Special Purpose Vehicles: Empirical Evidence on Determinants and Earnings Management
研究特殊目的实体（SPV）的使用、决定因素及其对盈余的影响。基于1997-2004年数据，发现SPV使用率单调增长，且财务报告动机和税收动机促进其使用，而强公司治理抑制之；用于财务报告的SPV与盈余管理相关，而经济或税收目的的SPV则不然。
ABSTRACT: We investigate the use, determinants, and earnings effects of special purpose vehicles (SPVs). Based on a proxy of SPV activity that can be applied to a broad cross-section of firms over time, we find a two-and-a-half fold monotonic increase in the percentage of firms using at least one SPV during the eight-year period from 1997 through 2004. Tobit regressions of the determinants of SPV use show that SPV activity increases with financial reporting incentives and economic and tax motivations, but strong corporate governance tends to mitigate their use. In addition, the evidence is consistent with SPVs arranged for financial reporting purposes being associated with earnings management, whereas the same does not appear to be the case for SPVs set up mainly for economic, tax, and other reasons.