Study on the Distinction between Financial Liabilities and Equity Instruments and Economic Consequences

李顶辉

郑秀杰

硕士

河北经贸大学

金融负债;;权益工具;;可转换可赎回优先股;;经济后果

党的十九大召开以后,我国资本市场建设继续向前推进,各类新型金融工具也相继出现在人们的视野内,但是兼有负债与权益双重性质的金融工具之间的划分界线越来越模糊,例如小米集团发行的可转换可赎回优先股就备受人们关注。其法律形式也越来越脱离其经济实质,区分难度加大,而且金融工具的不同的性质划分会产生不同的经济后果,不仅会影响企业净利润和与净利润相关的财务指标,而且会影响企业的资本构成和企业价值的评估结果。由于金融负债与权益工具的不同性质区分对资本构成造成不同的影响,而不同的资本结构会造成企业承担不同的利息负担和财务风险,因此,正确区分金融负债与权益工具,不仅与资本结构的确定有关,还会影响发行方对最优资本结构和最优融资组合的决策。对金融负债与权益工具进行不同性质区分,也会产生不同的财务报表效果,例如营业亏损与否和资产负债率高低与否等,所以正确地划分金融负债与权益工具对报表使用者而言也起着十分重要的作用。本文对金融负债和权益工具的区分进行研究,并探讨小米集团可转换可赎回优先股的会计处理及其在不同性质区分下的经济后果。本文首先分别对金融负债和权益工具的基本概念和理论基础进行介绍,之后分别对IFRS(国际会计准则)、GAAP(美国财务会计准则)和中国会计准则中的有关金融负债与权益工具的区分进行分析,对比三种准则在区分金融负债与权益工具方面的异同,介绍了可转换可赎回优先股的定义、特征、优势和性质划分,然后对小米集团发行的可转换可赎回优先股进行分析,分析小米集团根据IFRS将可转换可赎回优先股划分为金融负债的处理过程,以及假设小米集团遵循GAAP,将可转换可赎回优先股划分为权益工具的处理过程,对并两者不同的划分产生的经济后果进行对比分析。希望通过本文的分析,使得投融资双方进一步了解可转换可赎回优先股,为金融负债和权益工具的区分提供借鉴与参考。

After the party's 19 th National Congress,China's capital market construction continues to advance,and various new types of financial instruments have also appeared in people's field of vision.But the dividing line between financial instruments with both debt and equity is becoming more and more vague,For example,the convertible redeemable preference shares issued by Xiaomi Group have attracted much attention.and its legal form is increasingly divorced from its economic essence.The difficulty of differentiation is increased,and the different nature of financial instruments will be divided.Different economic consequences will not only affect the company's net profit and financial indicators related to net profit,but also affect the company's capital composition and corporate value assessment results.Because the different nature of financial liabilities and equity instruments have different effects on capital composition,and different capital structures will cause enterprises to bear different interest burdens and financial risks,therefore,correctly distinguish financial liabilities and equity instruments,not only with capital structure.Determining the relevant will also affect the issuer's decision on the optimal capital structure and optimal financing mix.Differentiating between financial liabilities and equity instruments will also have different financial statements,such as operating losses or high and low asset-liability ratios.Therefore,the correct classification of financial liabilities and equity instruments is also applicable to report users.Play a very important role.This paper studies the differentiation of financial liabilities and equity instruments,and discusses the accounting treatment of Xiaomi Group's convertible redeemable preference shares and its economic consequences under different nature.This paper first introduces the basic concepts and theoretical basis of financial liabilities and equity instruments,and then separately distinguishes between financial liabilities and equity instruments in IFRS(International Accounting Standards),GAAP(US Financial Accounting Standards)and Chinese Accounting Standards.Analysis,comparing the similarities and differences between the three criteria in distinguishing financial liabilities and equity instruments,introducing the definition,characteristics,advantages and nature of convertible redeemable preferred stocks,and then proceeding to convertible redeemable preference shares issued by Xiaomi GroupAnalysis and analysis of the process by which Xiaomi Group divides convertible redeemable preference shares into financial liabilities according to IFRS,and assuming that Xiaomi Group follows GAAP and divides convertible redeemable preference shares into equity instruments.A comparative analysis of the economic consequences of different divisions.It is hoped that through the analysis of this paper,the investment and financing parties will further understand the convertible redeemable preference stocks,and provide reference and reference for the differentiation of financial liabilities and equity instruments.