警惕SPV融资工具带来的“高杠杆”及其他衍生风险

Beware of“High Leverage”and Other Derivative Risks Brought by SPV Financing Instruments

资产负债率较高的上市公司通常利用有限合伙制私募基金或信托计划、资管计划等SPV融资工具进行融资。通过会计准则中金融工具分类和合并财务报表实务操作中的职业判断,将偿付义务“上移”到母公司,或通过合营SPV将融资隐匿在资产负债表之外,达到“调节资产负债率”的效果。本文通过分析SPV融资工具的结构逻辑,结合上市公司运用SPV融资工具的实证分析,寻找上市公司运用SPV融资工具的原因。再通过分析SPV融资工具运用过程中的潜在风险,提出SPV融资工具风险防范方法,并提出会计处理建议,提升信息披露要求的建议。

Listed companies with higher financial ratio usually use SPV financing tools such as limited partnership private equity fund or trust plan and asset management plan to finance. Through the classification of financial instruments in accounting standards ￡ind professional judgment in the operation of consolidated financial statements, the solvency obligation is “moved up” to the holding company, or the financing is hidden outside the balance sheet through the joint venture SPV, so as to achieve the effect of " adjusting the asset-liability ratio". By analyzing the structural logic of SPV financing tools and combining with the empirical analysis of listed companies, using SPV financing tools, this paper seeks the reasons why listed companies use SPV financing tools. Finally, this paper puts forward the risk prevention methods of SPV financing tools, and puts forward some suggestions on accounting treatment to improve the requirements of information disclosure.