资产证券化的风险分析:以安然破产为例

本文围绕资产证券化过程 ,探讨了资产证券化中可能蕴藏的巨大潜在风险 ,并且以安然破产为例 ,具体分析了安然公司利用资产证券化交易操纵会计报表的手段和方法 ,指出安然公司的交易与真实、合法的资产证券化交易有着本质的区别。在此基础上 ,针对处于起步阶段的我国的资产证券化 ,提出了一些看法和认识 ,有助于我国资产证券化的健康发展。

RISK ANALYSIS ON ASSET SECURITTZATION:CASE STUDY ON ENRON BANKRUPTCY

As a financial innovation instrument,asset securitization is a double-edged sword like most financial derivatives.This paper investigates the huge potential risks in asset securitization by focusing on the securitization procedure,and analyzes the methods of manipulative accounting statements through securitization transactions by the case of Enron bankruptcy.The evidence shows that there are several fundamental differences between Enron's transactions and the true,legitimate securitization.On the basis of examinations ,we also put forward some views and perspectives,hoping to attribute to the healthy development of securitization in our country.