“盈余管理”与“盈余资金管理”这两个概念是不是如LZ所说那样有严格的区分，我还没有考证。

但目前很多企业已将盈余管理做为日常的有时甚至是战略性的策略运用到企业的管理中，也就是提前了，不是等到有了盈余资金后进行所谓的盈余资金管理，而是提前考虑，所以我理解这两个概念应该是同一个事情。

使用衍生品应该能够达到改善资产负债表杠杆值的效果的。

The surge in recent years in the use of derivatives

to obscure balance sheet risks is a manifestation of that

approach. Investors and other users of financial statements,

including regulators, have developed an intuition about

the likely volatility of balance sheet assets and liabilities.

They know that, everything else being equal, companies

with highly leveraged balance sheets (i.e., high ratios of

assets and liabilities to equity) are riskier than those with less

leverage. Knowing that the market frowns on excessive balance sheet

leverage, many companies have looked for

ways to minimize the size of the assets and liabilities they

reported on the balance sheet. Derivatives are attractive

because they can often be structured to replicate traditional

asset transactions but with a much lighter balance sheet

impact. Clearly, not all derivative transactions are bad, but

in some cases, they can facilitate a business strategy that

would not be executed using traditional assets.

           ——源自：Derivatives, AIG and the Future of Enterprise Risk Management

                         全文：

                         http://www.soa.org/library/essays/rm-essay-2008-wacek.pdf

                         http://www.soa.org/library/essays/rm-essay-2008.pdf