会计系学术讲座系列2021年第15讲

主 题：新金融工具准则、“利润蓄水池”效应与实体金融化抑制

主讲人: 曾雪云（北京邮电大学经济管理学院教授）

协调人: 张敏 汝毅

时 间：2021-09-22 10:00

地 点：明德商学楼706会议室

语 言：中文

讲座摘要:

后金融危机时代，加强会计监管能否修补漏洞，进而抑制实体金融化？本文基于2007—2018年A股上市公司数据进行实证检验，结果表明，原金融工具准则下“利润蓄水池”规模的增大，能够促进实体企业金融化程度，该作用通过金融资产分类和重分类两种路径实现。进一步检验发现，“利润蓄水池”在平衡主业业绩和规避亏损方面扮演了重要角色，主业业绩较差、规避亏损动机越强烈时，金融资产（重）分类为可供出售类别的规模更大。与此同时，新金融工具准则在正式实施前的过渡期已经能够抑制实体金融化，对遏制“可供出售金融资产”的策略性分类与重分类行为形成了威慑力，其治理作用是通过取消“其他综合收益”账户的“利润蓄水池”功能来实现的。本文结论证实了实体金融化的会计动因——“利润蓄水池”效应，揭示出隐藏在会计合规行为背后的财务策略，为中央政府提出的加强财会监督提供了理论支持，提示监管部门从规范金融投资行为角度促进实体经济健康发展的重要性。

The "reservoir" effect is more prominent in Chinese capital market. But as far as the motivation of "reservoir" is concerned, we can not only reserve liquidity, but also reserve profitability by using accounting standards. This paper calls it the "profit reservoir" effect of real finance. Focusing on the regulatory evasion of a large number of enterprises, the standard setting department is committed to strengthening the supervision. In 2017, the new CAS22 was issued, which decided to cancel the category of "financial assets available for sale" and prohibit the "profit reservoir". The significance of this study lies in revealing the deeper and hidden accounting motivation of the entity financialization and the accounting governance function of the new CAS22. It makes up for the inherent defect that the existing macro vision research is difficult to go deep into the internal financial activities of enterprises, and interprets the behavior logic of management from the complexity of accounting.

Based on the data of 2007-2018 annual reports of non-financial listed companies, this paper explores the generation mechanism of "profit reservoir" effect, and takes the promulgation of new CAS22 as an exogenous event to examine its inhibitory effect on real financialization. There are three main findings in this paper. First, the larger the scale of "profit reservoir", the higher the degree of financialization. The classification and reclassification of financial assets have played a significant role in promoting the financialization of the entity. Second, when the main business performance is poor and the motivation to avoid losses is stronger, the scale of financial assets (re)classification is larger. "Profit reservoir" plays an important role in balancing the main business performance and avoiding losses. Third, the new CAS22 can restrain the real financialization in the transition period before the formal implementation, and its governance effect is realized by restraining the deterrent effect of "profit reservoir".

主讲人简介:

曾雪云，经济管理学院教授、博士生导师，会计专业负责人，公司金融与创新发展研究中心主任。全国高端会计人才（学术类），北京邮电大学首批“1551”人才入选者。在会计基础理论、公司治理、公司金融、资本市场方面有长期研究，并在金融科技、数据治理、区块链应用等方面有一定研究。在Frontiers in Psychology（SSCI）、《管理世界》、《金融研究》、《会计研究》等期刊发表学术论文多篇。《会计研究》等多家期刊审稿人。国家自科基金、北京市自科基金、教育部学位论文同行评审专家。先后获得国家自科基金、国家社科基金、财政部科研课题等7项。先后获得教育部第八届高校科学研究成果二等奖、北京市第十五届哲学社会科学优秀成果二等奖、中国会计学会优秀论文奖、蒋一苇企业管理奖、杨纪琬会计学奖等各类学术奖励。