【正文】 Charles T. Horngren .Financial Accounting (Sixth Edition) [M]. Tsinghua University [13] International Accounting Standards Board. International Financial Reporting Standards [M].1999[14] Gerry oftaxation[M].London:Butter Worths,1981.[15] Jonathan management[D].People’s Education Press,202224 / 42附錄 外文文獻(xiàn)原文：Chinese Listed Companies Preference to Equity Fund: NonSystematic FactorsAbstractThis article concentrates on the listed panies’ financing activities in China, analyses the reasons that why the listed panies prefer to equity fund from the aspect of nonsystematic factors by using western financing theories, such as financing cost, types and qualities of the enterprises’ assets, profitability, industry factors, shareholding structure factors, level of financial management and society culture, and concludes that the preference to equity fund is a reasonable choice to the listed panies according to Chinese financing environment. At last, there are some concise suggestions be given to rectify the panies’ preference to equity fund. Keywords: Equity fund, Nonsystematic factors, financial cost1. IntroductionThe listed panies in China prefer to equity fund, According to the statistic data showed in China Securities Journal, the amount of the listed panies finance in capital market account to billions in 1997, among which equity fund take the proportion of %, and the proportion is % in 1998 and % in 1999, on the other hand, the proportion of debt fund to total fund is respective %, % and % in those three years. The proportion of equity fund to total fund is lower in the developed capital market than that in China. Take US for example, when American enterprises need to fund in the capital market, they prefer to debt fund than equity fund. The statistic data shows that, from 1970 to 1985, the American enterprises’ debt fund financed occupied the % proportion of outside financing, more than equity fund. Yan Dawu etc. found that, approximately 3/4 of the listed panies preferred to equity fund in China. Many researchers agree upon that the 25 / 42listed panies’ outside financing following this order: first one is equity fund, second one is convertible bond, third one is shortterm liabilities, last one is longterm liabilities. Many researchers usually analyze our national listed panies’ preference to equity fund with the systematic factors arising in the reform of our national economy. They thought that it just because of those systematic facts that made the listed panies’ financial activities betray to western classical financing theory. For example, the “picking order” theory claims that when enterprise need fund, they should turn to inside fund (depreciation and retained earnings) first, and then debt fund, and the last choice is equity fund. In this article, the author thinks that it is because of the specific financial environment that activates the enterprises’ such preference, and try to interpret the reasons of that preference to equity fund by bination of nonsystematic factors and western financial theories. 2. Financings cost of the listed pany and preference to equity fundAccording to western financing the theories, capital cost of equity fund is more than capital cost of debt fund, thus the enterprise should choose debt fund first, then is the turn to equity fund when it fund outside. We should understand that this conception of “capital cost” is taken into account by investors, it is somewhat opportunity cost of the investors, can also be called expected returns. It contains of riskfree rate of returns and risk rate of returns arising from the investors’ risk investment. It is different with financing cost in essence. Financing cost is the cost arising from enterprises’ financing activities and using fund, we can call it fund cost. If capital market is efficient, capital cost should equal to fund cost, that is to say, what investors gain in capital market should equal to what fund raisers pay, or the transfer of fund is inevitable. But in an inefficient capital market, the price of stock will be different from its value because of investors’ action of speculation。成本法轉(zhuǎn)換為權(quán)益法的轉(zhuǎn)換處理的基本思想是遵循追溯調(diào)整法，即從原取得投資的時(shí)點(diǎn)到達(dá)到權(quán)益法核算的時(shí)點(diǎn)的這一時(shí)間段，把原取得投資采用成本法下的長(zhǎng)期股權(quán)投資賬面價(jià)值調(diào)整為權(quán)益法下的賬面價(jià)值，以便后期按照公允價(jià)值的計(jì)量?！纠?4】甲公司持有乙公司 30%的表決權(quán)股份，因能夠?qū)σ夜镜纳a(chǎn)經(jīng)營(yíng)決策施加重大影響，甲公司對(duì)該項(xiàng)投資采用權(quán)益法核算。假定乙公司未分配現(xiàn)金股利，并不考慮其他因素。在成本法的個(gè)別財(cái)務(wù)報(bào)表中，其差額全部確認(rèn)為投資收益；但在權(quán)益法下，卻不盡然，所以我們要把出售投資年初以前的，應(yīng)該記到留存收益、資本公積的全部調(diào)出來(lái)。即視為將原投資全部出售，再將剩余部分投資按照出售日的公允價(jià)值回購(gòu)。會(huì)計(jì)分錄如下：借：長(zhǎng)期股權(quán)投資 150貸：盈余公積 7利潤(rùn)分配—未分配利潤(rùn) 63資本公積—其他資本公積 70 投資收益 10 因持股比例下降的轉(zhuǎn)換因持股比例的下降，導(dǎo)致企業(yè)對(duì)長(zhǎng)期股權(quán)投資有原先的成本法轉(zhuǎn)換為權(quán)益法時(shí)，需要在個(gè)別財(cái)務(wù)報(bào)表和合并財(cái)務(wù)報(bào)表中作出不同的處理。（2）編制由成本法轉(zhuǎn)為權(quán)益法核算對(duì)長(zhǎng)期股權(quán)投資賬面價(jià)值進(jìn)行調(diào)整的會(huì)計(jì)分錄。調(diào)整分錄如下：借：長(zhǎng)期股權(quán)投資（被投資單位可辨認(rèn)凈資產(chǎn)的公允價(jià)值變動(dòng)原持股比例）貸：留存收益（盈余公積、利潤(rùn)分配） （原取得投資時(shí)至新增投資當(dāng)期期初被投資單位留存收益的變動(dòng)原持股比例） 投資收益（新增投資當(dāng)期期初至新增投資交易日之間被投資單位凈損益原持股比例） 資本公積—其他資本公積（差額） （其他原因）【例 2】A 公司于 2022 年 1 月 1 日取得 B 公司 10%的股權(quán)，成本為 500 萬(wàn)元，取得投資時(shí) B 公司可辨認(rèn)凈資產(chǎn)公允價(jià)值總額為 6000 萬(wàn)元（假定公允價(jià)值與賬面價(jià)值相同） 。①如果兩次投資所得到的綜合結(jié)果為投資成本＞應(yīng)享有被投資單位可辨認(rèn)凈資產(chǎn)公允價(jià)值的份額時(shí)，則會(huì)產(chǎn)生正商譽(yù)，對(duì)此，我們?cè)跈?quán)益法下不作調(diào)整。在上面的例子中，因?yàn)樵谠俅谓灰兹眨?022 年 3 月 1 日）達(dá)到了權(quán)益法核算的條件，所以應(yīng)對(duì)后續(xù)核算方法進(jìn)行轉(zhuǎn)變。在出現(xiàn)這種情況下，投資企業(yè)要承擔(dān)有限責(zé)任，應(yīng)當(dāng)首先沖減長(zhǎng)期股權(quán)投資賬面價(jià)值（余額減值準(zhǔn)備） ；下一步如果實(shí)質(zhì)性構(gòu)成對(duì)被投資單位凈投資，要沖減長(zhǎng)期應(yīng)收款；如果還有其他義務(wù)，確認(rèn)預(yù)計(jì)負(fù)債；最終如果還有虧損，11 / 42則作備查登記。但是，因?yàn)榧灼髽I(yè)對(duì)乙公司施加了重大影響，這是一筆逆流交易，所以要按照甲企業(yè)持有乙公司股份的份額將這筆內(nèi)部交易抵消掉。 [9]8 / 42注：當(dāng)涉及到控股合并時(shí)，母子公司之間的未實(shí)現(xiàn)內(nèi)部交易損益在合并財(cái)務(wù)報(bào)表中是全額抵消的；然而當(dāng)涉及到的是共同控制或重大影響時(shí)，因?yàn)椴捎玫氖菣?quán)益法，所以在投資企業(yè)和聯(lián)營(yíng)企業(yè)及合營(yíng)企業(yè)之間的未實(shí)現(xiàn)內(nèi)部交易損益的抵消額度僅限于其享有的份額那一部分，而除此之外的，則無(wú)法抵消。科目設(shè)置：長(zhǎng)期股權(quán)投資—成本（投資時(shí)點(diǎn)） —損益調(diào)整（投資后留存收益變動(dòng)） —其他權(quán)益變動(dòng)（投資后其他）7 / 42 權(quán)益法下的核算（1）投資時(shí)點(diǎn)對(duì)初始投資成本的調(diào)整長(zhǎng)期股權(quán)投資的初始投資成本中可能包含了一部分商譽(yù)，但是商譽(yù)是不可辨認(rèn)的，所以，當(dāng)長(zhǎng)期股權(quán)投資的初始投資成本＞投資時(shí)應(yīng)享有被投資單位可辨認(rèn)凈資產(chǎn)公允價(jià)值的份額時(shí)，則產(chǎn)生了一部分商譽(yù)，不調(diào)整長(zhǎng)期股權(quán)投資的初始投資成本；當(dāng)長(zhǎng)期股權(quán)投資的初始投資成本＜投資時(shí)應(yīng)享有被投資單位可辨認(rèn)凈資產(chǎn)公允價(jià)值的份額時(shí)，視同得到別人的捐贈(zèng)應(yīng)按其差額，借記“長(zhǎng)期股權(quán)投資—成本”科目，貸記“營(yíng)業(yè)外收入”科目。