The Latest Revision Of FISIM Accounting Rules And Quantitative Measurement Of Its Impact

Since the service fee is not directly charged,the intermediary service rate provided by the financial institution is indirectly implied in the deposit and loan interest rate,and the intermediary service is also vividly called “Financial Intermediation Services Indirectly Measured”,namely FISIM.Given that FISIM “has not sold at a dominant market price”,its accounting must follow SNA's special provisions on its output accounting,constant price accounting and import and export accounting methods.The particularity of FISIM has aroused the continuous attention of the United Nations and other authoritative international organizations,and has led to the continuous revision of its accounting rules by previous national accounts systems.As the "Chineseization" product of the latest version of SNA,“China National Economic Accounting System(2016)”(2016 version of CSNA)has also revised and improved the accounting rules for FISIM accounting body,accounting scope,output accounting method and allocation method.This paper takes this as a starting point,systematically combs the evolution process of the rules about FISIM basic scope,output accounting method and allocation method,constant price FISIM output,import and export FISIM in the previous SNA revisions,elaborates on the impact mechanism of series revision of FISIM accounting body,accounting scope,and output accounting method on FISIM output scale,and on the basis of this,comprehensively analyzes the path transmission of macroeconomic indicators such as financial industry added value,production-based GDP,expenditure-based GDP,and final consumption rate due to changes in FISIM output.According to the impact path and estimation ideas revised by FISIM accounting rules,this paper carries out quantitative measurement of FISIM output in China and the three regions respectively based on the 2002 version of CSNA and the 2016 version of CSNA,in order to characterize the revision effect of FISIM accounting rules revision on the scale and structure of macroeconomic indicators,and reveal the feedback effect of FISIM accounting rules revision on the results of China and regional financial intermediation activities.Through the comparative analysis of the 2002 version of CSNA and the 2016 version ofCSNA on the FISIM accounting rules,this paper finds that the FISIM series revision affects the final size and structure of FISIM production and macroeconomic indicators through“additive effect”,“reduction effect”,“variation effect”,“update effect” and “re-adjustment effect”.FISIM calculation results based on this influence path show that the revision of FISIM accounting rules makes FISIM accounting results more objectively reflect the activities of China's financial intermediaries,the high-quality development of social economy,and the optimization and upgrading of demand structure.At the same time,the revision of the FISIM accounting rules reveals the true gap between regional FISIM output and macroeconomic indicators.Based on the 2016 version of CSNA,this paper attempts to summarize the impact path of FISIM accounting rules revision on FISIM output scale and macroeconomic indicators,and quantitatively measure it.This is undoubtedly an effective way to objectively grasp the scale of China's macro-economy,and a useful exploration to promote the “Chineseization” of FISIM accounting theory.