摘要:2008年9月15日曾经作为世界第四大投资银行的雷曼兄弟宣布申请破产保护，而在2010 年3 月10 日，纽约地区破产法院指定的律师沃鲁卡斯公布了雷曼兄弟破产倒闭原因的调查报告。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“回购 105”掩饰其日益恶化的财务结果的会计舞弊行为。 这种形式上的销售实质上的融资行为被雷曼兄弟控股公司确认为销售，而这种做法是违背实质重于形式原则的。本文将讲述雷曼兄弟使用回购105的具体目的以及他们具体的操作方法和原理，并指出其违反实质重于形式原理；并会在最后总结一下雷曼事件给我们带来的启示。

关键词：雷曼兄弟 回购105 实质重于形式

Abstract:On September 15, 2008,as the top 4 investing bank in USA, Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection. On March 11, 2010, Anton R. Valukas, a court-appointed examiner, published the results of its year-long investigation into the finances of Lehman Brothers. This report revealed that Lehman Brothers used an accounting procedure termed repo 105 to temporarily exchange a big amount of assets into cash just before publishing its financial statements. The repo 105 which the Lehman brother used is a financing action rather than an selling action. However for Lehman Brothers, they treat it as the selling action. And this is against the rule “the substance over form” which we should follow in order to make sure the things are going in the right way. And I will let you know how Lehman Brother can “make it” and why it is illegal. And at last we will draw a conclusion about the thing we learn though the whole thing.

Key Words：Lehman Brother, Repo 105, substance over form

回购105成为雷曼兄弟公司破产的直接原因，不正确的会计处理方法，利用粉饰过的报表，掩盖了企业的真实面目，给报表的使用者特别是投资者和债权人造成了巨大的损失。任何情况下，遵循实质重于形式原则，体现了对经济实质的尊重，能够保证会计确认、计量信息与客观经济事实相符。另外，在准则和原则出现冲突时，遵守原则也比遵守准则更为重要。违背了实质终于形式，代价都是巨大的，无论是对投资者还是债权人，抑或是注册会计师。我国的会计准则的制定仲也要吸取教训以此为鉴。