“明股实债”的优劣势及会计处理方式分析

Analysis of the Advantages and Disadvantages of the "Clear Stock Real Debt" and the Accounting Treatment

"明股实债"作为一项新的投融资方式,被越来越多的信托公司、资产管理公司、私募股权投资基金等所应用,也广受房地产企业、基础设施建设企业等融资主体欢迎。由于"明股实债"的投资交易结构通常较为复杂,近期更是受到非议。为此,论文总结了"明股实债"的优势,并化繁为简,将"明股实债"归纳并简化为两类模式,期许能够为"明股实债"正名,并明晰"明股实债"的特点及相关会计处理方式。

As a new way of investment and financing,"Clear Stock Real Debt"has been used by more and more trust companies,asset management companies,private equity investment funds and so on,and has also been widely used by real estate enterprises,infrastructure construction enterprises and other financing entities.Because the investment transaction structure of"Clear Stock Real Debt"is usually more complicated,it has been criticized more recently.Therefore,this paper summarizes the advantages of"Clear Stock Real Debt"and simplifies it into a simple one.This paper sums up and simplifies"Clear Stock Real Debt"into two kinds of models,hoping that it can correct the name of"Clear Stock Real Debt"and clarify the characteristics of"Clear Stock Real Debt"and the related accounting treatment method.