結構性交易與財務操縱-以Enron; 和Citigroup 之交易為例 Structured Transaction and Accounting Manipulation - Take Example By Enron’s and Citigroup’s Transaction

NCU Institutional Repository > 管理學院 > 財務金融研究所 > 博碩士論文 > Item 987654321/11982

jsp.display-item.identifier=請使用永久網址來引用或連結此文件: http://ir.lib.ncu.edu.tw/handle/987654321/11982

题名:	結構性交易與財務操縱-以Enron;和Citigroup 之交易為例 Structured Transaction and Accounting Manipulation - Take Example By Enron’s and Citigroup’s Transaction
作者:	王鈺娟;Yu-Chang Wang
贡献者:	財務金融研究所
关键词:	安隆;破產;結構性交易;財務操縱;信用連結債券;會計揭露;Bankruptcy;structured transaction;accounting manipulation;Enron
日期:	2003-05-23
上传时间:	2009-09-22 14:36:39 (UTC+8)
出版者:	國立中央大學圖書館
摘要:	美國最大能源交易商- E n r o n 的破產案之所以引人注目，不僅在於所牽涉金額的龐大，更在於此破產案的發生，暴露出內外部監理機制的失效，及引發各界對於財務報表公正性與會計師獨立性的質疑。本文主要從財務的角度切入，探討安隆如何藉由結構性交易與衍生性交易的使用，達到操縱財務報表的目的，且釐清弊端的發生是否源於交易的本質，抑或者是人為的濫用。文中也會就安隆的財務操縱手法詳加描述。此外，由於投資銀行在安隆案中所扮演的角色倍受關注，本文也將就C i t i g r o u p 透過Y o s e m i t e t r u s t 所發行、與安隆信用相連結的信用連結債券的契約內容及實際資金的運用情形進行介紹，說明C i t i g r o u p 如何藉由該類衍生性商品的使用，管理其對安隆的信用暴險；又該債券如何淪為安隆操縱盈餘的工具。文章最後，將就安隆對結構性交易的使用所牽涉到的會計議題、關係人交易與揭露議題加以探討。台灣隨著金融環境的開放，預期未來將會有越來越多結構性交易的出現，因此，如何從安隆案中學得經驗，防止類似弊案的再度發生，將是不可忽視的議題。 Enron, the biggest US energy trader, whose swift descent into bankruptcy has raised numerous questions, including corporate governance, the proper expression of financial statements and the independence of external auditor.The purpose of this article is to illustrate how Enron used the structured transaction and derivatives to manipulate the accounting earnings and to clarify what the fraud resulted from. Because of Enron’s Collapse, the roles of the financial institutions come into the focus of Senate’s investigation. This article would also describe the contract details of one credit linked note-Series 1999-A LEO, which linked to Enron’s obligation and be issued by Yosemite trust and explain how this kind of credit derivative helps Citigroup manage it’s credit exposure and illustrate how the structure of the note aided Enron in hiding debt and inflating the operating cash flow. Finally we would discuss the accounting issue and related-party transaction disclosure issues involved in Enron’s structured transaction and trace the following development of these issues. As Taiwan’s financial environment becomes more and more open, the structured transactions are expected to be prevailing in the future. To learn from Enron’s case and prevent similar fraud from happening is a worth noting topic.
显示于类别:	[財務金融研究所] 博碩士論文

文件中的档案:

档案	大小	格式	浏览次数

在NCUIR中所有的数据项都受到原著作权保护.

社群 sharing

数据加载中.....