发起人金融资产证券化会计问题研究
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摘要
作为有别于传统融资方式的融资手段,资产证券化显然是一种金融创新。20世纪70年代,资产证券化在美国诞生,并逐渐成为美国资本市场第一大类固定收益类产品,在欧洲、亚洲的一些主要国家也得到了长足的发展。2005年,中国资产证券化试点在政府的主导下开始了“破冰之旅”,并在两三年内得到了较大发展。
在会计领域内,美国财务会计准则委员会和国际会计准则委员会/理事会都针对资产证券化会计,特别是发起人金融资产转移终止确认和特殊目的实体合并两个会计问题发布并多次修改了各自的会计准则。但是,两个最为主要的准则制定机构在这两个问题上的观点却存在着比较大的差异。而我国财政部2006年发布的第23号会计准则《金融资产转移》却基本上采纳了国际会计准则39号的观点。本文的目的在于,分析评价FASB和IASC/IASB以及我国会计准则在这两个问题上的观点,进而提出逻辑上更合理的会计处理方法。
全文结构安排如下:
第一章:导论。主要阐述了本文选择发起人金融资产证券化会计问题进行研究的背景、研究的意义、本文的创新和局限性。
第二章:资产证券化业务介绍——结合美国制度背景。本章在剖析资产证券化定义的基础上,简单介绍了资产证券化的业务设计、关键点和主要参与主体,然后对美国资产证券化的发展历史进行了简单回顾,并归纳了其主要发展特点。认识这些发展特点将有助于理解美国财务会计准则委员会对资产转移会计处理观点的演变。
第三章:发起人金融资产证券化会计处理沿革及其解释。本章是本文的重点,内容主要包括:(1)对美国会计准则制定机构在不同阶段发布的会计规范进行比较分析;(2)对国际会计准则委员会/理事会在不同阶段发布的IAS 39进行比较分析;(3)在分析比较美国财务会计准则委员会和国际会计准则理事会最新观点的基础上,从逻辑上提出了本文认为更为恰当的会计处理方法。
第四章:中国资产证券化发展历史及其现状。本章简要回顾了我国资产证券化发展的三个历史阶段,重点分析了资产证券化试点“破冰之旅”的制度背景、发展现状和发展特点。
第五章:中国金融资产证券化发起人会计问题研究。本章简要回顾了学术界对资产证券化会计问题研究,介绍了官方几份重要的会计规范,进而在前文的基础上,提出了本文的几点建议。最后,通过一个案例,对本文提到的三种主要会计处理观点进行了实际比较。
As one of the means of financing, asset securitization is evident to be a kind of innovation in finance, which is very much difference from traditional financing means. In the seventies of the twentieth century, asset securitization originated from America and has been greatly developed since then. Currently, products which issued in the area of asset securitization have been the largest fixed income securities in American capital market. In addition, the business of asset securitization has achieved much development in some major countries in Europe and Asia. In China, pilot asset securitization has begun in 2005 and under the lead of government; the business has achieved a great development in these years.
In the accounting field, the two main accounting standards setting body are namely FASB (Financial Accounting Standards Board) and IASC/IASB (International Accounting Standards Committee/ Board) have both published and revised standards over times regarding accounting for asset securitization. The accounting for the transfer of financial asset and the consolidation of SPV (Special Purpose Vehicle) have always been critical points for standard settings as well. However, there are several differences in the point of views from these two most prominent accounting standards setting bodies. In 2006, the Chinese Ministry of Finance issued CAS No.23 - Accounting for the Transfer of Financial Asset, which almost accepted all the views of IAS 39 (revised in 2004). The aim of the dissertation includes; firstly, to analyze and evaluate the views of FASB and IASC/IASB in these two problems, secondly, to evaluate the views accepted by Chinese accounting standards. Following, the dissertation will come up with a more reasonable accounting method.
The structure of the dissertation is listed below :-
Chapter One: Introduction.
The main content of the introduction is to detail the research background and motivation of the dissertation. At the same time, this chapter also points out the contributions and limitations of the dissertation.
Chapter Two: The Introduction of Business of Asset Securitization—Combined with American Institutional Background.
This chapter introduces the transaction structure of Asset Securitization. Key factors and main related entities in the business of asset securitization are discussed in brief, based on the analysis and the definition of the asset securitization. Next, the author introduces the history of American asset securitization and also concludes some important characteristics embodied in the asset securitization history. From the author's point-of-view, he believes that it is useful to understand the evolution of the theories concerning accounting for financial asset regarding the implication of FASB when one masters the necessary characteristics.
Chapter Three: The Development and Interpretation on the Accounting of Sponsor for Financial Asset Securitization.
This chapter emphasises the central argument of the dissertation, Financial Asset Securitization. Several main factors and tasks are included. Firstly, the need to analyze and compare among the several accounting standards in asset securitization set by American accounting standards setting body in different periods; Secondly, the need to analyze and compare among the different versions of IAS 39 set by IASC/IASB; Lastly, to develop a more reasonable accounting method based on the analysis and comparison of the most updated views advanced by the FASB and IASB.
Chapter Four: The History and Status quo of Asset Securitization in China.
The chapter reviews the three stages in the history of Chinese asset securitization. The chapter stresses the importance on analyzing institution supporting the pilot program of asset securitization in China. The author continues to introduce the Status quo and the characteristics of asset securitization in China.
Chapter Five: Research on the Accounting Problem of Sponsor for Chinese Financial Asset Securitization.
Firstly, the author reflects on the research done on the accounting for asset securitization in academe. Secondly, several important official accounting literatures are introduced. Based on the above, the author comes up with several arguments and suggestions. Lastly, the author compares the three different kinds of views concerning accounting for asset securitization in a case-study.
在会计领域内,美国财务会计准则委员会和国际会计准则委员会/理事会都针对资产证券化会计,特别是发起人金融资产转移终止确认和特殊目的实体合并两个会计问题发布并多次修改了各自的会计准则。但是,两个最为主要的准则制定机构在这两个问题上的观点却存在着比较大的差异。而我国财政部2006年发布的第23号会计准则《金融资产转移》却基本上采纳了国际会计准则39号的观点。本文的目的在于,分析评价FASB和IASC/IASB以及我国会计准则在这两个问题上的观点,进而提出逻辑上更合理的会计处理方法。
全文结构安排如下:
第一章:导论。主要阐述了本文选择发起人金融资产证券化会计问题进行研究的背景、研究的意义、本文的创新和局限性。
第二章:资产证券化业务介绍——结合美国制度背景。本章在剖析资产证券化定义的基础上,简单介绍了资产证券化的业务设计、关键点和主要参与主体,然后对美国资产证券化的发展历史进行了简单回顾,并归纳了其主要发展特点。认识这些发展特点将有助于理解美国财务会计准则委员会对资产转移会计处理观点的演变。
第三章:发起人金融资产证券化会计处理沿革及其解释。本章是本文的重点,内容主要包括:(1)对美国会计准则制定机构在不同阶段发布的会计规范进行比较分析;(2)对国际会计准则委员会/理事会在不同阶段发布的IAS 39进行比较分析;(3)在分析比较美国财务会计准则委员会和国际会计准则理事会最新观点的基础上,从逻辑上提出了本文认为更为恰当的会计处理方法。
第四章:中国资产证券化发展历史及其现状。本章简要回顾了我国资产证券化发展的三个历史阶段,重点分析了资产证券化试点“破冰之旅”的制度背景、发展现状和发展特点。
第五章:中国金融资产证券化发起人会计问题研究。本章简要回顾了学术界对资产证券化会计问题研究,介绍了官方几份重要的会计规范,进而在前文的基础上,提出了本文的几点建议。最后,通过一个案例,对本文提到的三种主要会计处理观点进行了实际比较。
As one of the means of financing, asset securitization is evident to be a kind of innovation in finance, which is very much difference from traditional financing means. In the seventies of the twentieth century, asset securitization originated from America and has been greatly developed since then. Currently, products which issued in the area of asset securitization have been the largest fixed income securities in American capital market. In addition, the business of asset securitization has achieved much development in some major countries in Europe and Asia. In China, pilot asset securitization has begun in 2005 and under the lead of government; the business has achieved a great development in these years.
In the accounting field, the two main accounting standards setting body are namely FASB (Financial Accounting Standards Board) and IASC/IASB (International Accounting Standards Committee/ Board) have both published and revised standards over times regarding accounting for asset securitization. The accounting for the transfer of financial asset and the consolidation of SPV (Special Purpose Vehicle) have always been critical points for standard settings as well. However, there are several differences in the point of views from these two most prominent accounting standards setting bodies. In 2006, the Chinese Ministry of Finance issued CAS No.23 - Accounting for the Transfer of Financial Asset, which almost accepted all the views of IAS 39 (revised in 2004). The aim of the dissertation includes; firstly, to analyze and evaluate the views of FASB and IASC/IASB in these two problems, secondly, to evaluate the views accepted by Chinese accounting standards. Following, the dissertation will come up with a more reasonable accounting method.
The structure of the dissertation is listed below :-
Chapter One: Introduction.
The main content of the introduction is to detail the research background and motivation of the dissertation. At the same time, this chapter also points out the contributions and limitations of the dissertation.
Chapter Two: The Introduction of Business of Asset Securitization—Combined with American Institutional Background.
This chapter introduces the transaction structure of Asset Securitization. Key factors and main related entities in the business of asset securitization are discussed in brief, based on the analysis and the definition of the asset securitization. Next, the author introduces the history of American asset securitization and also concludes some important characteristics embodied in the asset securitization history. From the author's point-of-view, he believes that it is useful to understand the evolution of the theories concerning accounting for financial asset regarding the implication of FASB when one masters the necessary characteristics.
Chapter Three: The Development and Interpretation on the Accounting of Sponsor for Financial Asset Securitization.
This chapter emphasises the central argument of the dissertation, Financial Asset Securitization. Several main factors and tasks are included. Firstly, the need to analyze and compare among the several accounting standards in asset securitization set by American accounting standards setting body in different periods; Secondly, the need to analyze and compare among the different versions of IAS 39 set by IASC/IASB; Lastly, to develop a more reasonable accounting method based on the analysis and comparison of the most updated views advanced by the FASB and IASB.
Chapter Four: The History and Status quo of Asset Securitization in China.
The chapter reviews the three stages in the history of Chinese asset securitization. The chapter stresses the importance on analyzing institution supporting the pilot program of asset securitization in China. The author continues to introduce the Status quo and the characteristics of asset securitization in China.
Chapter Five: Research on the Accounting Problem of Sponsor for Chinese Financial Asset Securitization.
Firstly, the author reflects on the research done on the accounting for asset securitization in academe. Secondly, several important official accounting literatures are introduced. Based on the above, the author comes up with several arguments and suggestions. Lastly, the author compares the three different kinds of views concerning accounting for asset securitization in a case-study.
引文
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[3]资产池是指资产证券化中,为了取得一定的规模经济效益,发起人通常将一些满足一定条件的资产进行集合以证券化。后文还将对证券化资产需要满足的条件进行说明。
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[2]例如,房地产抵押贷款资产的证券化经常以该房地产提供担保。在美国次级贷款危机中,房地产抵押贷款业务大多数是针对信用等级较差的客户,如果贷款时房产涨价,还款时房产跌价,将导致还款能力不足,给证券化产品的投资者造成严重损失。
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[3]我国住房抵押贷款的最长期限一般为30年,而贷款期限主要集中在10-20年以及5-10年。
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