摘要
以经济增加值为企业价值衡量指标,提出经营租赁与企业价值相关关系的假设,以沪深上市航运企业数据为样本,建立多元回归模型进行实证分析。研究发现,在现行租赁准则下,航运企业进行经营租赁业务能够利用表外融资粉饰财务报表这一优势,在降低会计信息质量的同时影响外部利益相关者对企业价值的判断。一旦实施新准则,经营租赁业务会失去粉饰报表改变会计信息质量的作用,经营租赁与企业价值的相关关系由正转为负。因此,我国航运企业应积极应对准则变化,谨慎做出关于资产的租赁购买决策,并准确决策已有经营租赁业务的后续计量和处理工作。
The hypothesis of the relationship between operating lease and enterprise value is put forward based on the economic added value as a measure of enterprise value. Taking Shanghai and Shenzhen listed shipping enterprise’ as samples, the multivariate regression model is established to study the correlation between the operating lease and shipping ewterprises' value under two lease standards, current one and the new one. With current lease standard, shipping enterprises can use operating lease to whitewash financial statements. While the quality of accounting information is degraded, the external stakeholders may make favorable decision because of it, which has certain positive impact on enterprise value. With new standard, the operating lease will no longer change the accounting information. The correlation between lease and enterprise value turns into negative. Shipping enterprises should make active response to new standards and carefully examine the purchase of assets and the subsequent measurement of the operating leasing business.
作者
谭小芳
刘思瑾
TAN Xiaofang;LIU Sijin(College of Shipping Economic and Management, Dalian Maritime University, Dalian 116023, China)
出处
《中国航海》
CSCD
北大核心
2019年第3期121-125,共5页
Navigation of China
基金
辽宁省社科规划基金项目(L18BJY039)
大连海事大学创新团队项目(3132016361)
大连海事大学重点教改项目(2017Z04)的阶段性研究成果
关键词
航运
新租赁准则
经营租赁
企业价值
会计信息质量
shipping
new lease standard
operating lease
enterprise value
accounting information quality
