永续债与国有企业资产负债管控研究  

Research on the Perpetual Bond and Management Control of Asset Liability of State-owned Enterprises

作　　者：王海滨[1] Wang Haibin

机构地区：[1]审计署审计科研所,100086

出　　处：《审计研究》2023年第1期57-64,共8页Auditing Research

基　　金：审计署审计科研所2022年度揭榜挂帅课题(项目编号:22JBGS09)的研究成果。

摘　　要：永续债被认为兼具“股性”和“债性”的特征,目前的会计处理中基本都被计入企业权益工具中,但是从发行披露的信息来看应该被计入金融负债。本文以公开市场中国有企业发行的永续债作为样本,从永续债的主要特征、特殊赎回条款、会计处理原则等方面入手,通过分析得出永续债的本质是明股实债。自2015年之后,国有企业永续债发行规模不断增加,存量规模庞大,发行时间主要集中在每年的第四季度,而假设永续债计入金融负债后部分国有企业的资产负债率将高于考核线,并且国有企业还存在“以债养债”的情况,融资成本较高、信息披露不够完善,所引发的流动性风险在逐渐累积,需要防范“雪球效应”,最后针对上述风险提出了相关的政策建议。总的来说,完善永续债的会计处理以及防范永续债风险将成为两项重点工作。Perpetual debt is considered to have the characteristics of both equity and debt. In the current accounting treatment, it is basically included in the enterprise equity instruments. But from the information disclosed by the issuance, it should be included in financial liabilities. Taking the perpetual bonds issued by Chinese enterprises in the open market as samples, this paper starts from the main characteristics, special redemption terms, accounting treatment principles and other aspects of the perpetual bonds, and draws the conclusion that the perpetual bonds appears to be equity but in essence are debt. Since 2015, the issuing scale of state-owned enterprises’ perpetual bonds has been increasing with a huge stock scale, and the issuance time is mainly concentrated in the fourth quarter of each year. It is assumed that the asset-liability ratio of some state-owned enterprises will be higher than the assessment line after the inclusion of the perpetual bonds in the financial liabilities, and state-owned enterprises still have the situation of "paying debts with debts", with high financing costs and unsound information disclosure. The consequent liquidity risks are gradually accumulating, and it is necessary to prevent the "snowball effect". Finally, relevant policy suggestions are put forward for preventing the above risks. In general, improving the accounting treatment of perpetual debt and preventing the risk of perpetual debt constitutes two key tasks.

关 键 词：永续债 国有企业 资产负债管控 风险 

分 类 号：F832[经济管理—金融学] F276.1