金融负债与权益工具区分研究:理论基础、国际进展与政策建议

在传统会计领域,会计准则制定者一直探究负债与权益的区分方法,但是迄今为止,IASB和FASB并没有在会计概念框架层面彻底改变传统的二分法.近年来金融创新日新月异,具有权益特征的金融工具越来越复杂,其法律形式与经济实质往往不一致,给金融负债与权益工具区分带来严峻挑战.本文在我国有序推动市场化债转股、大力发展金融创新工具、控制债务杠杆以及防范金融风险的大背景下,首先梳理了金融负债与权益工具区分的理论基础与区分方法,然后系统回顾了传统二分法的历史渊源和国际进展,最后基于IASB(2018)讨论稿提出金融负债与权益工具区分的政策建议,以期解决发行人目前面临的金融工具区分困境.     

资讯

正会计财政部修订《企业会计准则第37号——金融工具列报》财政部近日修订并发布了《企业会计准则第37号——金融工具列报》。新准则主要增加了金融工具的分类,并补充了金融负债和权益工具、特殊金融工具的区分,指出企业应当根据所发行金融工具的合同条款及其所反映的经济实质而非仅以法律形式,结合金融资产、金融负债和权益工具的定义,在初始确认时将该金融工具或其组成部分分类为金融资产、金融负债或权益工具。并规定符合相应条件时,应当将金融工具进行重分类。新增了金融资产和金融负债的抵销、与金融工具相关的     

金融负债与权益工具的划分——以优先股为例

随着监管要求不断明确,包括优先股、永续债等在内的创新金融工具将会不断涌现,丰富金融市场交易品种,拓宽企业投融资渠道,促进实体经济发展。这些新型金融工具的出现,客观上要求在会计处理上予以明确。本文结合财政部最近发布的相关规定以及会计准则的有关要求,以优先股为例,系统梳理了有关合同条款特点,提出区分权益工具和金融负债的具体操作方法。     

金融负债与权益工具的划分——以优先股为例

随着监管要求不断明确,包括优先股、永续债等在内的创新金融工具将会不断涌现,丰富金融市场交易品种,拓宽企业投融资渠道,促进实体经济发展。这些新型金融工具的出现,客观上要求在会计处理上予以明确。本文结合财政部最近发布的相关规定以及会计准则的有关要求,以优先股为例,系统梳理了有关合同条款特点,提出区分权益工具和金融负债的具体操作方法。     

金融负债和权益工具区分对比研究——以优先股和永续债为例

随着市场经济的发展,创新也在金融市场开始探索与应用,其中该如何区分金融负债与权益工具,可谓难倒了很多金融从业人员.而市面上常见的便是优先股和永续债,这二者既同时含有债权属性,同时也包含了权益的部分性质,因此关于二者之间的界限也显得越发模糊.由于将此金融工具计入不同的分类会影响公司的利润,改变公司资产负债率一类的财务指标,对于上市企业影响则更甚.因此,在我国目前这样一个金融创新加快,监督管制加强的大环境下,防止企业虚增利润进而影响投资者,干扰市场,针对金融负债和权益工具的比较与区分就显得愈加重要.同时,这种对比所体现出的会计重要性,对于我们研究人员和监管部门来说,也是一个不小的挑战.     

权益的列报、计量及划分权益与负债的理论辨析和初步结论——《财务报告概念框架》最新国际动态之三

国际会计准则理事会认为,现行的权益定义可保持不变。对于权益和负债的区分,有＂窄口权益观＂和＂窄口义务观＂两种基本理论可供选择,并初步倾向于采用后者。此外,讨论稿还讨论了区分权益和负债的意义以及对现行具体准则可能带来的影响等若干问题。     

浅析非金融企业金融资产的账务处理

<企业会计准则第22号——金融工具确认和计量>(下称"金融工具准则")将金融工具定义为:"金融工具,是指形成一个企业的金融资产,并形成其他单位的金融负债或权益工具的合同."本文仅探讨金融工具准则第七条中有关"交易性金融资产"、"持有至到期投资"以及"可供出售的金融资产"的账务处理.     

浅析金融资产的范围及使用的会计科目

<正>一、金融资产的范围《企业会计准则第22号—金融工具的确认和计量》第八章金融资产、金融负债和权益工具定义中并未给金融资产做出明确的定义,只在第56条以列举的方式阐述了金融资产的内容:     

衍生金融工具风险下的会计改革

根据国际会计准则委员会(IASC)发布的国际会计准则第39号《金融工具——确认和计量》(IAS NO.39)中的定义,“金融工具”是指同时增加一个企业的金融资产和另一个企业的金融负债或权益工具的合约。“衍生工具”是指具有以下特征的金融工具:一是其价值随特定利率、证券价格、商品     

企业负债资金结构初探

在企业财务管理中．筹资业务的核心就是资金结构问题。资金结构一般是指长期资金中权益资金与负债资金的比例关系。在我国。资金结构研究的重点是权益资金和负债资金的比例关系,对权益资金内部的比例关系和负债资金内部的比例关系问题研究的并不太多。权益资金内部结构或负债资金内部结构不合理,同样也会引发财务上的一系列问题。基于此,本文在主要负债资金内部结构方面对企业资金结构进行了初步的研究。     

Consistent valuation of project finance and LBOs using the flows‐to‐equity method

The flows‐to‐equity method is used to value transactions where debt amortizes according to a fixed schedule, requiring a formula that links the changing leverage with a time‐varying equity discount rate. We show that extant formulas yield incorrect valuations because they are inconsistent with the basic assumptions of this method. The error from using the wrong formula can be large, especially at currently low interest rates. We derive a formula that captures the effects of a fixed debt plan, potentially expensive debt, and costs of financial distress. We resolve an important issue about what to use as the cost of debt.     

电力行业上市公司的财务杠杆效应分析——基于2006-2009年的经验数据

我国上市公司的资本结构普遍不合理,并没有充分发挥债务融资的财务杠杆效应。本文以我国电力行业四家上市公司作为实证样本,基于其财务杠杆效应的利用现状,通过多元回归分析揭示了净资产收益率与负债权益比、债务利息率、息税前利润率等影响因素的相关性及显著性,从而为电力行业上市公司财务杠杆效应的有效利用提供理论指导与实务借鉴。     

Debt and Equity Characteristics of Mandatorily Redeemable Preferred Stock

Abstract. This study examines whether mandatorily redeemable preferred stock (MRPS) is priced more like debt or equity by (1) investigating its debt and equity characteristics and (2) specifying conditions under which one characteristic would dominate the other. Based on a sample of 113 nonconvertible MRPS issued during 1970 to 1990, our results are consistent with the view that MRPS has both debt and equity characteristics. The debt (equity) feature is more pronounced among nonutility (utility) issues. Within the utility group, we find high (low) rated MRPS issues to be more debt (equity) like. Our results appear to support current MRPS disclosure rules.     

Accounting for financial instruments with characteristics of debt and equity: finding a way forward

Accounting for compound financial instruments, that is those with characteristics of both debt and equity, has challenged accounting standard setters for decades. The principles developed to distinguish liabilities and equity and the application of these principles in IAS 32 have been widely criticised. In 2016–2017, the IASB was engaged in a project to improve IAS 32. Our study presents research that is relevant to the issues faced by standard setters, related to improving the definitions and enhancing presentation and disclosure of liabilities and equity. We discuss studies investigating the effects of the accounting classification requirements on firms’ financing choices and on users’ decision‐making, to examine the question, ‘Does the distinction matter?’ We then explore various approaches that may be pursued by the standard setters to improve accounting in this area and identify areas for future research.     

Adverse Selection,Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany

This article analyses 336 German venture capital transactions from 1990 to 2005 and seeks to determine why selected financial securities differ across deals. We find that a broad array of financial instruments is used, covering straight equity, mezzanine and debt‐like securities. Based on the chosen financial securities’ upside potential and downside protection characteristics, we provide an explanation for the differing use of these securities. Our results show that investors’ deal experience, adverse selection risks and economic prospects in the public equity market influence the selection of financial securities.     

Accounting Conservatism and the Cost of Capital: An International Analysis

This paper examines the role of conditional accounting conservatism in mitigating the cost of equity and debt capital in an international setting. The findings are that firms domiciled in countries with more conservative financial reporting systems have lower cost of equity and debt capital. The paper further explores the cross‐sectional variation of the above relationships, finding that the negative association between conditional conservatism and the cost of equity and debt capital is more pronounced in countries with stronger legal enforcement, suggesting a complementary role between conservatism and legal institutions in capital markets. In addition, the paper finds that conservatism only reduces the cost of debt in countries where accounting‐based covenants are widely used, consistent with the argument that conditional conservatism improves the efficiency of debt contracts via accelerating covenant violations.     

Corporate Finance and Corporate Governance

A combined treatment of corporate finance and corporate governance is herein proposed. Debt and equity are treated not mainly as alternative financial instruments, but rather as alternative governance structures. Debt governance works mainly out of rules, while equity governance allows much greater discretion. A project-financing approach is adopted. I argue that whether a project should be financed by debt or by equity depends principally on the characteristics of the assets. Transaction-cost reasoning supports the use of debt (rules) to finance redeployable assets, while non-redeployable assets are financed by equity (discretion). Experiences with leasing and leveraged buyouts are used to illustrate the argument. The article also compares and contrasts the transaction-cost approach with the agency approach to the study of economic organization.     

Initial Technical Violations of Debt Covenants and Changes in Firm Risk

The purpose of this paper is to investigate whether initial technical debt covenant violations are associated with significant increases in the equity risk of violating firms. Our results indicate that first-time violations are associated with significant increases in both systematic and unsystematic risk. The increase in systematic risk is attributable primarily to rising levels of financial leverage as opposed to changes in the underlying asset beta. We also find that the change in unsystematic risk experienced by first-time debt covenant violators is a significant predictor of future exchange delisting, even after controlling for other factors typically associated with increasing financial distress.     

A Re-examination of the Case for Accounting Separately for the Debt and Equity Features of Convertible Debt

The case for accounting separately for the debt and equity features of a convertible bond is based on two main assumptions: convertible debt can be decomposed into two, or more, fundamental financial instruments, and a convertible bond has the same economic substance as a bond with a detachable warrant. These assumptions are re-examined in this paper where it is shown that it is generally not possible to decompose a convertible bond into fundamental financial instruments, nor is it possible to form a package of a bond and a detachable warrant that replicates the character of the convertible bond.     

Financial Frictions,Investment Delay,and Asset Market Interventions

We construct a dynamic macro model to incorporate financial frictions and investment delay. Investment is undertaken by entrepreneurs who face liquidity frictions in the equity market and a collateral constraint in the debt market. After calibrating the model to the U.S. data, we quantitatively examine how aggregate activity is affected by a shock to equity liquidity and a shock to entrepreneurs' borrowing capacity. We then analyze the effectiveness of government interventions in the asset market after such financial shocks. In particular, we compare the effects of government purchases of private equity and of private debt in the open market. In addition, we examine how these effects of government interventions depend on the option to delay investment.