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雷曼兄弟“REPO 105”粉饰财务报告事件分析 被引量:3

An Analysis of Lehman Brothers Whitewash of Financial Reports Using"REPO 105"
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摘要 2010年3月10日,纽约地区破产法院指定的律师Anton Valukas经过一年的调查,公布了雷曼兄弟破产倒闭原因的调1查报告。令雷曼陷入财务危机的罪魁祸首是过度追求高风险的经营模式与用"REPO105"掩饰其日益恶化的财务结果的会计舞弊行为,两者的合力最终造成了雷曼兄弟破产清算。本文针对雷曼兄弟的会计舞弊问题,深入分析"REPO105"的具体交易细节,从中提炼出美国投资银行如何滥用会计准则规定,达到操纵资产负债表的行为模式。事实上,"REPO105"的交易模式是雷曼兄弟公司各部门负责人、外部审计师与律师经过多月磋商、反复论证最终制定出来的方案,其精细程度以及在形式上的"合法"程度并不是外部投资者通过分析所能洞察!雷曼兄弟的案例也提示我们离参透、驾驭外国投资银行的目标甚远! March 10, 2010, Anton Valukas, lawyer appointed by New York Bankruptcy Court announced his report on bankruptcy of Lehman Brothers after a year of investigation. The main reason why Lehman came into a financial crisis is their excessive high-risk-pursuit business model and the accounting fraud of using "REPO 105" to conceal their deteriorating financial results, which two factors eventually made Lehman Brothers liquidation. In this paper, after in-depth analyzing the transaction details of "REPO 105" during Lehman’s accounting fraud, we find out how the US investment banks abuse the accounting standards to manipulate the balance sheet. In fact, "REPO 105" is such a sophisticated transaction model made by department heads of Lehman, external auditors and lawyers after months of negotiations and research that in the form of "legal" level, it cannot be seen through by outside investors. The Lehman Brothers case suggests that we are far away from fathoming and controlling the foreign investment banks.
作者 蒋卫平
机构地区 国家外汇管理局
出处 《证券市场导报》 CSSCI 北大核心 2010年第8期4-8,共5页 Securities Market Herald
关键词 雷曼兄弟破产 会计舞弊 财务报告粉饰 投资银行业务 lehman brothers bankruptcy accounting fraud financial report whitewash investment banking
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  • 1SFAS No.140-Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (a replacement of FASB Statement No. 125). 被引量:1
  • 2Report ofAnton k. Valukas, Examiner, Chapter 11 Case No. 08-13555 (IMP), United States Bankruptcy Court Southern district of New York. 被引量:1
  • 3SFAS 140第9段,第9页. 被引量:1
  • 4Enter Linklaters, which grounded its legal brief in English, rather than American, law. The firm explicidy said: "This opinion is limited to English law as applied by the English courts and is given on the basis that it will be governed by and construed in accordance with English law". 被引量:1

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