新旧租赁会计准则下企业价值收益法评估差异分析

Analysis on the Difference of Enterprise Value Income Method Evaluation under the New and Old Lease Accounting Standards

新租赁会计准则于2021年1月1日起全面施行,新准则从承租人的角度,对在旧租赁准则下未体现的,原本具有融资行为的经营租赁,体现在了报表当中,一定程度上改变了企业的财务报表结构和核算过程,从而影响了采用收益法评估企业价值的评估过程和结论。本文通过举例方式,对新旧租赁准则下两种评估过程及结论进行了详细对比分析,发现租金水平、经营租赁内含利率与WACC的差异、WACC旧与WACC新差异均会导致评估结论差异,并结合其他影响因素分析,认为采用新租赁准则下企业价值收益法评估结论更能客观反映股东全部权益价值。

The new lease accounting standards will be fully implemented on January 1,2021.From the perspective of the lessee,the new standards will reflect the operating leases that are not reflected in the old lease standards but originally have financing behavior in the statements,which will change the financial statement structure and accounting process of enterprises to a certain extent.Thus,it affects the evaluation process and conclusion of using income method to evaluate enterprise value.Through examples,this paper makes a detailed comparative analysis of the two evaluation processes and conclusions under the new and old lease criteria.It is found that the rent level,the difference between the embedded interest rate of operating lease and WACC,and the difference between the old and new WACC will all lead to the difference of evaluation conclusions.It is concluded that the evaluation conclusion of enterprise value income method under the new lease criterion can more objectively reflect the total equity value of shareholders.