会计学院知识库

      进入二十一世纪以来，私募股权逐渐增加，作为金融工具的一种创新，在发行条款中规定了转换权和赎回权的优先股，已经受到越来越多筹资者和投资者的喜爱。但是，如何区分“金融负债”和“权益工具”是确认与计量中的主要问题，造成该问题的主要原因在于优先股发行相关条款的复杂性和会计准则的滞后性。对发行可转换可赎回优先股的企业进行分析后发现，相关由于会计处理问题造成企业财务数据偏离正常状况的案例如雨后春笋，在很大程度上造成了企业的真实价值被相关投资者误读的现象。上述情况也暴露了诸多学者特别关心的问题——应用国际会计准则对金融工具进行会计处理时可能造成相关数据的异常。因此，结合快手科技优先股的发行情况与国际会计准则相关条款对优先股的会计处理进行研究，对于我国尚未繁荣的优先股市场发展具有重要的理论和现实意义。
      2021 年 2 月 5 日，快手科技登陆港交所。在此之前，快手科技将其发行的优先股确认为负债，并且将其公允价值变动金额计入了损益科目，这也体现了会计的稳健性原则。但是，随着快手科技实力的增强，其估值的不断增高反而导致了其财务报表呈现出持续的亏损状况。例如，2020 年快手科技净利润为-1166.35 亿元，其中 1068.46 亿元的亏损由其优先股的公允价值变动导致，如果不考虑该公允价值变动的影响，快手科技 2020年的利润将增长约 1000 亿元。本文基于此案例，对不同会计准则中与优先股相关的条款进行了深入研究，分析了不同会计准则下对于负债和权益的区分原则，另外从信用风险角度、复合金融工具角度、“夹层权益”角度和结合 MM 理论的角度，对快手科技优先股的会计处理进行了深入探索和改进。
      本文对于快手科技优先股的研究主要体现在以下四部分内容：（1）梳理快手科技优先股的相关发行条款，分析快手科技在适用的会计准则下将优先股计入负债的过程，发现该优先股在计入负债后，导致其财务报表一方面呈现出营业收入持续增加，一方面呈现出利润持续大额亏损的现象；（2）分析快手科技对其优先股的会计处理中存在的缺陷，上述会计处理给财务报表和会计信息质量带来的影响，并分析其产生的不良经济后果；（3）从不同的角度出发提出会计处理的新方案，包括将其优先股的公允价值变动直接计入其他综合收益、对该优先股进行拆分、借鉴美国公认会计准则确认为夹层权益和从权益估值的角度进行会计处理；（4）本文结束部分针对分析出的问题、发行该优先股给财务报表带来的影响以及导致经济后果，从不同角度提出建议，重点阐述了非国际财务报告准则（Non-IFRS）下应该如何进行信息披露。

      In recent years, with the increase of private equity, convertible redeemable preferred stock, an innovative financial tool, has become a “new favorite”for enterprises to raise funds. However, due to the flexibility of its issuance terms, it involves an international problem in accounting treatment-the distinction between financial liabilities and equity instruments. In recent years, due to the improper accounting treatment of convertible redeemable preferred shares, there are more and more cases that the financial statements“deviate”from the real value of the enterprise, which frequently leads to investors' misreading of the real value of the issuing enterprise. The above situation also exposed the problem that many scholars are particularly concerned about - the application of international accounting standards to the accounting treatment of financial instruments may cause the abnormality of relevant data. Therefore, the study of Kuaishou technology preferred stock and the relevant accounting provisions of international accounting standards on the accounting treatment of preferred stock will have important theoretical and practical significance for the development of China's stock market which has not yet been prosperous.

      In February 5, 2021, when the Kuaishou technology was listed on the Hong Kong Stock Exchange, Kuaishou technology recognized the convertible redeemable preferred stock as a financial liability under the International Financial Reporting Standards, and the subsequent measurement of fair value changes was included in the current profits and losses. Therefore, with the rapid increase of Kuaishou technology's strength, the increasing valuation has led to its huge financial loss. In 2020, the Kuaishou technology's profit statement showed a loss of 116 billion 635 million yuan, of which 106.846 billion yuan was caused by the inclusion of convertible redeemable preferred shares in financial liabilities. After excluding the above effects, the profit of Kuaishou Technology will increase by about 100 billion yuan in 2020., and the losses were reduced by about 90%. Based on this case, this paper compares the IFRS with the GAAP, and combines MM theory to improve accounting treatment of convertible redeemable preferred stock issued of Kuaishou Technology.

      This paper mainly studies from four aspects: (1) Combing the relevant issuance terms of convertible redeemable preferred stock issued by Kuaishou technology, and based on the international financial reporting standards, the preferred stock is included in the process of financial liabilities and related accounting treatment. It is found that the net profit of Kuaishou technology has been showing a huge “loss” after the convertible redeemable preferred stock was included in financial liabilities. However, Kuaishou technology's operating income has been increasing；(2) To analyze the defects of accounting process of the convertible redeemable preferred stock, the impact of accounting process on financial statements and accounting information quality, and analyze the adverse economic consequences；(3) Put forward new accounting treatment schemes from different angles, including recording the changes in fair value into other comprehensive income, splitting the preferred stock, recognizing it as mezzanine equity with reference to GAAP and accounting treatment from the perspective of equity valuation；(4) At the end of this paper, we will make recommendations from different angles in view of the problems in the Kuaishou technology's accounting process, and highlight the information disclosure under the Non International Financial Reporting Standards (Non-IFRS).