中小企业成本控制研究 外文译文.doc

科技学院学生毕业设计（论文） 外 文 译 文 院（系） 经济管理学院 专业班级 会计学本科2006级 学生姓名 学 号 译 文 要 求 外文翻译必须使用签字笔，手工工整书写，或用A4纸打印。 所选的原文不少于2万字印刷字符，其内容必须与课题或专业方向紧密相关，注明详细出处。 外文翻译书文本后附原文（或复印件）。 译 文 评 阅 评阅要求：应根据学校“译文要求”，对学生译文的准确性、翻译数量以及译文的文字表述情况等作具体的评价。 指导教师评语： 指导教师（签字） 年 月 日 译自：/sol3/results.cfm?nxtres=101 Characteristics of Firms with Material Weaknesses in Internal Control: An Assessment of Section 404 of Sarbanes Oxley企业的特点与内部控制重大弱点： 对萨班斯法案第404评估 Stephen H. BryanStephen Bryan Wake Forest University 威克森林大学 巴布科克管理学院 Steven B. LilienSteven Lilien  City University of New York - Stan Ross Department of Accountancy 纽约州立大学巴鲁学院 March 2005A 摘要The legislation known as Sarbanes Oxley (SOX) requires firms to assess their internal controls over financial reporting and to report material weaknesses, as defined by the Public Accounting Oversight Board. 著名的萨班斯法案要求公司评估其内部控制财务报告报告，Based upon early evidence, we find that firms with material weaknesses are, on average, both smaller and worse performers than their matched industry counterpart基于早期的证据，我们发现，，We also find that firms with material weaknesses, on average, have higher betas, suggesting a higher discount by the market for these firms.我们还发现，，平均上，具有较高的，From a macro-economic view, the total market value of firms with reported material weaknesses is only 1.28% of the market value of the SP 500 fir从宏观经济，报告重大只有S＆P500强企业的市场价1.28％Finally, although we document negative stock returns on the date of the announcement of the material weakness, over a narrow interval, the returns are insignif最后，虽然我们  Identifying small firms that collectively constitute a minor portion of the economy at a very high cost to all public firms seems out of balance.建立小企业，Whether SOX will yield benefits to corporations through better operations, reduced cost of capital, or other means remains to be see