浅析债务重组的会计处理及相关性问题

一、债务重组概述及债务重组的会计核算 从广义上讲，债务重组应包括所有涉及在债务重组目修改债务条件的事项。也就是说，既包括债务人处于财务困难情况下的债务重组，也包括债务人处于非财务困难情况下的债务重组。2006年新债务重组准则的颁布实施，对于规范我国企业间债务重组业务的会计核算和相关信息的披露以及相关损益的确认和计量起到积极作用，并进一步向国际准则一债务重组靠拢，引进了国际惯用的“公允价值”概念。     

新会计准则对企业利润影响的分析

一、公允价值计量属性的应用 新会计准则的一大变化，就是引入了公允价值计量属性，这是新会计准则的一大亮点。新会计准则在金融工具、投资性房地产、非共同控制下的企业合并、债务重组和非货币性资产交换等方面引入了公允价值计量属性。     

关于新会计准则下公允价值应用中的问题及对策分析

目前，公允价值主要应用在非货币性资产交换、债务重组、投资性房地产、金融工具确认和计量中。在其应用中还存在着公允价值难以取得和有失公允等诸多问题。     

浅析公允价值计量在新准则中的应用

按照新的会计准则，债务重组、非货币性交易、投资性房地产、非同一控制下的企业合并、金融工具确认和计量等具体准则都会用到公允价值。因此，积极关注公允价值计量标准在新会计准则中的应用问题，对于准确评价企业业绩并不断完善公允价值计量属性有着重要的现实意义。     

浅析新会计准则中公允价值的具体应用

2006年2月15日，财政部发布了包括1项基本准则和38项具体准则在内的新的一整套企业会计准则体系。这次新修订的《企业会计准则》对计量属性作出了重大调整，不再强调把历史成本作为基础计量属性，全面引入了公允价值、现值等计量属性。新准则规定了在金融工具、投资性房地产、非共同控制下的企业合并、债务重组和非货币性交易等方面采用公允价值进行计量。     

公允价值在债务重组中的应用浅探

本文就公允价值计量模式在债务重组的应用进行了探讨，并结合案例对债务重组不同方式下的应用进行了分析，对应用中存在的问题建出了自己的看法和建议，为公允价值计量模式在债务重组的应用提供了有益的借鉴。     

浅析新会计准则中公允价值的计量与应用

新准则主要在金融工具、投资性房地产，非同一控制下的企业合并、债务重组和非货币性资产交换等方面采用了公允价值，使我国的会计理论与实务紧跟国际会计发展的步伐。下面就公允价值的计量和应用予以探讨。     

公允价值应用的探讨和分析

2006年，财政部颁布了新的企业会计准则，开始引用公允价值计量属性，部分具体准则使用了该计量属性，如金融工具、投资}生房地产、非共同控制下的企业合并、债务重组和非货币性交易等准则。近年来上市公司已逐步开始采用，本文旨在对新会计准则体系中公允价值应用面临的问题及解决的对策进行探讨和分析。     

新会计准则下应用公允价值对公司报表的突出影响

2006年公布的新会计准则（文中均称之为06会计准则）对计量属性做出了重大调整，不再强调历史成本为基础计量属性，全面引人公允价值计量属性，其中主要在金融工具、投资性房地产、非共同控制下的企业合并、债务重组和非货币性交易等方面采用了公允价值。那么公允价值的应用是必对会计报表有一定的影响，下面我们就从投资性房地产应用公允价值和金融业应用公允价值对会计报表的影响程度进行探讨和分析。     

公允价值在债务重组中的应用

在债务重组中,利用公允价值进行计量,可以提高会计信息的清晰性和谨慎性,同时也可以规范债务双方的成交价格。但由于在债务重组中,债务的账面价值和公允价值的差额要计入企业的当期损益,就使企业有机会通过公允价值来操纵利润。文章通过对我国企业在债务重组中使用公允价值计量的利弊分析,提出完善公允价值使用准则、提高相关人员职业素质等对策。     

产权特征、稳健会计政策与公司债务融资成本——来自中国证券市场的经验证据

稳健性会计作为重要的公司治理机构,能够降低债权人和债务人之间的信息不对称程度。结合我国上市公司的产权特征,基于债务融资成本的角度,考察会计稳健性的经济后果发现,稳健的会计信息与更低的债务融资成本相关,而国有产权的性质削弱了会计稳健性与债务融资成本之间的负相关性。     

声誉、债务与会计稳健性——信任视角的一项经验研究

文章从信任的角度研究了公司声誉如何影响债务契约对会计稳健性的要求。声誉较好的债务人能够赢得债权人的信任,从而降低债务契约对会计稳健性的要求。文章运用我国上市公司的数据,采用三种声誉度量方法,实证检验发现债务水平对会计稳健性有正向影响,债务人的良好声誉能够降低这种正向影响。文章以信任概念为基础整合了声誉和会计稳健性的理论关系,拓展了财务会计研究的视野,并为声誉对法律的替代作用提供了新的经验证据。     

对分税制改革以来我国 地方政府债务规模的估计 以浙豫疆三省区为例

本文以政府预算约束恒等式为工具，结合我国地方政府收支决算总表的具体特征，对地方债规模的估计进行了研究，并指出应该区分地方政府的决算总债务和决算净债务。在此基础上，本文以浙江、河南和新疆为例，对1994年分税制改革以来历年的地方债规模进行了估计。结果发现，浙江、河南和新疆的地方政府债务规模呈现出较大的差异，但发展周期十分一致，都经历了1994-1998年的增速快速回落期、1998-2007年的平稳增长期、2007-2008年的增速快速上升期和2009年以后更高水平的平稳增长期四个发展阶段。进一步，本文对浙豫疆三省区地方政府债务的可持续性进行了初步分析，认为浙江、河南和新疆的地方政府债务均表现出一定的可持续性，但浙江在控制地方债的增长方面压力相对较大。     

The effect of fiscal system reform on fiscal policy outcomes

We investigate how reform in governmental accounting affects fiscal policy outcomes including debt, balance, and fiscal transparency. Since a change from cash to accrual accounting can be regarded as a natural experiment among governments, a fixed-effects model is exploited. We discover that the change diminishes debt in developed countries, but expands it in less-developed ones, with strong effects in highly indebted countries. The change improves balance in developed countries and worsens it in less-developed countries, which is significant for developed countries with large deficits. Transparency is improved only in less transparent developed countries.     

总经理更替、管理层持股与高管团队重组——基于上市公司的实证

本文对总经理变更后的高管团队重组现象进行了研究,以管理层持股为调节变量,从更替类型、继任者来源等方面构建了理论假设,并利用上市公司年报数据进行了实证检验。研究发现,高管团队重组与总经理非常规更替显著正相关,而与总经理常规更替无显著关系;与总经理外部继任呈显著正相关,与总经理内部继任无显著关系;与管理持股比例呈强显著负相关关系;高管持股比例反向调节非常规更替与高管团队重组的关系,对常规更替调节不显著;同时反向调节外部继任与高管团队重组关系,正向调节内部继任与高管团队重组关系。     

Sovereign debt, structural adjustment, and conditionality

The lack of a proper enforcement mechanism for sovereign debt generates a commitment failure. As a result, a sovereign may seek to improve its position in debt renegotiations and thus evade its debt obligations by reducing exports. Conditionality seeks to provide a solution to the incentive problem by addressing the commitment failure. Formalizing this argument, we show that conditionality helps the repayment of sovereign debt. In certain circumstances, it can eliminate debt overhang, especially when it is coupled with concessionary lending of sufficient magnitude. It is, however, unable to restore first best. When it is anticipated by lenders, conditionality may get international financial institutions and sovereign debtors into a trap where the debt overhang persist, debt rescheduling takes place periodically, and conditionality continues indefinitely.     

MONETARY POLICY,FINANCIAL CONSTRAINTS,AND REDISTRIBUTION

This article examines how financial constraints affect redistribution via monetary policy. We explore a novel mechanism of monetary nonneutrality, which is based on debt limits imposed in nominal terms. Specifically, when debt is constrained by current income, monetary policy can alter the real terms of borrowing. Changes in inflation exert ambiguous effects, depending on the initial debt/wealth position and the willingness to borrow. We show analytically that borrowers can benefit from increased debt limits under lower inflation rates. This novel effect can dominate conventional debt deflation effects. We find that particularly less indebted borrowers as well as potential future borrowers gain and that aggregate welfare can be enhanced under a permanent reduction in inflation.     

The evolution of State-Local balance sheets in the United States, 1953–2013

State and local debt in the United States more than doubled as a share of gross domestic product between 1953 and 2007. Using a historical accounting framework, we find that there is no straightforward relationship over time between state and local deficits and debt growth. We find that only 17 percent of the variation in aggregate state–local debt ratios comes from variation in the fiscal balance. This is especially true in the 1980s, the period of most rapid increase in state–local debt ratios. Before 1980, there were small but persistent deficits, but stable debt ratios. In the 1980s, state and local sectors shifted toward budget surpluses but saw rising debt ratios. This is explained by a faster pace of asset accumulation. Our results demonstrate the autonomy of balance sheet variables and suggest that changing debt ratios cannot be explained by real income and expenditure flows.     

DEFAULT ON DEVELOPING COUNTRY DEBT: IS IT JUSTIFIED BY INTERNATIONAL LAW?

A simple balance of payments accounting framework is used to analyze the role of interest rates and commodity prices in the debt crisis of Argentina, Brazil, Mexico and Venezuela. It is argued that high real interest rates in the 1980s were unexpected by showing that the actual path was significantly far away from an optimal forecast based on an ARIMA process estimated for the 1954–1979 as well as for the 1926–1979 period. According to the legal principle of unforeseen change of circumstances , this may provide sufficient grounds for partial debt forgiveness by a court of law.     

AN AXIOMATIC APPROACH TO NATIONAL ACCOUNTING: AN OUTLINE

This article deals in an axiomatic manner with problems of definition, classification, and measurement in the national accounts. It argues that the elementary units which must be classified in national accounting are economic objects (real and financial), rather than transactions. The article defines briefly a set of postulates, and shows that the structure of a simple system of national accounting can be derived from them. There are twenty postulates—certain of them establishing basic categories such as sector, time, economic object, value (price); others establishing relations between categories (for example the notion of ownership); and others describing operations in which economic objects can be involved, such as production, final consumption, change of ownership, and change of debtor and creditor (in the case of financial objects). It is shown that the system of postulates makes it possible to consider a large number of accounting concepts (flows or stocks) as classes (baskets) of real objects (e.g., exports, real capital) or financial objects (e.g., payments, total debt of a sector). These concepts can be defined without reference to prices, although prices are necessary to measure them. Other concepts cannot be defined in this way in this system of postulates, for example value added, foreign balance, saving, net worth. However, it is possible to define magnitudes of the latter type and measure them in terms of value: for example, value added can be defined as the difference between the value of receipts and the value of outlays of a sector. In this way it is possible to establish algebraic relations among the national accounting concepts. (This article is a summary of certain parts of the doctoral thesis of the author, published in Norwegian in 1955.)