国际会计准则理事会（IASB）2016年颁布了新租赁准则IFRS16，随后 中国财政部2018年修订并出台了新的租赁准则，即《企业会计准则第 21 号——租赁》（以下简称CAS 21（2018））。CAS 21（2018）的内容与IFRS16 保持了大致趋同。在新租赁准则中，最核心的变化是统一承租人经营租赁 和融资租赁的会计处理方式，将租赁资产和租赁负债全部纳入资产负债表 内核算。租赁会计处理的变化对提升会计信息质量、完善会计体制具有重 大意义，对企业财务报告所反映的财务状况和经营成果也将产生重大影响。 为了探究新租赁准则对企业的预期影响，本文以中国国旅为案例研究对象， 按照新旧租赁准则的内容对中国国旅2019年年报分别进行调整，通过对比 分析新旧租赁准则下的财务数据和关键指标的变化，探究新租赁准则实施 的预计经济后果，并且针对不良的经济后果提出了相应的对策。 本文经过研究发现，新租赁准则的实施对中国国旅有以下几方面的影 响：（1）对企业财务报表有直接影响。新租赁准则的实施将导致企业资产 和负债的规模增加；费用计提方式的改变将导致前期利润下降，后期利润 回升，利润总额不变；对于现金流量表，虽然总额没有发生变化，但影响 了现金流量表的内部结构。（2）对企业融资有影响。新租赁准则的实施使 得会计处理方式发生改变，此改变对资本结构以及财务指标有影响，这进 V 一步可能会影响企业的融资。在股权融资方面，企业盈利能力以及前期利 润的下降会影响投资者的投资意愿，可能导致股价下跌。在债务融资方面， 企业的资本结构以及偿债能力的恶化可能会影响其贷款的规模以及利率。 （3）对企业投资有影响。企业不能依靠经营租赁进行表外融资，会明显影 响企业“购买资产还是租赁资产”的投资决策，预计购买行为会增加。（4） 对中高层管理者绩效考核有影响。由于账面成本和实际成本的不一致，给 企业中高层管理人员绩效考核增加难度。总体而言，新租赁准则的实施将 经营租赁信息在报表中确认，虽然会提高会计信息质量，但是给企业会计 核算以及经营管理增加难度，并且可能会导致外界对企业的评价呈现恶化 的趋势。 本文研究具有理论意义和现实意义：在理论层面上，新租赁准则修订 的内容较大，研究新租赁准则实施后的影响能对新准则的变更进行评价， 为新租赁准则在我国上市公司的全面实施提供理论参考。在实践层面上， 本文通过案例评估新租赁准则的应用，预估其实施后的经济后果，有助于 为企业适用新租赁准则提供启示，对尚未实行新准则的企业具有一定的借 鉴作用。 关键词：租赁准则 经营租赁 融资租赁 VI A Research on the Impact of New Lease Standards on Listed Companies——Taking China International Travel Service as an example ABSTRACT The International Accounting Standards Board (IASB) issued a new lease standard IFRS16 in 2016. Subsequently, the Ministry of Finance of China revised and issued a new lease standard in 2018, namely "Accounting Standards for Business Enterprises No. 21-Leases" (hereinafter referred to as CAS 21 ( 2018)). The content of CAS 21 (2018) is roughly the same as IFRS16. In the new lease standard, the most core change is to unify the lessee’s accounting treatment of operating leases and financial leases, and include all leased assets and lease liabilities into the balance sheet verification. Changes in lease accounting are of great significance to improving the quality of accounting information and improving the accounting system, and will also have a significant impact on the financial status and operating results reflected in the corporate financial report. In order to explore the expected impact of the new leasing standard on the company, this article takes China International Travel Service as the case study object, and adjusts China International Travel Service 2019 annual report according to the content of the new and old leasing standards, and compares and analyzes the financial data and key indicators under the new and old leasing standards. Changes, explore the expected economic VII consequences of the implementation of the new lease standards, and propose corresponding countermeasures against the adverse economic consequences. Through research in this article, it is found that the implementation of the new leasing standard has the following impacts on China International Travel Service: (1) It has a direct impact on corporate financial statements. The implementation of the new lease standard will lead to an increase in the scale of corporate assets and liabilities; the change in the expense accrual method will lead to a decline in early profits and a rebound in later profits, with the total profit unchanged; for the cash flow statement, although the total amount has not changed, it has affected The internal structure of the cash flow statement. (2) It has an impact on corporate financing. The implementation of the new lease standard has caused a change in the accounting treatment. This change has an impact on the capital structure and financial indicators, which may further affect the financing of the company. In terms of equity financing, the decline in corporate profitability and previous profits will affect investors’ willingness to invest and may cause stock prices to fall. In terms of debt financing, the deterioration of a company's capital structure and solvency may affect the scale of its loans and interest rates. (3) It has an impact on corporate investment. Companies cannot rely on operating leases for off-balance sheet financing, which will obviously affect the company's investment decision of "purchase assets or lease assets", and purchase behavior is expected to increase. (4) It has an impact on the performance appraisal of middle and senior managers and the VIII work of the financial department. Due to the inconsistency between the book cost and the actual cost, the performance appraisal of the middle and senior management personnel of the enterprise is more difficult. For the financial department, the new lease standard requires the identification and separation of leases and services in the contract, and companies need to properly keep the lease contract; the new lease standard makes accounting processing more complicated, and the accounting software needs to be updated and increased. The cost of preparing reports for enterprises. In general, the implementation of the new lease standard will confirm operating lease information in the statement. Although it will improve the quality of accounting information, it will increase the difficulty of corporate accounting and business management, and may lead to a deterioration in the external evaluation of the company. The research in this paper has theoretical and practical significance: at the theoretical level, the content of the new lease standard revision is relatively large, and the study of the impact of the implementation of the new lease standard can evaluate the change of the new standard, which is the comprehensiveness of the new lease standard in my country’s listed companies. Implementation provides theoretical reference. On the practical level, this article evaluates the application of the new leasing standard through case studies and estimates the economic consequences after its implementation. This will help provide inspiration for companies to apply the new leasing standard and provide a reference for companies that have not yet implemented the new standard. IX Keywords: leasing criteria; operating lease; financing lease X 目 录 摘要 .......... IV ABSTRACT VI 第一章 绪论 .. 1 1.1研究背景及意义 .............. 1 1.1.1研究背景 ................ 1 1.1.2研究意义 ................ 2 1.2文献综述 .......................... 3 1.2.1 IAS17以及CAS21(2006)的弊端以及表外融资功能 ....... 3 1.2.2 租赁准则修订意见 .............................. 4 1.2.3 IFRS16以及CAS 21（2018）影响分析 ........................... 5 1.2.4文献评述 ................ 6 1.3研究内容和研究方法 ...... 7 1.3.1研究内容 ................ 7 1.3.2研究方法 ................ 8 1.4研究特色与创新 .............. 9 第二章 租赁准则概述 ............... 10 2.1租赁准则修订的历程 .... 10 2.2 CAS 21（2006）的弊端 .............................. 11 2.2.1租赁分类标准不合理 ......................... 11 2.2.2经营租赁不符合资产和负债的定义 . 11 2.2.3经营租赁和融资租赁的可操作性 ..... 11 2.3 CAS 21（2018）主要的变化 ...................... 12 2.3.1租赁的识别、拆分与合并 ................. 12 2.3.2出租人会计处理变化 ......................... 13 2.3.3短期