租赁准则实施前后永辉超市融资成本变化研究

Research on the Changes of Yonghui Supermarket’s Financing Costs Before and After the Implementation of Leasing Standards

租赁是永辉超市门店和仓库的主要获取方式,租赁准则变动会对企业的融资成本产生复杂的影响,即在增加企业财务费用的同时,又因费用扣除的时间差异形成企业所得税递延纳税收益。本文以16家零售业上市公司的财务数据为样本,利用财务费用除以有息负债测算企业平均融资利率,据此推算永辉超市因准则应用而增加的名义融资成本,然后计算企业所得税递延纳税收益,从而确定永辉超市在租赁准则实施前后的实际融资成本变化。最后提出了应对措施,仅供参考。

Lease is the main method of obtaining Yonghui Supermarket’s stores and warehouses.Changes in leasing standards will have a more complex impact on the financing costs of enterprises,that is,while increasing the financial expenses of the enterprises,the time difference in the deduction of expenses will result in the formation of deferred tax revenues from enterprise income tax.Based on the financial data of 16 listed retail companies as a sample,the paper uses financial expenses divided by interest-bearing liabilities to calculate the average financing interest rate of the enterprises,and then calculates the nominal financing cost of Yonghui Supermarket due to the application of the standard,and calculates the deferred tax revenues from enterprise income tax to determine the actual financing cost changes of Yonghui Supermarket before and after the implementation of the leasing standards.Finally,the countermeasures are put forward.