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【精品文档】79中英文双语会计学专业毕业设计外文文献翻译成品:新会计准则对中国内地中小企业财务业绩评价的影响

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【精品文档】79中英文双语会计学专业毕业设计外文文献翻译成品新 【精品文档】 外文文献翻译成品 毕业设计外文 专业毕业设计外文文献翻译成品 外文文献翻译成品中国会计 外文文献翻译成品中国
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此文档是毕业设计外文翻译成品( 含英文原文+中文翻译),无需调整复杂的格式!下载之后直接可用,方便快捷!本文价格不贵,也就几十块钱!一辈子一次的事!外文标题:The impact of the new Accounting Standards for Business Enterprises (ASBE) on financial results of mainland Chinese listed companies外文作者:Lina Ching Chi Heng,Carlos Noronha文献出处:Advances in Accounting Volume 27, Issue 1, June 2018, Pages 156-165(如觉得年份太老,可改为近2年,毕竟很多毕业生都这样做)英文4256单词,25689字符(字符就是印刷符),中文6604汉字。ABSTRACT: Effective 1st January 2007, 38 new Accounting Standards for Business Enterprises (ASBE) had become applicable to Small and medium-sized enterprises in mainland China. Research based on these latest standards will help us understand the current accounting harmonisation process in China. Previous studies, though rather scarce, had compared financial statements of companies simultaneously being listed on the mainland and Hong Kong. However, the very recent impact of the new ASBE has not been taken into account. Therefore, the present study focuses on domestic Chinese companies after implementation of the new ASBE.The financial figures of each item reported under the old Chinese Accounting Rules and Regulations and the new ASBE were collected in pairs and were analysed. Except for the test results on total assets and shareholders’ equity, the other results revealed no significant differences between the paired figures of net assets per share, operating revenue, profit before tax, net profit, net profit after extraordinary gains and losses, basic earnings per share, net cash flow from operating activities and the per share value.Keywords: accounting standards; China; harmonisationData availability: Data are available from sources identified in the text enterprises, examining the quantitative gaps between financial items under new and old accounting standards. Income statement, balance sheet and cash flow statement items selected from the financial reports were obtained for analysis. Major items that were evaluated include total assets, shareholders’ funds attributable to equity shareholders of the company, net assets per share, operating revenue, profit before tax, net profit attributable to equity shareholders of the company, net profit after extraordinary gains and losses, basic earnings per share, net cash flow from operating activities and net cash flow from operating activities per share. These items are those required by ASBE No.38 First Time Adoption of Accounting Standards for Business Enterprises'.V. METHODOLOGYSample and data collectionThe target population to be studied are those A-share Chinese enterprises listed on the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE). As of 31 December 2007, there were 850 and 657 A share-stocks listed on the SSE and SZSE respectively, totalling up to 1,507 on the two exchanges. With the purpose of selecting a representative sample of the Shanghai and Shenzhen stock markets, two very commonly referred to indices, namely the ‘Shanghai SSE 50 Index’ which constitutes 50 listings and the ‘Shenzhen A-share Subindex’ which constitutes 40 listings were chosen. However, as 15 of the listed enterprises in the ‘Shanghai SSE 50 Index’ did not provide sufficient or comparative figures before and after restatement for the year 2006, they were excluded from the study. The final sample constituted 75 Small and medium-sized enterprisess, with 35 listed on the SSE whilst40 on the SZSE, representing 47% and 53% respectively. The 15 excluded enterprises represented 16.67% of the total 90 listings.Since the first sets of annual reports prepared under the new ASBE were those for the year 2007, the study has focused on the 2007 annual financial statements of those A-share enterprises as selected above. According to disclosure requirements of the two stock exchanges, these financial statements had to be made fully available by the end of April 2008. Technological advancement allows the annual reports to be centrally located and electronically accessed. The internet provides a channel for collection of secondary data in a convenient and cost-effective way. There are various external sources to get access to the annual reports of the selected enterprises. The Hong Kong Exchanges and Clearing Limited (HKEx) is a major external data warehouse where the annual reports of listed A-share enterprises are provided to investors for free on-line while the Shanghai Stock Exchange and Shenzhen Stock Exchange also provide free on-line access to published reports. The websites of the listed enterprises are yet another source for information.Method of analysisIn the study conducted by Ip and Noronha (2007), they had developed two formulae to measure the gap between financial figures documented under A-share and H-share reports:Revenue and profit itemsThe items evaluated in this section included operating revenue, profit before tax, net profit attributable to equity shareholders of the company, net profit after extraordinary gains and losses and basic earnings per share.Frequency distributionThe distribution of the three possible outcomes is illustrated in Figure1.From the above distribution, it was noticed that 54% of the enterprises had reported higher operating revenue under the new ASBE as compared with that under the old standards. Enterprises which reported the same operating revenues under both sets of standards comprised of 31%. This may point to possible harmonisation. However, the percentage of companies reporting identical profit before tax, net profit attributable to equity shareholders of the company and net profit after extraordinary gains and losses figures between the two sets of standards were much lower, ranging from only 1% to 4%. The majority had reported higher profit figures for all the three items. This situation could be due to a number of changes in the treatment for debt restructurings, fair value changes in tradable financial assets and investment properties as well as the capitalisation of borrowing costs and development costs and so on.Regarding debt restructuring, under the old standard, the carrying value was generally adopted as the measurement basis, with debt restructuring gains recorded as capital surplus and debt restructuring losses charged to the income statement in the current period. Now, with the revised ASBE No.12 ‘Debt Restructurings’, fair value measurement was introduced.In the study by Chen et al. (1999), 34 to 50 B-share companies listed on the Shenzhen Stock Exchange were selected as samples for a four-year period from 1994 to 1997. This study had found that, on average, the reported earnings based on Chinese standards were 20–30%higher than those based on IAS. Once the earnings were restatedfrom Chinese standards back to IAS, they were reduced on average by a minimum of 17.9%in 1994 and a maximum of 30.1%in 1995. The authors pointed out that Chinese accounting standards w ere significantly less conservative, resulting in earnings that w ere considerably higher than those under IAS. Furthermore, about 15% of the B-share companies changed from a reported profit to a reported loss after restatement to IAS. None of the companies that initially reported a loss later changed into profit after the restatement.Chen et al. (2002) had performed a study with a sample of 75 companies over a three-year period from 1997 to 1999. It was found that Chinese earnings exceeded IAS earnings in 80%of the sample in 1997, 58.67%in 1998 and 69.34%in 1999. In all the three years, the mean Chinese earnings were higher than the mean IAS earnings. In addition, in 1999, 95% of the sample still reported differences in earnings, implying that the harmonisation effort did not immediately make the reported figures comparable.As a majority of the Chinese enterprises listed outside China are participants of the Hong Kong Stock Exchange, the sole adoption of B- share reports as benchmark for the harmonisation progress was insufficient. The Hong Kong Institute of Certified Public Accountants (HKICPA) had devoted extensive efforts in prom oting the full convergence of Hong Kong Financial Reporting Standards (HKFRS) with the IFRS for accounting periods beginning on or after 1 January 2005. Thus, there is good support for using H-share reports as benchmark. Comparative analyses on A-share and H-share reports would certainly provide more insight.Three Chinese enterprises, namely Tsingtao Brewery Company Limited, Shanghai Petrochemical Company Limited and Yizheng Chemical Fibres Company Limited, which were listed simultaneously in China and Hong Kong, were compared in the study conducted by Lin and Wang (2001) for the period 1995 to 1998. When the statements of the three companies prepared under Chinese standards were restated for H-share reporting, the analysis presented mixed outcomes, ranging from substantial overstatement, almost identical results, to significant understatement of their operating income or net assets. The mixed results revealed that the progress of harmonisation until 1998 was still behind the pace of business development and disclosure requirement was a major area to strengthen. However, given the scattered results obtained, the sample size employed and the collection of data prior to 1998, a more recent study using a larger sample of Chinese companies appeared to be in urgent need.Ip and Noronha (2007) had examined the tendency of overstatement or understatement on certain financial statement items after implementation of the 1993 ASBE and the 16 sets of Enterprise Detailed Accounting Standards (EDAS). They focused on the financial informa- tion of the 30 companies issuing both A-shares in China and H-shares in Hong Kong for the year 2004 and obtained results contrasting to previous findings such as Chen et al. (1999, 2002), and Lin and Wang (2001). The harmonisation of Chinese accounting standards had actually reached an acceptable level. Except for the result on operating income, all other figures of sales revenue, income before tax, net income, assets, debts and equity prepared under Chinese accounting standards and international standards did not show any significant differences, although some considerable gaps had yet to be eliminated. As concluded by Ip and Noronha (2007: 620): “The harmonisation progress of Chinese accounting standards has advanced remarkably. Although full convergence has not been reached, the existing Chinese accounting standards have incorporated both the traits of international standards and the features of Chinese accounting practises”.However, the study above was restricted to analysing those Chinese companies simultaneously being listed in China and Hong Kong. Thus, for those domestic Chinese companies which did not keep two sets of statements, the reliability of their financial information was still in question. Consequently, Ip and Noronha (2007) suggested that further studies on the performance of domestic Chinese companies after implementation of the 2007 new ASBE would be necessary to evaluate the real effectiveness of the new accounting standards.Similar to the phenomenon observed for total assets and net assets per share, 77% of the examined companies had reported higher shareholders' funds attributable to equity shareholders under the new ASBE. In contrast, 20%had recorded a decline in shareholders' funds, leaving only 3%with unchanged shareholders' funds. Integrating the reconciliation analyses conducted by Ernst and Young (2007), Shanghai Stock Exchange in cooperation with Shanghai Jiao Tong University (2007) and the China Accounting Standards Committee (2008), financial assets held for trading and financial assets available-for-sale based on fair value, business combinations and minority interests were three of the most significant items which had increased the value of shareholders' equity.7.3. Asset and equity itemsTotal assets can be broadly classified into current assets and non- current assets. Current assets typically include cash and bank, inventories, various receivables and prepayments while long-term equity investments, investment properties, fixed assets, construction in progress, biological assets and intangible assets are typical non-current assets. Net assets per share is the per share amount of total assets net of total liabilities.7.3.1. Frequency distributionThe distribution of the three possible outcomes (NNO, N= O, NbO) is shown in Fig. 3.A majority (72%) of the companies had recorded an increase in total assets due to the new ASBE. The same proportion of companies with higher reported net assets per share was also observed. On the contrary, 27%and 20%of the enterprises had recorded a decrease in total assets and net assets per share respectively, leaving the least proportion of samples with identical amounts for the two items. The introduction of fair value measurement could be one of the major causes leading to this occurrence, along with changes in recognition and measurement requirements for various asset items.First of all, concerning inventory valuation, the revised ASBE No. 1 ‘Inventories’no longer permits the last-in-first-out method which was previously allowed. With rising prices, this prohibition would result in increasing inventory value and hence increasing current asset valuation. Also, the revised standard now requires that purchase expenses (including transportation expenses, assembly expenses, insurance expenses, etc.) must be included in the cost of inventories. This altered provision would also increase inventory value.The new ASBE No. 3 ‘Investment Property’ defines investment properties as those held for earning rental income or for capital appreciation, or both. The fair value model can be adopted when there is sound evidence indicating that the fair value can be measured reliably on a continuing basis. Investm ent properties are thus measured at fair value at the end of the period with changes in fair value recognised in the income statement during the current period. Depreciation or impairment is not provided. Prior to the introduction of ASBE No. 3, investment properties were generally accounted for as fixed assets using the cost model.The revised ASBE No. 4 ‘Fixed Assets’ has modified a number of recognition criteria for fixed assets which contributed to the increase in asset value. For example, the treatment for costs of dismantling, removing or restoring fixed assets was formerly not addressed. Now such costs should be included as part of the initial cost of fixed assets. These costs typically refer to expenditures arising from obligations like environmental protection and ecological restoration which are governed by law. Subsequent costs should also be capitalised if it is probable that related economic benefits will flow to the entity and that cost could be measured reliably. The revised standard also states that enterprises should review the estimated useful life, estimated net resi
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