证券公司国债回购危机引发的会计思考

Accounting Thought about Crisis of State Owned Bond Repurchase of Security Company

导致中国证券公司破产与股市资金链断裂的重要原因之一是国债回购业务。国债回购业务实质上是一种复杂的金融衍生产品业务,其名义为为低风险的国债业务,实际上是高风险的股票买卖业务。目前国债回购的会计处理存在一定的缺陷,有必要尽快予以完善。国债回购的会计处理并不能从根本上解决国债回购危机,但可为从制度上解决国债回购危机奠定基础。

One of key factors that causes the bankruptcy of the security company and the rupture of cash chain is the business of state owned bond repurchase. The business of state owned bond repurchase is a very complex derivatives. Although it seems that it's a low risk state owned bond business, but in fact it's a high risk security trade. There is some limitation of the accounting treatment of the state owned bond repurchase whtch need to be implemented as soon as possible. The accounting treatment of the state owned bond repurchase cannot solve the crisis of the business fundamentally, but it can be a good basis to systematically solve the crisis.