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The Recognition, Measurement and Application Research of Financial Instruments

Author: LiRiZuo
Tutor: LiuYongZe
School: Dongbei University of Finance
Course: Accounting
Keywords: Financial Instruments Standards Financial Assets classification Accounting Measurement Listed companies Fair value Financial Crisis FinancialRegulation
CLC: F830.42
Type: PhD thesis
Year: 2012
Downloads: 790
Quote: 0
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Abstract


As the hazards of the financial crisis spread all over the world, the community blamed the financial instruments standards, and required the improvement of the established accounting measurement on financial instruments more and more strongly. Over the years, China is also committed to the reform of the financial instruments. In the past, the Financial Repression Policy has played a positive role in China’s economic growth and financial stability, but the negative effect is also increasingly apparent, such as the numerous bank credits of the state-owned enterprises, the low efficiency of capital operation, the serious structural imbalance for the investment at a low encouraged rate, the fund-allocation discrimination against the private enterprises and so on. The inescapable fact is that the current problem in China’s financial industry is no not weather to reform but must, for guarantee of the sustainable economic growth. For the constant of the international financial markets’ spatial dimensions and the opportunities, the focus in both theory and practice is that how to use the financial instruments reasonably, how to partially open the restrictions of financial instruments, and how to regulate the application of fair value. Of course, a large number of emerging market economies experience shows that financial liberalization is likely to increase the probability of financial crisis, but it does not mean no reform and no crisis. After all the reality is an interaction of individual, environmental and process, etc. Although no one wishes the crisis come up at the next intersection, preparing for danger in times of safety and in advance, there will be an opportunity that is useful for long-term financial stability. How far is the crisis from China? Where is the Chinese opportunity? In the trouble context of international economic, a very worthwhile consideration topic is that how our economics will sustainable development and how can it lead the world economics as a representative of emerging economics. Account for the current economic environment, I chose the accounting measurement of financial instruments and its application as my study topic. I wish this paper could conclude the seemingly simple but challenging problems which purpose is to expand the financial instrument’s accounting measurement in theory, find some inspiration in its practice, and promote the research towards the theory construction and the integration, by the way of adopting several research method including but not limited to the theory of economics, finance, and accounting. It is believed that there is a significant theory value and practice meaning in analyzing and guiding the application of fair value in financial instrument, by the way of researching the financial instrument accounting and relevant fair value theory, concluding the foreign achievements, and. taking international fair value application experience as reference.The main aspects in this article are including the challenges to the traditional accounting theory from financial instruments and the accounting recognition and measurement of financial instruments. On the one hand, I give a brief review of the origin and evolutions of financial instrument and learn from domestic and foreign financial instruments in researching the accounting definition of financial instruments, and on the other I explore the financial instruments’accounting issues from the perspective of accounting research. For the limitation of the length, this paper does not give too much research on financial liabilities and equity instruments, but primarily focus on financial assets issues such as researching the accounting classification and measurement in both theory and practice, exploring the relevant fair value measurement of financial instruments, and analyzing the conditions of fair value measurement in theory and practice. We should comparatively analyze the barriers of fair value application on the reference of domestic and foreign experience, and make the classification and measurement proposals and improvement strategies on the basis of our own state condition.The structure of the paper is organized as follows. The first chapter introduces the research background, the objectives, the significance, the contents, the method, the research design, and the whole frame system. The second chapter elaborates the research context, theory basis from the theory and the reference review. The third chapter builds the research theory system on the basis of the important concept description, the economics, the finance, and the capital theory, and precedes the experience test with the research data. The fourth chapter mainly explores the classification theory and practice of financial instruments, from the perspective of financial instruments’concept and characteristics. The fifth chapter shows the financial instruments’measurement issue and gives a experience test with the research data, by the way of fully knowing the accounting recognition and measurement standard, and proceeding financial instruments’fair value correlate from bank industry. The sixth chapter analyzing the financial instruments application and lack of regulation issue in practice and give some guidance the financial instruments accounting reform in the future with experience in case study. The seventh chapter summarizes the major research conclusions, the main viewpoints, the advices, the limitation of the research and the future research directions.The main contributions of this paper are as follows. Firstly, we should further improve the financial instruments accounting theory, amend the financial instruments accounting standards, develop fair value standard, and progressively realize the convergence but not blindly with the international accounting standards. Secondly, there is need to simplify the financial assets classification. Thirdly, moderately open the financial regulation, promote the process of asset securitization, further strengthen financial regulation and distribute finance risks. Fourthly, we also need to promote and improve the fair value accounting measurements of financial instruments, realize the financial instruments measurement value in political and economy, actively participate in the international game as to the finance crisis, and establish the power in setting price on bulk commodities and virtual capitals with fair value efficacy. We also must establish world assessment agencies in China like "Standard&Poor’s". And there is a great need to build the finance union in Asia or emerging economies to compete with European Union, Britain or America. Last but not least, we should improve and strengthen the supervision of financial markets and capital markets and build a reasonable and effective multi-dimensional financial security system.It is a good opportunity for us with the adjustment of global economy pattern and financial order for the financial crisis. Learning from the financial crisis experience, we should not blame on the financial innovation and stop the innovation. For one thing, we should carefully reflect the financial innovation, strengthen its supervision, and timely have brakes. For another, as one of the emerging economies, China should speed up the financial innovations, short the gap with the developed countries and struggle for a initiative role in the adjustment of global economy with the opportunity. Indeed, we should avoid "overcorrect" in financial innovation, grasp the innovation’s direction and rhythm, improve the regulatory efficiency, and improve the market operation mechanism. The experience has shown that the improved implementation of the system and supporting regulatory counterparts are indispensable.

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CLC: > Economic > Fiscal, monetary > Finance, banking > Finance, banking theory > Banking > Bank Accounting
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