以保证，以确保其完全符合证券交易法，在所有重大方面公允地反映财务状况和经营成果。

它还规定，上市公司的财务报告必须包括一份内控报告，并明确规定公司管理层对建立和维护财务报告的内部控制体系及相应控制流程负有完全责任；此外，财务报告中必须附有其内控体系和相应流程有效性的年度评估。

塞班斯法案对违规企业的高管做出了轻则罚款、重则牢狱的惩罚规定。

它的出台意味着在美国上市的公司不仅要保证其财务报表数据的准确，还要保证内控系统能通过相关审计。

《塞班斯法案》最关键的一点是404款，该条款要求上市公司每年必须出具一份由独立董事签署的代表董事会的报告，说明该上市公司在财务管理和其它重要管理方面主要弊端在哪里。

01纪录片《华尔街》观后感中央电视台大型纪录片《华尔街》第一集资本无眠1，纽约下辖5个区，1800万人口。

曼哈顿区面积不足60万平方公里，它的南端是华尔街。

2,7000多家企业在华尔街上市，包括500强中的490家3，荷兰退休金管理集团，管理将近2000亿欧元资产4，美国人以专业投资机构的方式，进入投资领域第二集墙在哪里1，全球主要证券交易所的市值超过了60万亿元2，人类历史上第一次金融危机——郁金香泡沫危机3，罗斯柴尔德银行4，英格兰银行成为第一个现代意义上的中央银行第三集两条道路1，汉密尔顿提出了旋转门计划！企图用新债券代替旧债券，用新币代替旧币。

2，托马斯·杰弗逊和亚历山大·汉密尔顿的讨论，是关于中央政府的权力大小，政府是否应当干预市场等问题，这一争论，催生了后来的民主党和共和党两派的诞生，并且延续至今。

3,1790年8月，美国政府离开了华尔街4,1792年，威廉·杜尔创造了华尔街第一次的危机5，1792年5月，华尔街63号，《梧桐树协议》最早的华尔街自我管理，防止危机的发生以及政府的干预6，1907年，老摩根应对了金融危机第四集镀金时代1，伊利运河2,摩根融资4.8亿收购了卡内基的钢铁公司，但1913年当他客死意大利时，资产只有6000万美元，算不上当时的有钱人。

他还为爱迪生融资，创建了通用电气公司，使美国进入了电气时代。

他带领美国走出了1893年和1907年的金融危机，在没有中央银行的时代，他充当了美国中央银行的职责。

他的父亲是一位银行家，他从19岁起就迫不及待地想成为一名银行家，但他的父亲把他送到瑞士学习法语，到哥廷根大学学习一年，受到了欧洲良好的贵族教育第五集硅谷方程1，nasdaq（1971年创立）日交易额在25亿到40亿美元之间2,39个国家和地区创立了75个创业板市场3，一个国家的财富不能依靠自然资源，而应该依靠人们的想法和观念第六集投资之道1，47%的美国家庭进行着证券投资2，查尔斯·道3，1966年，美国股票牛气冲天；1968年，巴菲特出手所有股票，拿着1000万，在美国熊市时重新入市，赚回2亿。

Accidentally in the public interest: The perfectstorm that yielded the Sarbanes-Oxley actAbstract塞班斯法案要求的各种保护产生压力缓解塞班斯对非美国公司和较小型公司的影响。

这些保护的辩论本质上基于三个问题：（1）美国立法的帝国主义本质（2）法案影响美国立法过程的一般形式（3）塞班斯要求的需求成本和收益之间的平衡。

本研究关注辩论、完美风暴和成本与效益的争论。

本文达到的高度是同时联合了新闻界的意图审查、其他重大金融丑闻的揭幕和参议院委员会产生的风暴。

收益开始与成本对应。

1. Introduction2002年美国塞班斯写入法律。

2004年后年底法律各组成部分应运而生。

由一些列重大欺诈带动的萨班斯几乎没受到反对，它昭示公共利益的法律通过是基于公众需求，而不是受到商业利益的金融力量的控制。

塞班斯是通过公众意见风潮和行为活动支持通过的，受大幅反弹的限制。

代表中小型公司的商会反对塞班斯，代表美国最大企业实体领导者的商业圆桌会议支持塞班斯，反对公司治理改革。

Oxley：“商会不反抗，几乎同意通过任何修正案，有些不该同意的修正案也通过了。

”“很大压力要求缓解404部分对内部控制报告的要求”“2006.5圆桌会议之前，有些CEO都准备好杀了他。

”FEI连续上书4封给SEC要求限制塞班斯实施范围。

怀疑论者认为反转发生的唯一路径，对法案的修正案来说是消弱需求，或对SEC 主席Cox任意处理来说这些实施不必要。

这两者中任何一个都不被考虑在政治可能范围内，如果立法试图消弱塞班斯要求。

2006.3.2，Oxley给Cox阐述塞班斯下的条款提供了更大回旋。

Cox有完全的权威修改404，404仅两段，不包括任何外部审计师必须检测内部控制的条款。

强大的舆论哗然和媒体的持续压力使得，Oxley开始试图拆散部分政府需要放入塞班斯法案，最终导致法律通过，随后由SEC进行解释。