Researching On The Impact Of New Lease Accounting Standard On China’s Express Delivery Enterprises

In recent years,the rapid development of China’s economy is accompanied by the rapid expansion of the demand for corporate assets.As a way to introduce assets,operating lease has the advantages of low short-term cost and strong flexibility,so it has become the preferred way for many enterprises.For express delivery industry,enterprises need a large number of means of transport,warehouse and related equipment.For these assets,many express delivery enterprises will choose to introduce them by leasing.However,under the old lease accounting standard,the operating lease assets introduced by enterprises will not be included in the balance sheet,which brings about off-balance sheet financing problems and leads to a serious decline in the quality of accounting information.To address this issue,the International Accounting Standards Board(IASB)issued IFRS16,an international leasing standard,in January 2016.In order to follow up the changes of international accounting standards,China’s Ministry of Finance and other relevant departments combined with China’s reality,finally issued the Accounting Standards for Business Enterprises No.21-Leasing at the end of 2018,which is commonly known as the new lease accounting standard.In order to promote the smooth implementation of the guidelines,China has adopted a phased approach,from 2019 and 2021 according to different listing locations.As far as the lessee is concerned,the most obvious feature of the new lease accounting standard is that the original different treatment methods of finance lease and operating lease are cancelled,and a single measurement model is adopted.This change will obviously affect the express delivery enterprises with a lot of leasing business,so the study of the new lease accounting standard is of great significance to the express delivery enterprises which start to implement the new lease accounting standard in China.This thesis mainly adopts literature research method and case analysis method to study the influence of the new lease accounting standard on S.F.Holding.Based on the lease accounting theory,the theory of economic consequences of accounting standards and the theory of information asymmetry,this thesis expounds the current situation of China’s express industry,including the development status and lease status.Using case analysis method,this thesis describes the business and leasing situation of S.F.Holding,and analyzes the impact of the implementation of the new lease accounting standard on S.F.Holding from two aspects of financial situations and substantial operations.After the implementation of the new lease accounting standard,the scale of non-current assets and non-current liabilities of S.F.Holding will be expanded,financial expenses will be significantly increased,and the classification of cash flow will change,which will have a certain negative impact on the financial performance and stock price of S.F.Holding.In terms of substantive operation,the negative impact brought by the new lease accounting standard weakens the advantages of S.F.Holding’s business model,magnifies the disadvantages of introducing assets into operating lease,and increases the difficulty of debt financing.For these impacts,combined with the results of case analysis,the thesis puts forward targeted measures to optimize the business model,adjust the leasing business,broaden the financing channels,in order to better deal with the implementation of the new lease accounting standard for express delivery enterprises in China have some enlightenment.