This paper analyzes the sustainable debt financial problem with the CAS 37 released by the Ministry of Finance of the People's Republic of China and the sustainable bond issued by Wuhan Metro and Yunan Energy Investment Group,in order to get the general principle of the sustainable debt financial differentiation.To get the key point,the paper mainly researches the principal option,interest jumping option,interest delaying payment option,dividend pushing and pulling option and mandatory dividend payment option which basically used in the legal contract of sustainable bond.In the end,this paper finds that the bond used the principal option,interest delaying payment option in the contract maybe record as the shareholders on Balance Sheet of the enterprise,while the interest jumping option,dividend pushing and pulling option would not have impact on the recording.The sustainable debt with legal document constrained by interest jumping option,dividend pushing and pulling option still could be considered as the shareholder on Balance Sheet of the enterprise.However,the mandatory dividend payment option was different,which should be considered according to various situation in the legal document,otherwise,the debt with the mandatory dividend payment maybe recorded as the debt on Balance Sheet.%通过将我国现行会计准则中对于金融负债与权益工具的区分规定,与实践中武汉地铁可续期企业债及云南能投附选择权中期票据相结合,分析了永续债中常用的本金选择权、利率跳升机制、利率延期选择权、股利制动机制和推动机制以及强制付息条款对于金融负债与权益工具列报的影响,结果发现:本金选择权和利率延期选择权条款可初步满足永续债计入权益工具的条件,而其利率跳升机制、股利制动和推动机制也未对永续债计入权益形成实质性障碍;强制付息条款则需要具体分析,当其满足准则明确的具体要求时才不会对权益工具的划分造成障碍.
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