中文摘要：
很长一段时间内,国内外普遍将租赁业务分为融资租赁与经营租赁两大类,而经营租赁不必在资产负债表中列示。2009年,普华永道将世界范围内的上市公司作为调查对象,并对此进行了一次摸底调查,调查主要聚焦上市公司财报中关于经营租赁的披露信息,调查结果显示,样本公司的带息负债约比上年增长近60%。2006年以来,国际会计准则理事会(即IASB)同美国财务会计准则委员会(即FASB)一道,用了长达近10年时间,对《国际会计准则17号---租赁》(IAS17)进行了修订。最新《国际财务报告准则第16号----租赁》(IFRS16)最终版终于问世,自2019年1月1日起生效。我国财政部借鉴最新的国际租赁准则IFRS16,于2018年12月修订出台了《企业会计准则第21号---租赁》(CAS21),以规范租赁市场交易行为、租赁业务确认、计量及核算。并明确规定以下两类企业自2019年1月1日起施行:第一,在境内外同时上市的企业。第二,在境外上市,但采用国际财务报告准则或企业会计准则编制财务报表的企业。而其他执行企业会计准则的企业则推迟自2021年1月1日起施行。我国新租赁准则(新CAS21)在资产负债表和利润表中增加了使用权资产科目与租赁负债科目,将经营租赁纳入资产负债表中进行核算,对海运业,航空业等经营租赁占比较大的行业产生了较大影响。因此本文选取A+H股企业中海运业代表企业中国外运股份有限公司作为研究对象。通过对中国外运2019年已适用新CAS21的财务报表与财务指标进行对比研究,分析新租赁准则对海运企业财务绩效的影响。本文选取以下几项数据的变化率作为衡量标准。在指标选取方面,选取资产负债率、产权比率两项指标用以衡量偿债能力,选取营业利润率、总资产利润率两项指标用以衡量获利能力,选取营业收入增长率、总资产增长率和营业利润增长率三项指标用以衡量发展能力指标。研究结果显示,在会计处理方面,新CAS21的会计实务处理会更加细致和复杂。在财务数据方面,经营租赁表内列示使企业资产和负债同时增加,资产负债率上升,偿债能力下降。费用方面,租赁负债发生后,随之产生的利息费用与使用权资产的折旧费用之和,将与原租赁准则下存在明显差异。租赁前期企业利润有所减少,净资产收益率下降。从整体来看,新租赁准则使海运企业负债远大于资产,相较于旧准则,费用管理水平下降较为明显,偿债能力下降幅度较大,企业财务风险亦随之增加。
英文摘要：
For a long time,leasing business is generally divided into financial leasing and operating leasing at home and abroad,and operating leasing doesn't need to be listed in the balance sheet.In 2009,PricewaterhouseCoopers conducted a survey of listed companies around the world,focusing on operating leasing disclosures in their financial statements.The results showed that the interest-bearing liabilities of the sample companies were nearly 60%higher than the previous year.Since 2006,the International Accounting Standards Board(hereinafter referred to as "the IASB")has worked with the Financial Accounting Standards Board(hereinafter referred to as "the FASB")for nearly 10 years to revise the "International Accounting Standard No.17---Lease"(IAS 17).The new International Financial Reporting Standard No.16---Lease(IFRS 16)was finally released and took effect from January 1,2019 Referring to the latest international leasing standard IFRS 16,the ministry of finance of China revised and issued the Accounting Standard for Business Enterprises No.21---Lease(CAS21)in December 2018 to standardize the transaction behavior,leasing business confirmation,measurement and accounting in the leasing market.It also clearly stipulated that this standard would come into force for the following two types of enterprises from January 1,2019:enterprises that were listed at home and abroad simultaneously and enterprises that were listed overseas but applied international financial reporting standards or accounting standards to prepare financial statements.Other enterprises that implemented the accounting standards shall implement it from January 1,2021.China's new leasing standard(new CAS21)added the right-of-use asset account and the lease liability account,and incorporated the operating leasing into the balance sheet for accounting.This has exerted great influence on the marine industry,aviation industry and other industries in which the operating lease occupies a large proportion Therefore,this paper selects Sinotrans Co.,LTD.,a representative enterprise of the shipping industry in A+H-share enterprises,as the research object.By comparing the financial statements and financial indicators of Sinotrans after applying the new CAS21 standard in 2019,this paper analyzes the impact of the new leasing standards on the financial performance of shipping enterprises.This paper selects change rates of the following data as the measurement standard:in terms of the index selection,the two indicators of asset-liability ratio and equity ratio are used to measure the solvency,the two indicators of operating profit margin and the profit margin of total assets are used to measure profitability,and the three indicators of operating income growth rate,total asset growth rate and operating profit growth rate are selected to measure the development capability index.The results show that in terms of accounting treatment,accounting practice under the new CAS21 is more detailed and complex.As for financial data,the statement of operating leasing increases the enterprise's assets and liabilities at the same time,and the asset-liability ratio rises while the solvency declines.In terms of expenses,after the lease liability occurs,the sum of the interests expense and the depreciation expense of the right-of-use assets are significantly different from the amount under the original leasing standard.In the early stage of the lease,the enterprise profit decreases somewhat while the rate of return on equity declines.On the whole,the new leasing standard makes the liabilities of maritime shipping enterprises far greater than their assets.Compared with the old standards,the cost management level and the solvency drops significantly,and the financial risks of enterprises also increase.
