“利润蓄水池”效应、新《金融工具准则》与实体金融化抑制

Profit Reservoir Effect,New CAS22 and the Suppression of Financialization

金融强监管时代,加强会计监管能否抑制实体金融化?新《金融工具准则》(CAS22)是我国首个有明确过渡期的会计准则,本文对非“A+H”双重上市的实业型企业进行实证检验,结果表明,原CAS22下盈利储备动因越强的实体企业,其金融化程度越高。这来源于配置了更多的金融资产作为“利润蓄水池”。“利润蓄水池”的形成,通过金融资产分类和重分类两个路径实现,在弥补主业盈利能力不足和规避亏损方面扮演了重要角色。与此同时,新CAS22在正式实施前的过渡期已经能够抑制实体金融化,其治理作用是通过取缔“其他综合收益”账户中与“非交易性权益工具”相关的“利润蓄水池”功能而实现的。经检验发现,新CAS22对过度金融化有显著抑制作用,并且不影响适度金融化。本文结论就实体金融化的成因做出了新的解释,揭示了“利润蓄水池”效应,探究了隐藏在金融行为背后的财务策略,并揭示出增强会计监管对于削弱策略性金融投资和促进实体经济高质量发展的政策意义,为将财会监督纳入国家九大监督治理体系提供了有力支持。

In the strong financial regulation,can strengthening accounting supervision curb the financialization of entities?The new Financial Instruments Standard is the first standard in China with a clear transition period,and this paper conducts an empirical test on non-“A+H”dual-listed industrial enterprises.The results show that the real enterprises with stronger profit reserve motivation under the original CAS22 have a higher degree of financialization,which comes from the allocation of more available for sale financial assets as the“profit reservoir”.The formation of“profit reservoir”is realized through two paths of financial asset classification and reclassification,which plays an important role in balancing the performance of main business and avoiding losses.At the same time,the transition period before the formal implementation of the new CAS22 has been able to inhibit entity financialization,and its governance role is realized by canceling the“profit reservoir”function of the“other comprehensive income”item.Further tests show that the new CAS22 have a significant inhibitory effect on excessive financialization,but do not affect moderate financialization.The conclusion of this paper reveals the accounting motivation of real financialization“profit reservoir”effect,which is helpful to understand the financial strategy hidden behind accounting treatment.It provides theoretical support for the central government to strengthen financial supervision,and suggests the policy significance of regulating financial investment behavior from the perspective of strengthening accounting supervision,so as to improve the real economy.