| The subject mainly discussed in this thesis is off-balance-sheet financing caused by the criterion of consolidated financial statements. The breakthrough of this research is the special purpose entity (SPE).The questions that this thesis mainly discussed are:What is the off-balance-sheet financing; What forms off-balance-sheet financing has; What factors give birth to off-balance-sheet financing ; What interests conflicts the off-balance-sheet financing will take to stakeholders; What are the forms of off-balance-sheet financing in the consolidate financial statements. Four chapters are organized for the research of this thesis:Chapter one Off-balance-sheet financing .We get the answer of what off-balance-sheet financing is from the research of scholars before; Several kinds of off-balance-sheet financing are discussed, which can be divided into three kinds, traditional, generated from consolidated financial statements and generated from the derivatives; Reason of off-balance-sheet financing generation outside the subjective and objective view; influence on the stakeholder and their response. At the end of this chapter, we analyze the feasibility of off-balance-sheet financing in China.Chapter two The theory of off-balance-sheet financing in consolidated financial statements.The purpose is to discuss the formation mechanism of off-balance-sheet financing in term of theory of consolidated financial statements. The method of consolidated financial statements is divided into totally consolidation, proportional consolidation, equity accounting and cost accounting from the broad view. The principle of consolidation is that certain control degree needs the corresponding accounting method of consolidation to reflect, that is to say, it should be one-one relations. If the accounting method of consolidation mismatches control degree, it will induce off-balance-sheet financing. There are two situation, one is that the degree of control the method of consolidation reflects is weaker than which really is because of deviation of understanding of the control degree, the other is under the definite control degree, the choice of alternative method. Chapter three SPE -the vehicle of off-balance-sheet financing in consolidated financial statements. SPE originated from the mortgage securities as the result of the finance innovation, whose function and structure have become more and more complicated. The primary function is off-balance-sheet financing. Particularity of SPE lies in the particularity of capital structure, organizational form, set up purpose, business activity, and management activity. It utilizes special equity structure and financing arrangement to avoid being included in the range of consolidation, thus achieving the purpose of off-balance-sheet financing. Forms of off-balance-sheet financing that correlate with SPE including assets securitization, synthetic leasing, and financing of the research & development project etc... Chapter four Consolidation of SPE. It begins with the discussion through the case of SPE-Raptor with Eron, and then discusses the criteria of FASB, about consolidation of SPE. The rule of FASB to SPE is mainly about leasing and assets securitization.Its regulation includes the index of quality and index of the quantity, Its 3% quantitative index appear in explanation letters and serial of announcements the Emerging Issues Task Force (EITF) rendered, a subsidiary service of FASB. This thesis will prove the rationality of 3% in a certain range, for the situation of the high liabilities rate (higher than 94%) in SPE, which can increase the difficulty of off-balance-sheet financing. But it has a congenital defect. It is argued that U.S.A. accounting criterion base should turn from'principle lead' to 'rule lead '. The 'rule lead' criterion over pays attention to the 'phenomenon', but the 'principle lead' criterion can't find the 'essence' either .It will cause the accountant unable to reflect the essence of the trade or the item,either the formulation of c... |
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