另类业绩指标披露及其规则的发展和我们的对策——基于京东和苹果案例的研究

The Development of Disclosure and Rules of Alternative Performance Measures and Chinese Regulatory Reaction ——Based on the Jingdong and Apple Case Studies

在会计准则规定的业绩指标之外披露另类业绩指标近年来在境外资本市场流行,并已成为各方关注的焦点。本文基于京东公司和苹果公司披露另类业绩指标的案例,结合相关实证文献回顾,研究公司披露此类信息的动机、方法和后果,分析国际上证券监管机构和会计准则制定机构的动向,提出我国的对策。京东是在持续亏损的情况下,通过对当期和未来无现金后果、不反映经营业绩和持续盈利能力指标的调整,披露另类业绩指标,帮助使用者正确评估公司业绩和价值;苹果是由于当时美国会计准则不能正确反映其捆绑销售业务的经济实质,通过调整产品和服务收入及其相关成本在各期的分摊方式披露另类业绩指标,以帮助使用者正确评估公司业绩和价值。缺乏会计准则和信息披露监管规则可能导致另类业绩指标误导信息使用者。国际上证券监管机构正努力建立更有约束力的另类业绩指标披露规则,会计准则制定机构也正考虑将另类业绩指标纳入业绩报告体系,以提升相关信息的质量。我国需要跟踪这方面的发展动向,完善业绩信息方面的会计和披露准则,提高信息披露的可比性和决策有用性。

Alternative performance measures disclosure has gained popularity on capital markets in recent years,It has been the focus of investors, security regulators and accounting standard setters. Based on Apple and Jingdong's case studies and review of the relevant empirical evidences,this paper examines the motivations,economic consequences of and stakeholders,reactions to alternative performance pleasures disclosure. The motivations include remedy of the weakness of GAAP performance measures for loss companies through adjusting non-cash items and items not reflecting the sustainable performance (Jingdong's case) and Challenging the relevance of GAAP performance measures ( Apple's case) because the applicable accounting rules does not reflect the material of Apple's business model and distorts the value and performance of Apple. There is no consensus on the relative usefulness of Alternative performance measures over its GAAP counterparts. Alternative performance measures could be misleading due to the lack of disclosure rules. Security regulators should enforce the mechanism to ensure the applications of its disclosure guidance,accounting standard setters should reform its standards and include some of the Non-GAAP measures in its standards to increase the information quality. Chinese accounting standard setter and regulators should keep close eyes on the development of the projects of performance measurement and modify relevant standards accordingly.