From the perspective of enterprise management, Enron's executive stock ownership plan not only failed to solve the problem of insider control, but formed a privileged class. In order to pursue their own interests, they made the company's share price inflated and realized profits by publishing false information, which lost the responsibility of entrepreneurs to master the company's huge assets and realize continuous growth, and brought serious losses to the implementation of the company's employee pension plan and the interests of ordinary investors. Experts believe that the operator group stock option plan should be implemented in large enterprise groups, which has both incentives and constraints to prevent insider control; Improve the quality of entrepreneurs, rebuild the value of enterprises, and ensure employees' pension through diversified investment plans in the development of enterprises; By making enterprise executives bear corresponding responsibilities or insurance, we can improve information transparency, prevent information fraud, ensure the authenticity of information and protect the interests of small and medium investors.
As far as intermediaries are concerned, Enron's application for bankruptcy protection involves not only Andersen Certified Public Accountants, JPMorgan Chase of investment bank and Standard & Poor's of credit rating agency, but also many intermediaries and their intermediary links. Enron had serious financial problems before the incident, and even passed the "gateway" of accounting audit and excellent rating of these intermediaries with good performance, which has great related interests. Andersen does accounting review and consultation for Enron. In order to get consulting fees, Andersen tried to cover up Enron's debt. Experts pointed out that we should take a warning, and when focusing on developing market intermediary organizations, we must pay attention to handling the institutional interests of affiliated enterprises, such as considering changing the accounting consulting integration pattern of an accounting firm into separation; At the same time, while expanding the number of intermediaries, we should fully implement the partner system, strengthen the responsibility ability of intermediaries and improve the credit system.
On the financial market level, the developed and diverse financial markets and tools in the United States not only helped Enron's "light speed" expansion, but also led to Enron's "light speed" bankruptcy protection. Enron used energy, oil and natural gas derivative contracts and obtained a lot of funds. In the process of development, debt accumulated too much. When the American economy fell into recession, a chain broke and its serious financial problems were exposed, so it had to apply to the court for bankruptcy protection. Experts suggest that modern financial futures tools should be used cautiously when developing direct capital market to finance the long-term capital of large enterprise groups. At the same time, in view of the actual situation of China's residents saving a lot, we should also pay attention to studying and cultivating the private capital market system so that entrepreneurs can develop and expand their enterprises.
As far as government supervision is concerned, the appearance of Enron incident reflects that even the developed market system like the United States has defects, and the government has to strengthen the supervision of the market system again. What's more, the construction of our market system is still in the primary stage. Will the government not strengthen the supervision of the market? However, experts also pointed out that how the government supervises the defective market system also has a problem of how to deal with direct or indirect interests. It is impossible to form a relatively perfect market system only by government supervision. Therefore, it is necessary to endow all kinds of market subjects with independent and free personalities, so that all stakeholders have the opportunity to express their wishes, especially the supervisory role of the media.
Experts attending the meeting also pointed out that in the disclosure and handling of the Enron incident, the powerful discovery mechanism of American media intermediaries, the rapid response mechanism of case law, the compensation mechanism of relevant stakeholders through litigation, and the procedures for distinguishing reorganization bankruptcy from liquidation bankruptcy played a positive role, which is worth learning and learning from in the process of promoting the construction of modern market system.