会计学院知识库

    二零一三年，武汉地铁推出了可续期公司债，标志着永续债开始走入国内资本市场。企业选择永续债作为筹资的工具是因为其不仅筹集的资金规模大，同时可以优化企业的资本结构，且不会导致企业控制权的稀释。由于永续债兼具股权与债权属性，其会计属性的划分存在一定难度，而对于会计属性的不同划分会对发行方企业、债权人、股东、社会公众等都会带来一定的影响。

    本文一方面从理论与概念方面入手，首先通过永续债会计确认与计量国内外文献的阅读，梳理出现有文献在永续债会计确认与计量的研究多集中在房地产行业、建筑行业。以此为切入点，本文选择深圳能源作为案例企业，其是一家电力企业，以期能为电力行业永续债确认与计量提供借鉴。其次本文阐述了永续债、权益工具和金融负债的概念，最后阐述了权衡理论、利益相关者理论和经济后果理论的发展历程与理论意义。另一方面从实务入手，选取深圳能源作为案例公司，对深圳能源永续债会计确认与计量的案例从行业永续债会计确认与计量现状、企业发行动机、企业永续债会计确认、企业永续债会计计量及产生的影响等方面进行了详细的分析和阐述。

    通过分析，本文发现首先永续债会计确认与计量在微观上会对企业的财务方面产生有利和不利影响，即一方面可以增强企业的偿债能力、盈利能力、增加股东财富以及改善资本结构的优势；另一方面会造成企业现金流压力增加和失去利息税盾效应的劣势。在宏观上会对资本市场产生影响，主要体现在对股东、债权人、监管机构等利益相关者产生影响。其次本文发现永续债作为一种复合金融工具，会计属性区分存在一定难度，故在对其进行确认与计量时需要重视经济实质。再次本文发现发行企业及利益相关者认识不够，对于永续债确认与计量可能引发的风险重视不够，所以相关人员应当加强认识。最后发现我国金融工具准则存在需要完善的地方，以增强准则的灵活性与适应性。

    In 2013, Wuhan Metro Corporation successfully issued renewable corporate bonds, and perpetual bonds officially entered the domestic financial market. As a compound financial tool, perpetual bonds are increasingly favored by enterprises due to their advantages of large funds raised, optimized capital structure, and no decentralization of control rights. Since perpetual bonds have both equity and creditor's rights attributes, there is a certain degree of difficulty in the classification of accounting attributes, and the different classification of accounting attributes will have a certain impact on the issuer's enterprise, creditors, shareholders, and the public.

    On the one hand, this thesis starts from the theory and concepts. First, through the reading of domestic and foreign literature on perpetual bond accounting confirmation and measurement, it sorts out the literature on perpetual bond accounting confirmation and measurement that mostly concentrate in the real estate industry and construction industry. Taking this as an entry point, this thesis chooses Shenzhen Energy as a case company, which is an electric power company, in order to provide a reference for the confirmation and measurement of perpetual bonds in the electric power industry. Secondly, this thesis expounds the concepts of perpetual bonds, equity instruments and financial liabilities, and finally expounds the development process and theoretical significance of trade-off theory, stakeholder theory and economic consequence theory. On the other hand, starting from practice, Shenzhen Energy was selected as the case company, and the case of Shenzhen Energy’s perpetual bond accounting confirmation and measurement was based on the status of industry perpetual bond accounting confirmation and measurement, corporate issuance motivation, corporate perpetual bond accounting confirmation, and corporate perpetual bond accounting confirmation and measurement. Detailed analysis and elaboration on renewal of debt accounting measurement and the resulting financial impact.

    Through analysis, this thesis finds that first, the accounting confirmation and measurement of perpetual bonds will have favorable and unfavorable effects on the financial aspects of the company. For one, it can increase the long-term solvency of the company, enhance the profitability of the company, increase shareholder wealth, and improve the capital structure. For another, it will cause the enhance of corporate cash flow pressure and the disadvantage of losing the interest tax shield effect. Secondly, this thesis finds that perpetual bonds, as a compound financial instrument, have certain difficulties in distinguishing accounting attributes. Therefore, it is necessary to pay attention to economic substance when confirming and measuring them. Once again, this thesis finds that companies and related personnel do not have enough knowledge and do not pay enough attention to the risks that may be caused by the confirmation and measurement of perpetual bonds, so relevant personnel should strengthen their understanding. Finally, it is found that there are areas that need to be improved in my country's financial instrument standards to enhance the flexibility and adaptability of the standards.