《管制资产和管制负债（征求意见稿）》的内在逻辑与我国的适用性分析

国际会计准则理事会（IASB）于2021年1月28日发布了《管制资产和管制负债（征求意见稿）》。本文立足于国际财务报告准则概念框架基本原理与我国电网企业费率管制活动实践,对管制资产准则的目标、适用范围、管制资产和管制负债的确认等内容进行了讨论,研究发现：管制资产准则与国际财务报告准则概念框架的内在逻辑存在明显的不一致之处,同时,管制资产准则与我国公用事业单位的经营目标有所背离,不适应我国电力行业的费率管制活动实践。     

Analysis of Pecking Order Theory on Chinese Listed Companies

This study tests the order of firms’ financing choices based on a sample consists of 150 Chinese listed companies. And it indicates that China’s listed companies did not follow the theoretical ‘Pecking Order’ （Myers,1984）, but a ‘new order’— internal fund, equity, and debt — to make their financial choices. This is because firm’s gearing ratio and solvency did not show a high degree of correlation in China’s capital market, which leads to the preference of using equity. Besides, there are some other reasons： low cost of issuing equity, ineffective financial management, immaturity of capital market, not well developed bond market, and lack of an effective credit rating system.     

A电力公司输变电单体项目业财匹配管控模式的探索

当前电网企业输变电项目预算管理普遍存在业务预算编制基础薄弱、预算执行业财进度不匹配等情况,财务因缺乏有效的审核、监督工具,对预算编制和执行的控制力度有限。A电力公司创新建立一套预算执行业财进度匹配标准,将单体项目业务关注的形象进度转化为以货币度量的财务支出计划,统一了业财管理沟通语言,实践应用中将其作为预算编制审核、预算执行监督的有力支撑工具,保证了财务管理不越位、预算编制不失控、执行进度可跟踪。