Global Financial Crisis and Accounting Rules： The Implications of the New Exposure Draft （ED） Financial Instruments： Expected Credit Losses on the Evaluation of Banking Company Loans

During the financial crisis, the delayed recognition of credit losses on loans and other financial instruments was identified as a weakness in existing incurred loss model of impairment stated by International Accounting Standards （IAS） 39, because it is believed that this delay might generate pro-cyclical effects. In response to the recommendations of G20, Financial Crisis Advisory Group （FCAG）, and other international bodies, the International Accounting Standards Board （IASB） has undertaken, since 2009, as a part of the project to replace IAS 39, a project （partially shared with Financial Accounting Standards Board （FASB）） aimed at introducing an expected loss model of impairment. Within the scope of this subset project, the IASB has previously issued two exposure documents proposing models to account for expected credit losses： an exposure draft （ED） Financial Instrument： Amortized Cost and Impairment, published in November 2009, and a supplementary document （SD） Financial Instrument： Impairment, published jointly with the FASB in January 2011. However, neither of the two proposals received strong support from interested parties. Recently, the IASB, after the FASB＇s decision to withdraw from the joint project and to develop a separate expected credit loss model based on a single measurement approach consisting in the sole recognition of lifetime expected credit losses, published a third proposal--Ahe so-called expected credit losses model （ED/2013/3 Financial Instruments： Expected Credit Losses）.

The possible effects on the future management of local Italian authorities following the use of financial derivative instruments

The appeal from municipalities, provinces and regions to financial derivative instruments is tied to the need of overcoming the situations in a state of urgency inherent in a balance. On average, one local Italian authority in twenty has decided to underwrite a derivative product, giving life to a number of contracts that had a value of over 35 billion euro with an average value of 6.5 million for each contract until 2007. The boom of swaps has, since 2000 on, experienced a peak period from 2003 to the end of 2005, in which the Euribor rate touched a very low level, maintained itself for long periods at around 2% and fallen in some cases even under this value. Many of the contracts completed before 2006, which link the debt of local authorities to variable rates, but also many of those completed from 2006 onwards that moved debt onto fixed rate, which are now a source of loss for the balance of local authorities that have underwritten them. In the 2002-2008 period, the number of the stipulation of contracts local authorities reported to the Ministry of Economy and Finance is about 900, corresponding to more or less 150 per year, which affected 18 regions, 44 provinces, 532 municipalities and 4 mountain commtmities, for a total of 594 authorities. Therefore, the local authorities have approached the derivative instruments in an often approximate way without a real awareness, both for the conditions that were being negotiated and the effects that they would have produced in perspective. The purpose of this work is to highlight the consequences of the use of derivative instruments on the future management of local authorities.

The Impact of New Standard of Financial Instruments on Commercial Banks- A Case Study of Industrial and Commercial Bank of China

In July 2014,《International Financial Reporting Standard 9:Financial Instruments》(Referred to IFRS 9)was formally published. Compared to the former standard,《International Accounting Standard 39: Financial Instruments》(Referred to IAS 39), rules of two main aspects, the classification and measurement of financial assets and the impairment model of financial assets have been changed in IFRS 9. Taking ICBC as an example, this paper studies the impact of changes in financial instruments on commercial banks. The study shows three impacts on commercial banks’ financial report. Firstly, the changes of the classification and measurement of financial assets will have limited impacts on commercial banks. Secondly, the expected-loss model will significantly increase the loan loss reserves under the new standard, thus reducing the net asset and net profit. Thirdly, the change in the measurement way of the equity instruments of available-for-sale securities will increase the fluctuation of the net profit. This study shows investors and regulators the impact of the new standard of financial instruments on commercial banks.

How to Recognize and Measure Compound Financial Instruments?

Basing on the Xiaomi case,this paper discusses the most appropriate accounting treatment of compound financial instruments under the framework of International Financial Reporting Standards(IFRS)and how other comprehensive income(OCI)plays important role in it.Overall,this paper provides some references for policymaker to standardize financial instruments standard.

Off- balance- sheet Information Disclosure of Listed Bank Derivative Financial Instruments

With China＇s progressive multi-level capital market strategic direction, as well as the gradual implementation of the mixed operation of commercial banks. Derivative financial instruments will be further developed in commercial banks. This paper focuses on the information disclosure of derivative financial instruments by commercial banks, combined with the standard of disclosure of off-balance-sheet information of international derivative financial instruments, using the disclosure index and project disclosure ratio to analyze the disclosure of derivative financial instruments of listed banks in our country, Off-balance sheet information disclosure, and puts forward suggestions on how to further improve the quality of off-balance-sheet information disclosure of derivative financial instruments in China.

Decision making on financial investment in Turkey by using ARDL long-term coefficients and AHP

Mathematical modeling methods are frequently used for solving everyday problems.Decision making,one such method,can be used in every aspect of life for different scales such as micro(households),medium(companies),and macro(states)decisions.Due to the large number of parameters affecting decision,it is possible to make mistakes in the selection of the appropriate investment instrument with classical methods;hence,scarce resources may be wasted,and sometimes it may even be impossible to make a decision.This study seeks to answer the question“Which financial investment instrument should be selected under the current conditions?”using decision making problems.Factors affecting gold,USD,and EURO,which are selected as the financial investment instruments in Turkey,are examined using the autoregressive distributed lag(ARDL)bound test.The selected variables are monthly and belong to the January 2009 to May 2018 period.The ARDL results show that the selected financial investment instruments are affected by most of the factors separately.By using the coefficients obtained from the ARDL model,the analytic hierarchy process(AHP)model was established.According to the results of the model,the EURO was determined as the most suitable financial investment for Ahmet and others with the same preferences.

The Relationship Between Financial Reporting Standards （FRS） 139 and Audit Pricing： The Case of Malaysia

This study provides some insights for auditors to gauge the complexity of the financial statements verification process to comply with the ambiguous standard, namely, Financial Reporting Standards （FRS） 139 in Malaysia. Hence, the purpose of this study is to examine the relationship between the adoption of FRS 139 and the audit fees charged to clients. The final sample consists of 1,050 finn-year observations covering the period from 2006 to 2008 from the non-financial companies listed on the Bursa Malaysia. In this study, the static panel data analysis is used to provide richer interpretation and a powerful understanding of the effect of standard adoption on audit pricing. The regression results from the random effects Generalized Least Squares （GLS） suggest that FRS 139 adoption has not significantly increased audit fees. The small number of observations for FRS 139 voluntary adoption is suspected to be the main limitation factor contributing to the insignificant result of the hypothesis. It is suggested that the limitation of small observations of FRS 139 voluntary adopters might be encountered during the period of mandatory adoption. Therefore, future research might investigate the impact of mandatory FRS 139 adoption.

The impact of credit risk transfer on financial stability

The development of credit risk transfer market disperse the credit risk of banks, at the same time, also give a threat to the whole financial system with instability. This paper from the influence factors of financial stability, explores how credit risk affecting the stability of financial system. Research found that the rating risk of credit risk transfer can cause default contagion in the financial markets.

科技金融赋能大型科研仪器开放共享的对策

大型科研仪器设备是解决经济社会发展和国家安全重大科技问题的技术基础。随着我国财政资金的持续投入,新建新购大型科研仪器设施快速增加。同时,新购的仪器设备利用率不高和共享水平较低等问题逐渐凸显,呈现出单位化、部门化、个人化的倾向。聚焦大型科研仪器开放共享难题,提出利用科技金融的活水作用赋能大型科研仪器开放共享,分析科技金融推动大型科研仪器开放共享的作用机理、机制创新和服务模式,并在此基础上提出针对性的开放共享对策。

基于文档顺序与多模态模型的金融票据信息抽取

目前的文档信息抽取方法大多针对简单的文档,在抽取包含背景干扰和结构复杂的金融票据时效果不佳。针对复杂金融票据中实体关系难以正确匹配的问题,提出了顺序重构方法和LayoutLMv3-GRU信息抽取模型。构建背景复杂的金融票据数据集,利用文本、布局和图像三个模态进行信息抽取。利用Layout-Parser工具,设计排序模块,使文本信息按照上下文关系排序,并把空间距离较远且逻辑关系较近的单词进行重新的排列组合。通过结合改进的LayoutLMv3模型与GRU网络,使模型的准确率进一步提升。并在公共数据集FUNSD与自建的复杂金融数据集进行实验。结果表明,该方法的F1值比LayoutLM3模型提升2.37%。尤其在自建的复杂金融数据集上,模型F1值达到了88.36%,验证了该方法在抽取复杂票据信息时的优越性与处理各种文档时的通用性。

资本市场赋能乡村振兴的行动逻辑研究

在乡村振兴战略的推进下,资本市场在乡村经济发展中的作用愈发突出。目前资本市场有效助力乡村振兴仍存在诸多问题。采用文献综述、案例分析、数据分析等方法,对资本市场助力乡村振兴的行动逻辑进行了深入探讨,通过研究股票市场、债券市场、期货期权市场和基金市场四大领域助力乡村振兴的现状以及所面临的挑战,并提出相应的对策与建议,以期推动资本市场更好地赋能乡村振兴,促进乡村产业的高质量发展,为乡村地区的持续发展和繁荣奠定坚实基础。

财政拨款项目仪器设备购置生命周期协同管理模式探讨

如何充分利用财政拨款项目资金,合理配置诊疗、科研等专业设备,在保障项目进度的同时,做好仪器设备选型、论证等调研分析工作,规范采购流程,提高财政拨款项目仪器设备购置工作质效,一直是困扰业界的主要问题。通过广泛调研发现财政拨款项目仪器设备购置工作中存在的具体问题包括采购制度不完善、采购流程不规范、可行性论证不充分、需求调研不充分、采购执行进度控制困难、安装就位验收困难。借鉴生命周期理论和协同管理理论,总结某口腔专科医院在国家财政专项仪器设备购置经验,构建生命周期分段式横纵向协同管理模式,解决配置不合理、采购不规范、项目进度慢的问题;探讨进一步提高国家财政拨款项目仪器设备购置工作质效,加强医院诊疗科研能力,全面提升医院高质量发展效能的科学方法。

挂钩类转型金融工具支持企业低碳转型的挑战及对策研究

推动碳密集企业低碳转型、实现“双碳”目标,需要更具灵活性和适应性的金融工具。挂钩类转型金融工具与现有绿色金融工具形成互补,为碳密集企业降碳融资提供了创新渠道。当前挂钩类转型金融工具仍处在早期发展阶段,在对企业的实际支持中仍面临产品创新、政策设计等方面的问题。为实现企业低碳转型活动的科学、可信和可持续,政府部门应完善低碳转型技术路径、企业碳核算体系和转型金融政策体系;金融机构应优化产品设计和服务;企业应提升低碳转型意愿和融资能力。

“穿透式监管”的适用与限制:金融工具、系统性风险与监管边界

在以融资为唯一诉求的市场背景下,我国金融市场及产品的创新自改革开放以来呈现一种以“监管套利”为主的演进特点,由此始终遭遇“合理”与“不合理”的非议与挑战。就目前我国金融监管的特点而言,在防止系统性风险的名义下越来越强调对于金融主体或者金融行为的“穿透式监管”。然而如果无视金融工具自身的特性及由其所决定的金融监管应有的边界,对于金融工具的任意“穿透”可能不仅无益于有效监管的总体目标,还会扼杀金融市场按其自有规律前行的动力和基础。总体而言,金融监管的“穿透”只应是一种实现功能监管的辅助工具而非主要手段,更加科学的方式是在对“系统风险”与“系统性风险”进行区分识别的基础上实现“和而不同”的功能监管。

基于PaddleOCR与Style-Text的金融票据手写体文本识别

该文提出一种基于PaddleOCR框架的金融票据手写体文本识别方法,通过引入基于生成对抗网络(GAN)的数据合成工具Style-Text,增强模型对不同背景文本的识别能力。在真实的金融票据数据集上进行的实验表明,该方法在处理复杂文本和低质量图像方面表现出显著的优势,证明其在金融票据手写体文本识别中的有效性和实用性。

基于金融工具与融合矩阵视角的科技金融创新探究

[研究目的]推进科技与金融深度融合,为创新提供高效率的流动性支撑,对培育新质生产力具有重要意义。[研究方法]以科技金融工具为切入点,分析股权投资、科技贷款、科技保险三大类科技金融工具的发展现状和主要挑战。尝试构筑科技创新与金融资本“融合矩阵”,推进二者在价值发现、风险分担和数据画像等方面深度耦合发展,并提出科技金融创新的启示。[研究结论]提出以技术演进规律把握投资决策方向;发挥科创平台的技术发现能力;推进孵化载体参与风险分担;将算法创新作为AI模型的突破方向等四项对策建议。

我国碳金融工具运用现状分析及对化工企业的运用建议

全球范围内,碳排放权交易市场蓬勃发展,碳市场的金融化特征越发明显,以碳金融为代表的创新型绿色金融工具,在盘活碳资产、拓宽企业融资渠道等方面发挥着重要的作用。随着我国碳市场控排范围的逐步拓展,化工企业将成为我国碳市场的重要参与者,灵活运用碳金融工具,实现碳资产保值增值,对我国化工行业落实双碳目标,实现绿色低碳高质量发展有积极的推动作用。梳理碳金融内涵及相关概念,在分析我国碳金融工具运用情况的基础上,研究我国化工企业运用碳金融工具的现状并针对化工企业如何有效利用碳金融工具提出可行建议。

论增值税立法中的金融商品界定

2019年《中华人民共和国增值税法(征求意见稿)》将“销售金融商品”作为基本的应税交易之一,而此前我国增值税法相关法规中所有与金融商品相关的给付行为被归入销售服务之中。从我国目前的增值税法相关规定和税收实践来看,金融商品的界定缺乏国家在立法层面的细化规定,造成概念范围宽泛、解释依据不明、法际衔接不当等问题,有必要在增值税法法律及相关规范的立法过程中进行合理且细化的规定。我国增值税法下金融商品界定应坚持结合应税给付、税收中性的原则,对金融商品给付行为进行恰当的类型化,并通过多层次、体系化的正负清单式列举,注重与相关规范的法际衔接,逐步完成增值税法下金融商品的界定。

新金融资产转移准则对会计信息可靠性的影响探析——基于蚂蚁集团资产支持证券的案例分析

财政部于2017年3月修订发布了新金融工具系列准则,对企业的会计核算与会计信息质量产生了重要影响。文章认为资产支持证券产品在流通过程中关于金融资产转移的判断存在一定的操纵空间,从而可能降低企业的会计信息质量。对此,本文通过对蚂蚁集团的案例进行分析,提出在财务报表附注中增加资产支持证券专项计划的相关内容披露的建议,助力提高会计信息质量。

新金融工具准则对企业应计盈余管理的影响研究——基于金融资产分类视角

原有金融工具准则的顺周期性和滞后性等问题逐渐暴露,为促进金融体系健康发展,财政部于2017年修订了金融工具会计准则。基于2015—2020年我国纯A股上市公司数据,实证检验了新金融工具准则对企业应计盈余管理的影响。研究结果表明,新金融工具准则的实施降低了企业应计盈余管理程度,且对企业正向盈余管理的抑制作用更明显。进一步研究发现,新金融工具准则在非国有企业、低股权集中度企业以及由非大型会计师事务所审计的企业中发挥的边际效应更强。外部环境检验结果显示,新金融工具准则在高法治水平和高市场化程度地区实施的效果更佳,对企业盈余管理的约束更明显。因此,为进一步促进资本市场的健康发展,政府应根据经济环境的变化,不断完善相关会计准则;企业应进一步加强内部治理,提高会计准则执行效果。