Market Economic – Essay – Zhihong Peng
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In todays increasingly free market economy, more enterprises compete for limited resources, which has led to unfair business competition has become the norm. For large enterprises and transnational corporations and business crimes often formed a close contact. However, this malicious means of competition can really bring long-term profits for the company? In my view, long-term development of large companies must be inseparable from its good business ethics.By 2000, Enron was an all-powerful “energy empire,” with revenues of $ 100 billion in 2000 and seventh in the Fortune 500 list. And on October 16, 2001, Enrons third-quarter financial report, Enrons loss totaled $ 618 million, which attracted the attention of investors, the media and management. In December of the same year, Enron company to the bankruptcy court for bankruptcy protection, bankruptcy list assets of $ 49.8 billion, became the largest bankruptcy in American history. January 15, 2002, the New York Stock Exchange officially announced the Enron stock from the Dow Jones industrial average index constituent removed, and to stop the Enron stock-related transactions. At this point, Enron completely collapse. Just two months, the energy giant crashing down, it is unbelievable. As the Enron auditor for many years, Arthur Andersen provides audit services to Enron while providing a large number of non-audit services, non-audit services charges are higher than the audit fees. It is precisely because of this, people for Andersen failed to detect Enrons January 10, 2002, Andersen openly acknowledged the destruction of Enron audit related files, which further confirmed the peoples questions. Soon, Enrons scandal turned into an audit scandal. And all this time the fundamental is Enron chairman and other company executives in order to chase more profits, has set up a number of overseas companies, with foreign companies to avoid taxes, enhance corporate profits. The establishment of foreign companies to Enron to be arbitrary allocation of funds without attention, while able to cover the companys operating losses. Again, the company became puffy. But at the same time, the companys senior executives had to rack their brains in each quarter cover loss, inflated profits, and even to the point where they can not extricate themselves. And Enron shares held by major shareholders have internal information, so even the Andersen executives, but also because of short-term stock continued to soar, and deliberately concealed the truth, and all of the victims is holding Enron Stock a large number of ordinary investors. Enron not only hit the US economy, but also caused a serious business crisis of confidence, but also caused a lot of international repercussions.
From the Enron case, we can see Enron completely contrary to the Duty Ethics. It does not promote a virtuous cycle of economic growth and sustained growth, nor does it help businesses to stimulate and promote the ability to meet their own needs, develop their capabilities, and improve themselves. In 2008, a result of four infant deaths milk powder incident, resulting in the Chinese peoples credit crisis on domestic milk powder.In June 2008, a large number of infants born with milk powder produced by Sanlu Group were found to have kidney stones and subsequently found melamine in their milk powder. According to Chinas official figures, as of September 21, 2008, the use of infant formula to receive out-patient treatment advice and rehabilitation of infants were 39,965 people, 12,892 infants were hospitalized, had been cured and discharged 1,579 people, The death of four babies are eating Sanlu milk powder, and the other as of September 25, Hong Kong has five people, one in Macau confirmed the disease. The incident has aroused great concern of the Chinese government and society and the people of domestic dairy safety concerns. AQSIQ on the domestic dairy manufacturers of infant formula milk powder after the melamine test report, the rapid deterioration of the event, including Yili, Mengniu, bright, Shengyuan and Ashley, including 22 manufacturers 69 batches of products are seized Out of melamine. The incident also hit the credibility of Chinese-made goods, a number of countries banned the import of Chinese dairy products. The cause of this tragedy, turned out to be milk powder found in infant milk powder to add melamine, making the detection of false protein content, thus significantly reduce the cost of milk protein itself, but the protein did not increase; and melamine as a Industrial feedstocks are prohibited from use in food processing. Long-term intake of melamine can cause kidney failure in adults and kidney stones in the bladder, which is a deadly toxin for infants.
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By: Zhihong Peng
Submitted: July 24, 2017
Essay Length: 1,036 Words / 5 Pages
Paper type: Essay Views: 387
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