衍生金融工具公允价值套期保值会计研究

我国2006年颁布的新会计准则明确将金融工具划分成基础金融工具和衍生金融工县,并就其会计确认、计量和披露进行了规范.但有关衍生金融工具公允价值套期保值会计的核算内容不够县体而且准则内容在理解上存在很多难点,本文拟结合案例就公允价值套期保值金计进行研究,旨在为企业提供一套可供操作的方案.     

衍生金融工具的套期会计分析研究

随着我国社会主义市场经济发展的不断深入.衍生金融工具也在我国企业中扮演着越来越重要的角色.根据不同衍生金融工具进行套期,能为企业控制和防范风险提供有效的手段,但不恰当的使用会为企业带来沉重的负担.本文吸取国外在衍生金融工具套期会计处理方面的理论和实务,研究如何在我国2006年颁布的企业会计准则下,运用套期会计将企业真实经营结果反映到财务报告中以满足会计决策有用性理论的要求.     

衍生金融工具套期会计问题研究

随着市场经济的不断发展,我国越来越多的企业开始涉足套期业务。企业利用衍生金融工具进行套期,能够为企业防范和控制风险提供有效的手段和途径。虽然我国已经建立了"套期保值"的相关准则,但在实际操作中仍存在诸多不足之处。本文在分析衍生金融工具套期会计存在问题的基础上,提出完善的建议。     

衍生金融工具的套期会计在我国的发展前景探析

2006年我国财政部颁布了四个衍生金融工具会计准则来统一规范企业衍生金融工具的套期会计处理,并取得了一定的成效,但这些准则在使用中仍存在着一些不足.本文分析了其目前存在的问题及其发展前景,并提出我国衍生金融工具套期会计在政策选择方面改进的几点建议.     

衍生金融工具套期保值策略分析

衍生金融工具具有缓解交易风险的作用,在企业或者个人在金融市场的交易过程中,衍生金融工具的运用就显得尤为重要,合理运用衍生金融工具能够有效降低由于利率、汇率及其他不确定因素所带来的风险。文章主要对衍生金融工具的定义和特征进行阐述,并提出在运用衍生金融工具进行套期保值过程中存在的问题以及策略。     

浅论套期会计处理

套期是指购销一项或多项衍生金融工具或非衍生金融工具，使其公允价值或未来现金流量的变动方向与被套期项目相反，进而有效地抵消特定风险导致的被套期项目价值变动所可能带来的损失。其主要目的是避免价格、利率或汇率的不利变动对利润产生的影响，因此，运用衍生金融工具套期的公司一般倾向于运用一种会计方法，     

论我国衍生金融工具的会计处理

自1972年美国推出首张外汇期货合约以来,衍生金融工具迅速发展并广泛应用。但从英国巴林银行的破产案到不久前美国的安然事件,无不反映出使用衍生金融工具所隐含的巨大风险。本文将就衍生金融工具及其风险进行确认、计量、列报和披露等会计处理问题作初步探讨。     

试论财务会计与税务会计分离理论的扩展

在市场经济发展日益成熟的环境下,传统财务会计和税务会计统一的格局在新形势下显示出的弊端已经越来越明显.本文分析了企业财务和税务的各自目标、分离需要以及分离趋势.     

Determinants of corporate hedging and derivatives: A revisit

Although the primary purpose of hedging is to reduce earnings volatility, corporate hedging may also increase firm value. Using publicly-available data, we found that hedging reduces the probability of financial distress, reduces the agency costs of debt, and reduces some agency costs of equity. However, we found no support for the hypothesis that hedging increases firm value by reducing expected tax liability. In addition, we suggest that corporate ownership structure may affect the desirability of hedging. We also found that large firms have a stronger tendency to hedge, firms with a larger percentage of value derived from growth opportunities are more likely to hedge, and convertible debt serves as a substitute for corporate hedging. With a dummy variable for multinational corporations as a proxy for operational hedging, we found that operational hedging and derivative hedging are complements rather than substitutes.     

衍生金融工具的会计确认与计量研究

20世纪70年代,随着布雷顿森林体系固定汇率制的终结,衍生金融工具出现.衍生金融工具在国际金融市场上的大量涌现,虽然丰富了金融市场上的金融产品,但却对传统会计理论产生了极大的冲击,衍生金融工具的产生对会计要素的确认、计量和披露等方面提出了全面的挑战.事实上,上述问题己经引起国际会计界的普遍关注.国际上比较有权威的会计组织和团体,如美国财务会计准则委员会和国际会计准则委员会都己采取积极的措施,制定并颁布了一系列有关衍生金融工具的会计准则,来讨论和发布与衍生金融工具有关的会计问题研究成果.我国会计界从20世纪90年代中期开始投入到衍生金融工具会计的研究中去,但大多理论仅局限于对确认、计量、报告等问题概念上粗略的探讨.     

企业账务的处理方法分析

企业会计核算较以往有相当大的变化,且会对企业的资产及损益产生影响.执行新准则后,职工薪酬核算对企业当期资产、损益的影响比较大,即减少当期费用,增加当期资产.     

企业物流成本核算的账务处理

随着物流业的发展,企业物流管理水平也得到了很大提高,尤其是在企业物流成本会计核算的研究应用方面有了显著进步,试图在不改变现行财务制度的条件下,时企业物流成本的会计核算模式比较与选择进行了研究,并在物流成本核算方法研究方面,对物流成本核算的账户设置和账务处理进行了实例分析.     

A new scheme for static hedging of European derivatives under stochastic volatility models

This study proposes a new scheme for static hedging of European path‐independent derivatives under stochastic volatility models. First, we show that pricing European path‐independent derivatives under stochastic volatility models is transformed to pricing those under one‐factor local volatility models. Next, applying an efficient static replication method for one‐dimensional price processes developed by Takahashi and Yamazaki (2008), we present a static hedging scheme for European path‐independent derivatives. Finally, a numerical example comparing our method with a dynamic hedging method under Heston's (1993) stochastic volatility model is used to demonstrate that our hedging scheme is effective in practice. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 29:397–413, 2009     

Trend derivatives: Pricing,hedging, and application to executive stock options

Both institutional and private investors often have only limited flexibility in timing their investment decision. They look for investments that will ideally be independent of the timing decision. In this article, a new class of derivative products whose payoff is linked to the trend of the underlying instrument is introduced. By linking the trend to the payoff, the timing of the decision becomes less important. Therefore, trend derivatives offer some time‐diversification benefits. How trend derivatives are designed and priced is shown. Due to their peculiar features, trend derivatives offer some interesting applications such as executive stock option plans. © 2007 Wiley Periodicals, Inc. Jrl Fut Mark 27:151–186, 2007     

BitMEX bitcoin derivatives: Price discovery,informational efficiency,and hedging effectiveness

BitMEX is the largest unregulated bitcoin derivatives exchange, listing contracts suitable for leverage trading and hedging. Using minute-by-minute data, we examine its price discovery and hedging effectiveness. We find that BitMEX derivatives lead prices on major bitcoin spot exchanges. Bid–ask spreads, interexchange spreads, and relative trading volumes are important determinants of price discovery. Further analysis shows that BitMEX derivatives have positive net spillover effects, are informationally more efficient than bitcoin spot prices, and serve as effective hedges against spot price volatility. Our evidence suggests that regulators prioritize the investigation of the legitimacy of BitMEX and its contracts.