文献类型：期刊文献

英文题名：The Unintended Consequences of IFRS 9 on CVC Investments: Evidence From China

作者：Guo, Savannah (Yuanyuan)[1];Li, Danmeng[2];Qiu, Yue[3];Ye, Jianfang[3]

机构：[1]Univ Nevada, Reno, NV USA;[2]East China Univ Sci & Technol, Sch Business, 130 Meilong Rd, Shanghai 200237, Peoples R China;[3]Shanghai Univ Finance & Econ, Sch Accountancy, Inst Accounting & Finance, 777 Guoding Rd, Shanghai 200237, Peoples R China

年份：2025

外文期刊名：JOURNAL OF ACCOUNTING AUDITING AND FINANCE

收录：WOS:【ESCI(收录号:WOS:001541464800001)】；

基金：We thank Xiao-Jun Zhang (Editor), Bharat Sarath (Associate Editor), anonymous reviewers, Robert Bushman, Jeffrey Callen, Qingchuan Hou, Rong Huang, Stephen Penman, Hong Xie, Annamaria Zampella (Discussant), and workshop participants at the 2024 Journal of Accounting, Auditing and Finance (JAAF) Conference for helpful discussions and suggestions. Danmeng Li acknowledges financial support from Shanghai Philosophy and Social Science Program (2020BGL040). Jianfang Ye acknowledges the financial support by National Natural Science Foundation of China (NSFC No. 72342009, 72325010, 72172085, 72372098).

语种：英文

外文关键词：IFRS 9; available-for-sale; corporate venture capital; fair value measurement

摘要：This study investigates the unintended consequences of the new classification and measurement of equity financial assets following International Financial Reporting Standard 9 (IFRS 9) adoption on corporate venture capital (CVC) investments. Using a sample of Chinese companies, we find that firms substitute available-for-sale (AFS), eliminated under IFRS 9, with CVC, suggesting a shift in firms' equity investment strategies. We also find that CVCs are positively associated with the "profit or loss due to fair value changes" account balance post-IFRS 9, particularly for firms with strong incentives to manage earnings, indicating that the discretion in fair value measurement of the underlying portfolio firms of CVCs may be used for earnings manipulations. This conclusion is further supported when we find that the relationship disappears when a new delisting regulation weakens firms' incentives to maintain positive net income. Collectively, our study indicates that IFRS 9 creates unintended consequences on CVC investments.