【摘要】 资产证券化被确认为发起企业的“真实销售”还是“担保融资”,以及发起企业是否合并SPE的会计报表,是资产证券化会计的两个关键问题。本文分析了不同会计处理下的经济后果。论文认为,将资产证券化作为“真实销售”处理与不合并SPE对发起人、证券投资者更有吸引力,也更有助于推动资产证券化业务的发展。然而,如果发起人为了达到一定目的而滥用“真实销售”与不合并SPE以操控报表数据,导致会计信息不能反映经济交易的实质,既有可能影响发起企业原债权人的利益,也会加大证券投资者的风险,最终将危及资产证券化业务的正常推进。因此资产证券化会计必须明确规范“真实销售”与不合并SPE的条件。更多还原

【Abstract】 Whether the assets securitization should be considered as a real sale or a secured financing,and whether SPE should be consolidated,are two key problems in securitization accounting.This paper analyzes the economic consequences under different securitization accounting methods and concludes that issuers and investors are more likely to consider it as a real sale and prefer not to consolidate the SPE,which,in hence,will promote the development of assets securitization.However,if issuers abuse real sale for special purposes or do not consolidate SPE to control financial statements,the accounting distortion caused by which may not only affects the original creditors,but also increase the investors’ exposures,thus hinder the development of assets securitization.In sum,real sale and without consolidation of SPE are two factors that must be considered in securitization accounting.更多还原