1

风向

第七期 Issue 7 | 2016

颠覆首席财务官的DNAThe disruption of the CFO’s DNA

外国资本进入中国资产 管理行业的途径简析A brief analysis of ways for foreign firms to gain entry into the asset management industry in mainland China

业务新洞察，驱动数字化创新打造数据分析能力，实现业务领先 Business insights drive digital innovation

2

On

the

BEA

M

本期《风向》探讨了一些改变当

前整体营商环境的主要驱动力

量，帮助读者们洞悉多个行业与

监管环境的最新发展，此外，我

们还收录了一则适时的、与高管

相关的欺诈邮件警示案例。

In this issue of On the Beam, we touch on some of the forces that are changing our business environments, and seek to keep you abreast of what is happening in various sectors and regulatory environments; and we include a very timely warning regarding email fraud and senior management.

“

“

3

风向

本期《风向》探讨了一些改变当前整体营商环境的主

要驱动力量，帮助读者们洞悉多个行业与监管环境

的最新发展，此外，我们还收录了一则适时的、与

高管相关的欺诈邮件警示案例。

首先是我们针对主要高管层之一的首席财务官的角色进行了新

一轮的调研活动，刚完成的《首席财务官的DNA》，适时阐明

了首席财务官角色的形成和重塑在多大程度上受到营商环境的

影响。我们就这些外部力量进行了深入探讨，并特别指出了其

中首席财务官们认为有必要做出的改变。

数据和数字化是在上述外部力量中最为令人担忧的两项。我们

的商业分析工具之一，安永数字化转型预估工具，可以帮助企

业评估其处境，释放隐藏的数字化和数据潜能。同样，我们还

探讨了初创企业“快速试错”的企业文化。

此外，资本的潜能，尤其是对绿色项目投资感兴趣的资本，同

样地是本期探讨的另一个主题，只不过这次我们侧重于监管改

革所带来的影响。今年，绿色债券迅猛地进入了公众视野。

随着监管机构近期发布了支持绿色投资的政策和指导方针，在

短短的时间里，已有超过520亿元人民币的绿色债券在中国发

行——今年仅一家银行便发行了其中超过一半的数额。这一增

长潜力是巨大的，并且为了打下坚实的基础，政府正在对市场

采取既鼓励又管治的策略。

本期《风向》还涉及房地产和教育行业以及会计实践的发展等

议题。最后，衷心希望您喜欢本期内容。

吴港平

安永中国主席

大中华首席合伙人

前言Foreword

In this issue of On the Beam, we touch on some of the forces that are changing our business environments, and seek to keep you abreast of what is happening in various sectors

and regulatory environments; and we include a very timely warning regarding email fraud and senior management.

Firstly, our ongoing investigation into the role of one of the major C-suite members, The DNA of a CFO, is shedding some much-needed light on the extent to which the role of the CFO is being shaped and re-shaped by the business environment. We investigate the external forces and highlight some of the changes CFOs feel they need to make happen.

Two of the external forces, data and digitalization, are very much at the forefront of many people’s concerns. One of our business analytic tools, our EY Digital Readiness Assessment, is helping businesses take stock of their situation, and unlock digital and data potential that was otherwise hidden. The ‘fail-fast’ culture of start-ups is similarly touched on.

Also being unlocked – but this time more due to regulatory changes – is capital, in particular, capital interested in green investments. Green bonds have exploded into our consciousness this year. With regulatory bodies recently having released policies and guidelines in support of green investment, in just a short time over RMB52 billion in green bonds has been issued in China, with over half of that issued by one bank in this year alone. The growth potential is enormous, and to establish a solid foundation, the government is both encouraging and regulating the market.

Other issues touched on relate to developments in the real estate and education sectors, and in accounting practices. I hope you enjoy the reading.

Albert Ng Chairman, China Managing Partner, Greater China

4

On

the

BEA

M

32 38

业务新洞察，

驱动数字化创新 Business insights drive

digital innovation

颠覆首席财务官的DNAThe disruption of the CFO’s DNA10

第七期 Issue 7 | 2016 Inside...

数字世界World in numbers

6

内文

Managing Editor Albert Ng

Editorial team Andrew Malcolm

Claudia Chu Vivian HW Lo

Winnie WY Cheung

Design Andy Yeung Leane Chan

Editor’s note: On the Beam is published exclusively for clients of EY. If you would like to

receive copies of our publication or wish to suggest topics of interest to be covered in the future issues,

please write to: The editor, On The Beam, EY at EYonthebeam@hk.ey.com

编辑的话：《风向》为安永客户而刊发。如果您

希望获取我们的出版物或希望提出感兴趣的课题，

以便本刊跟进探讨，请电邮安永《风向》编辑，

电邮地址：EYonthebeam@hk.ey.com

Printed by Katpot Printing & Design Centre

Available on-the-goDownload our mobile

application via the iTune store or the Marketplace.

Search for On the Beam under “China”.

26

外国资本进入中国 资产管理行业的途径简析

A brief analysis of ways for foreign firms to gain entry into

the asset management industry in mainland China

新租赁准则： 即将迈向资产负债表

The new lease standard: Making its way onto the

balance sheet

5

风向

46数字化转型系列：通过社交媒体 构建以客户净推荐值驱动的客户获取与保有能力

Digitalized transformation series: Develop Net Promoter Score-driven capability to gain and keep customers through social media

54收购房地产投资企业—— 商誉会立即发生减值吗?Acquisition of property investment businesses – would there be an immediate impairment of goodwill?

70安永纠纷协调及审查服务警告， 假冒高层发出诈骗指令邮件有上升趋势 EY Fraud Investigation & Dispute Services warns of growing trend in email fraud targeting senior management’s chain of command

62乘教改东风，迎发展机遇

Taking advantage of education reform and seizing the opportunity

EY 安永 | Assurance 审计 | Tax 税务 | Transactions 财务交易 | Advisory 咨询

About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

www.ey.com/china

This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.

关于安永

安永是全球领先的审计、税务、财务交易和咨询服务机构之一。我们的深刻

洞察和优质服务有助全球各地资本市场和经济体建立信任和信心。我们致力

培养杰出领导人才，通过团队协作落实我们对所有利益关联方的坚定承诺。

因此，我们在为员工、客户及社会各界建设更美好的商业世界的过程中担当

重要角色。

安永是指Ernst & Young Global Limited的全球组织，也可指其一家或以上的成

员机构，各成员机构都是独立的法人实体。Ernst & Young Global Limited是英国一家担保有限公司，并不向客户提供服务。如欲进一步了解安永，请浏览

www.ey.com。

© 2016 Ernst & Young, China. All Rights Reserved. © 2016 安永，中国。版权所有。 APAC no. 03003959 ED None

本材料是为提供一般信息的用途编制，并非旨在成为可依赖的会计、税务或其他专业意见。请向您的顾问获取具体意见。

绿色债券：挖掘绿色商机的重要工具

Green bonds: A key tool for tapping into green opportunities

76

您进行鉴证了没? 浅谈企业社会责任报告书鉴证

Have you endorsed it? On corporate social responsibility report endorsement

86

6

On

the

BEA

M

数字世界 World in numbers

2016年初，安永采访了212名全球各地的消费品及零售业高管。请查看哪些零售企业能持续获得有盈利的增长及应对不断出现的

颠覆性环境。请浏览ey.com/balance进一步了解。

In early 2016, EY interviewed 212 senior executives from the consumer products sector globally. See which retail companies can sustain profitable growth amid ongoing disruption. Visit ey.com/balance to find out more.

安永于2016年第一季与

Mergermarket进行的私募基

金调查显示业内有待投资现

金，而且石油和天然气业提供

了实在的价值定位，虽然可能

存在于价值链的不同位置。

EY’s private equity survey, conducted in collaboration with Mergermarket in Q1 2016, shows there is dry powder available and the oil and gas sector offers a solid value proposition – though perhaps in different parts of the value chain.

寻找平衡：哪些零售企业能持续获得有盈利的增长应对不断出现的颠覆性环境?

石油和天然气业对私募基金的利用

In search of balance: Which retail companies can sustain profitable growth amid ongoing disruption?

Deploying private equity in oil and gas

数据/资料来源：安永调研 Source: EY survey

看得远

Take a long-term view注重为增长融资

Focus on funding growth着重灵活性多于效率

Emphasize flexibility over efficiency

下放决策权

Decentralize decision征求合作伙伴，扩大外包

Enlist partners and expand outsourcing

人才短缺

Talent shortage管治及内控不一致

Inconsistent governance and controls

操作模型没有灵活性

Inflexible operating models

决策制定方法需时甚长

Slow decision-making methods

资本上的限制

Capital constraints

<< 业务转型的最大障碍 | The biggest barriers to business transformation

<< 企业希望如何改变 | How companies want to evolve

?

63%

64% 53%认为有利的资产估值是驱动石油和

天然气业私募基金活动的主要因素

see favorable asset valuations as the main driver for private equity activity in the oil and gas sector

认为提供增长资金是私募基金能为

机构增值的最重要方式

view providing growth capital as the most important way private equity can add value to organizations

认为改善资产组合公司的运营表现

是未来12至24个月的首要工作

see improving the operational performance of portfolio companies at their top priority in the next 12 to 24 months

<< 最重大的交易趋势 | Top deal trends

7

风向

安永电力和公用事业的女性指标分析了全球各地按收入计算的

200大公用事业机构董事会及领导团队。该指标提供计量每年该

行业的增长多少的基础。

EY’s Women in P&U Index analyzes the boards and leadership teams of the top 200 utilities by revenue across the globe. The Index provides a baseline for measuring how much – or how little – the sector progresses each year.

董事会成员是董事会中有最大影响力及决策权的人士。全球各

地200大公用事业机构中，共有25名女性董事会成员。

Board executives are where the greatest influence and decision-making power on a board reside. Globally, there are 25 women board executives in the top 200 utilities.

安永2016年电力和公用事业的女性指标EY’s 2016 Women in Power and Utilities (P&U) Index

数据/资料来源: 安永刊物 — 安永2016年电力和公用事业的女性指标 Source: EY publication – Women in Power and Utilities Index 2016

<< 哪个地区有最多的女性董事会成员? Which region has the most women board executives?

数据/资料来源: 安永刊物 — 利用机遇，石油和天然气业的私募基金投资 Source: EY publication – Capitalizing on opportunities: Private equity investment in oil and gas

<< 在哪里发生? 投资者的主要投资市场 | Where will it happen? Investors’ top investment markets

预计更多私募基金会于

亚太区投资

expect to see more PE involvement in Asia-Pacific

相信北美洲市场仍然是私募基金

投资者的优先考虑市场

believe the North American market remains a PE priority

认为非洲的投资活动将

会增加

believe activity will increase in Africa

100% 99% 80%投资者的主要投资市场 | Investors’ top investment markets

女性在所有董事会成员中占比 Women as % of total board executive

女性董事会成员的绝对数量 Absolute number of female board executive

非洲/中东 Africa/Middle East

亚太区 Asia-Pacific

欧洲 Europe

拉丁美洲和加勒比 Latin America and

Caribbean

北美 （美国和加拿大）

North America (US and Canada)

6% 1

8

2

3

11

3%

7%

9%

7%

的执行董事会成员 executive board

members

去年5%，今年没有变化 No change from 5% last year

去年17%， 今年有所上升 Up from 17%

last year

去年14%， 今年有所上升 Up from 14%

last year

去年13%， 今年有所上升 Up from 13%

last year执行与非执行董事会

成员总额 Total (exec and

non-exec) board members

高级领导 Senior management

leadership

非执行董事会成员 Non-executive

board members

5%

16%

14% 19% 2016年

电力和公用事业的 女性指标

2016 Women in P&U Index

8

On

the

BEA

M

如何把您的本地业务推向全球舞台? How to put your local business on the global stage?了解安永大中华区的专业团队如何能协助实现您的目标。

Find out how EY’s professional teams in Greater China can help realize your business goals. ey.com/China #BetterQuestions

The better the question. The better the answer. The better the world works.

9

风向

10

On

the

BEA

M

10

On

the

BEA

M

11

风向

颠覆首席财务官的DNAThe disruption of the CFO’s DNA

首席财务官的角色正在被数字化创新、数据的激增、风险环境的波动、趋严的

监管力度以及日益严格的利益关联方要求等因素所颠覆。如果不能主动为自

己角色定位来应对这些颠覆性力量，首席财务官在与首席执行官共商公司战略，推进

创新活动，以至实现可持续增长的进程中所能发挥的作用也将会被削减。

11

风向

12

On

the

BEA

M

12

On

the

BEA

M

在安永2010年的首份《首席财务官的DNA》调研报告中，我们

阐述了首席财务官的职责范围不仅包括传统财务技能，还包括

战略性和面向市场的责任。我们最新一期的报告也同时显示，

数字化、数据、风险和不确定性，以及利益相关方的监督和监

管法规这四股新生力量正在改变着人们对首席财务官的预期。

首席财务官们要以不同的方式应对这四股驱动力，而我们亦看

到当中有着不同的概况和责任出现。虽然这正为首席财务官们

带来作出贡献的机会，但也意味着，如果不能主动为自己角色

定位来应对这些颠覆性力量，他们亦有可能处于危困之中。

首席财务官 —— 一个让人倍感压力的职位

2015年12月至2016年2月，安永访问了来自全球的769位

财务主管，并对其中部分领先机构的首席财务官进行了一对

一专访。以下图表是从85名大中华受访者对比全球调查结果

的概览。

“考虑到首席财务官所承担的所有责

任以及日常的策略性财务管理职能

与长期的战略性执行职能之间差距

悬殊，单凭一个人的力量已很难胜

任这项工作。当今时代，首席财务

官不仅需要考虑自身角色，还要考

虑如何与围绕在他们周围的团队成

员进行合作。”

Tony Klimas 安永全球财务职能绩效改善咨询服务主管

主要結果

过去五年内在提供基于数据的分析以及战略风险评估等在内的分析和洞见方面投入了更多时间

核心财务之外的运营职责日益增多

将更多地为决策制定的道德标准承担责任，使之符合企业宗旨

50%

64%

71%

不同的首席财务官应对压力的方式大不

相同。研究表明，随着不同财务主官的

个人形象和个人职责的差距不断加大，

解码财务主管的DNA也变得越来越困

难。由于首席财务官及其团队面临的颠

覆性力量不同，加之其所在的公司、行

业、地域以及个人实力的差异，首席财

务官们的角色定位也不尽相同。

在这种环境下，成就卓越首席财务官的

因素更加难以确定，而包括首席执行官

与监管委员会在内的同事们的预期也在

不断转变。

需要加强对数字化、智能技术和复杂数据分析的了解

认为风险管理能力在未来将成为一项核心能力

58%

57%

来自全球各地的首席财务官 大中华区首席财务官

59%

71% 66%

59% 78%

13

风向

13

风向

颠覆财务主管角色的四股驱动力

我们最新一期的报告也同时显示，数字化、数据、风险和不确

定性，以及利益相关方的监督和监管法规这四股新生力量正在

改变着人们对首席财务官的预期。

的财务主管表示他们需要加强对数字化、智能技术和

复杂数据分析的了解。

58% 数字化

的财务主管认为风险管理能力在未来将成为一项

核心能力。

57% 风险和不确定性

的集团首席财务官认为数据交付和进阶分析能力将

是未来财务职能的关键所在。

57% 数据

的财务主管表示，他们将更多地为决策制定的道

德标准承担责任，使之符合企业宗旨。

71% 利益关联方的监督和

监管法规

颠覆首席财务官角色的四股驱动力

驱动力之一：数字化陷入完美数字风暴

对于首席财务官而言，数字化颠覆下机遇与挑战并存。一

方面，数字化为新的商业模式和收入流提供了机会，但另

一方面，数字化也使企业更容易受到来自现有及新加入竞

争对手的挑战，使其面临新的风险。

调查显示，58%的财务主管表示他们“需要加强对数字、智

能技术和复杂数据分析的了解”，从而落实重要的战略重

点。这对所有行业来说都是一项迫切要务，尤其在媒体与

娱乐、汽车等行业（图1）。

图1 | 提升数字专业技能是所有行业的要务

图中所示数据为认为“需要加强自身对数字、智能技术和复杂数据分析的了解”的受访者比例。

首席财务官面临的挑战

缺乏了解

在我们调查的财务主管中，58%的受访者表示“需要加

强自身对数字、智能技术和复杂数据分析的了解”，进

而落实战略重点。

媒体与娱乐

汽车与运输

多元化工业产品

清洁技术

银行与资本市场

生命科学

科技

保险

电力和公用事业

70%

65%

62%

61%

60%

59%

58%

55%

53%

14

On

the

BEA

M

14

On

the

BEA

M

首席财务官在数字化准备中的角色

为落实业绩增长和安全保护的议事日程，财务主管需要进

行转换和调整以建立一个数字化商业模式。他们必须在企

业进行数字化准备和树立信心的过程中发挥好自身作用，

做好主动防范和紧急应对工作。

高效的财务主管必须：

• 了解企业落实数字战略的能力

首席财务官需要对其所在企业当前的数字化成熟度进行

评估，了解优先事项、企业的数字化预算和投资情况。

通过这种方式，首席财务官们可协助企业针对能够真正

创造价值的领域进行投资协调和专项投资，从而发挥企

业自身作用。

• 树立信心，培养能力，协助企业成功驾驭数字经济

首席财务官必须协助企业做好应对数字化颠覆的充分准

备，并帮助企业树立能够成功应对的信心。他们需要应

对的问题包括商品和服务销售方式引发的全球税务影

响、企业经营选址、机器人技术、世界经济全球化的加

速以及具有颠覆性的新竞争对手等。

驱动力之二：数据数据颠覆将催生财务转型

数据和分析正在改变首席财务官对商业问题的思考方式，

这让首席财务官们看到了新的机遇，同时也向既有的、根

深蒂固的观念发起挑战。

“如今在财务职能中，财会方面的技术与合规的成分越来越

高，但除此之外，财务职能中还有业务的部分——市场数据

分析和商业智能。”莎莎国际控股有限公司首席财务官兼

执行董事陆楷博士表示，“人们或许有不同的看法，但我

认为，因为思维方式的不同，不同的人应该做不同的事。”

首席财务官面临的挑战

掌握数据分析能力

在财务职能从提供财务报告向利用商业情报提供战略指

引的转型过程中，数据处理和分析能力对首席财务官尤

为重要。

15

风向

15

风向

调查显示，57%的集团首席财务官认为提供商业情报和管理信

息数据并进行进阶分析的能力将成为未来财务职能的关键能

力。然而，许多企业难以真正实现将数据分析转化为企业绩效

的提升。

这为首席财务官的介入和开展企业转型提供了机会，让对数据

分析的预期转化为显著的业绩提升。理想的情况是，财务主管

主动确定自己的角色和职责，同时对财务职能的定位不局限于

单纯的财务相关数据的分析。

调查显示，受访的首席财务官们在为首席执行官和其他高管们

提供分析和洞见方面投入的时间较五年前有所增加，其中以电

力和公用事业行业增加的幅度最高(图2)。这或许表明该行业

的转型工作已经广泛开展。随着智能能源不断颠覆电力和公

用事业领域，该行业面临着前所未有的重塑能源发电组合的压

力，财务主管们也需要投入更多的时间与业务同仁们一同开展

战略分析。

电力和公用事业

清洁技术

科技

多元化工业产品

消费品

汽车与运输

保险

银行业与资本市

媒体与娱乐

生命科学

67%

61%

52%

52%

51%

49%

48%

47%

47%

46%

图2 | 当前在数据和分析上投入的时间较五年前有所增加

图中所示数据为受访者中表示“过去五年内在提供基于数据的分析以及战略风险评估等在内的分析和洞见方面投入了更多时间，并为首席执行官和其他

高管提供了有价值的信息”的比例。

首席财务官在提升数据分析能力中的角色

为了让所有的努力都转化为长期的竞争优势，首席财务官们

需要将数据对企业整体可能造成的颠覆性影响进行评估，

明确自身以及财务职能应承担的责任。对于有些公司，这

意味着财务将需要主导整个企业范围内数据分析能力的构

建，或提供重要的洞见。

不论哪种情况，首席财务官在推进企业运用分析技能并提

升商业价值方面都发挥着重要的作用。

企业整体必须：

• 将数据作为企业战略不可或缺的组成部分

• 使数据分析与业务经营需要相匹配

• 逐步构建能够胜任的领导班子并培养恰当的企业文化

首席财务官应注意：

• 提供培训，以帮助员工识别出由于心理假设偏差而导致

错误决策的决策偏见

• 为用户提供方便使用的数据工具

• 将从分析中获得的洞见转化为实际行动，并对激励、报

酬和衡量方法进行相应的调整

16

On

the

BEA

M

16

On

the

BEA

M

驱动力之三：风险与不确定性波动时期的决策

如今，受到各种颠覆性驱动力的影响，企业及其财务主管们

正面临着风险格局快速变化所带来的挑战，这包括市场波

动、“超链接生活”、地缘危机、监管改革和网络威胁等。

在这种波动的风险格局下，寻求可确定性来提供决策支持是

首席财务官们所面临的一项重大挑战。首席财务官们在风险

管理中发挥的作用将愈发重要，他们未来将承担的责任也越

来越大，尤其对于大型企业而言（图3）。

图3 | 企业未来将从财务部门寻求风险管理能力的支持

图中所示数据为受访者中表示“风险管理将是一项关键能力，业务部门未来将从财务部门寻求该能力支持”这一说法的受访者比例。

首席财务官面临的挑战

风险管理能力正在成为一项关键的财务能力

管理各种风险 — 战略、声誉、监管和网络风险 —

正逐渐成为财务职能的一部分，大型企业更是如

此，66%的受访者也表示风险管理是未来应具备的一

项关键能力。

我们的研究表明，首席财务官们越来越关注战略风险。半数

的集团首席财务官们表示，他们如今在战略风险管理方面投

入的时间较五年前有所增加。但许多财务主管认为他们还需

要投入更多的精力培养相关技能。在将风险管理列为未来

第一要务的受访者中，61%表示其战略风险管理技能有待提

高。

首席财务官在建立戰略風險管理能力的角色

稳健的战略风险管理需要企业各主管共同努力并发挥表率作

用。鉴于此，首席财务官们必须：

• 不局限于可防范的风险

识别并提出企业尚未考虑到的战略风险，包括可能导致

价值创造潜力超过负面后果的风险等。

• 直面风险

在战略和业务规划讨论中就相关风险进行探讨，定期对

风险状况及其对企业战略的影响进行评估。

• 投资关键风险管理人才

投入时间和资源以招募具备战略和高级分析技能的人

才，提升企业风险管理能力。

年收入超过50亿美元的公司

年收入在5-50亿美元之间的公司

年收入在1-5亿美元之间的公司

66%

54%

54%

媒体与娱乐

17

风向

17

风向

首席财务官在加强利益关联方关系方面的角色

在未来，对利益关联方的高度期望和监管者的审查只会有增

无减。因此，首席财务官们需要练习如何更为有效地调节不

同的需求：

• 优先应对最为重要的利益关联方关系

分析关键利益关联方关系并充分理解其驱动因素

• 主动沟通

随着公共曝光率的不断增加，不论是以个人方式或是通

过企业其他部门与媒体、客户、投资者监管机构展开沟

通，首席财务官们都需要采取战略性方法进行管理。

• 讲述具有一致性的价值故事

为了维持信誉并建立信任，首席财务官们需要向所有利

益关联方讲述一致的企业故事。

请浏览ey.com/dnaofthecfo阅读完整报告。

驱动力之四：利益关联方的监督和监管法规作为公众人物的首席财务官

在谈到利益关联方关系管理时，首席财务官们往往陷入进退两

难的境地。利益关联方们的需求常常相互矛盾，因此首席财务

官必须在监管机构的要求和投资者以及其他利益关联方的需求

之间找到平衡点。

在我们的调研中，50%的财务主管们表示他们管理利益关联方

关系的技能有待提升。新兴市场财务主管更需要提高这些技

能，因为他们应对监督的能力不如发达市场成熟（图4）。

首席财务官们所面临的挑战

分配时间调节利益关联方们相互矛盾的需求

50%的受访财务主管表示他们的关系管理技能有待提升，

包括与投资者、首席执行官、董事会和其他最高层管理人

员之间的关系。

地区/分区首席财务官/财务总监集团首席财务官/财务总监

50%

41%

图4 | 集团首席财务官们在战略风险管理方面投入了

更多时间

图中所示数据为表示“在制定和定位公司整体战略，包括在不同战略性决策各自的风险因素方面投入的时间较五年前有所增加”的受访者比例。

18

On

the

BEA

M

18

On

the

BEA

M

The chief financial officer (CFO) role is being disrupted by digital innovation, the proliferation of data, a volatile risk

environment, increasing regulation and a growing circle of demanding stakeholders. CFOs who don’t proactively define their role in response to these major forces could compromise their ability to shape strategy with the CEO and drive the innovation necessary for sustainable growth.

19

风向

19

风向

In EY’s first The DNA of the CFO study, conducted in 2010, we painted a picture of a role that had broadened to encompass not only traditional financial skills, but also more strategic and market-facing responsibilities. Our latest research shows that in the intervening six years, four forces have continued to transform the face of finance leadership: digital, data, risk and uncertainty, and stakeholder scrutiny and regulation.

CFOs are responding to these forces in different ways, and we are seeing quite different profiles and responsibilities emerge. While this presents an opportunity for CFOs to really shape the contribution they make, it also means that those who don’t proactively define their role in the face of these major forces may be at risk.

“It’s become a job that may be too big for any one individual to do well, given all the responsibilities and the incredible contrast between the day-to-day tactical controllership functions, and the very long-term, strategic, executive functions. It’s now more important than ever for the CFO to not just worry about their role, but also the team that they surround themselves with.”

Tony KlimasGlobal Finance Performance Improvement

Advisory Leader, EY

20

On

the

BEA

M

20

On

the

BEA

M

Key findings

Spend more time today providing analysis and insights than five years ago

Will be increasingly asked to take on wider operational leadership roles beyond finance

Will increasingly be responsible for the ethics of decision-making in support of their organization’s purpose

CFOs are responding to these pressures in different ways. Our research shows that it is increasingly difficult to decode the DNA of the finance leader, with profiles and job descriptions becoming more and more diverse. Roles vary depending on the disruptions CFOs and their organizations face, as well as their company, sector, geography and personal strengths.

In this environment, perceptions of what makes a great CFO are harder to pin down, and the expectations of colleagues, including CEOs and supervisory boards, are shifting.

Need to build their understanding of digital, smart technologies and sophisticated data analytics

Believe that risk management will be a critical finance capability in the future

50% 71%58%

64% 57%

Global CFOs Greater China CFOs

The CFO — a leader feeling the pressure

The latest research is based on a survey of 769 finance leaders worldwide undertaken from December 2015 to February 2016 and one-on-one interviews with CFOs from leading organizations. In the next chart, we provide a snapshot of how the findings from the 85 Greater China respondents compare to the global results.

CFOs are responding to these pressures in different ways. Our research shows that it is increasingly difficult to decode the DNA of the finance leader, with profiles and job descriptions becoming more and more diverse. Roles vary depending on the disruptions CFOs and their organizations face, as well as their company, sector, geography and personal strengths.

In this environment, perceptions of what makes a great CFO are harder to pin down, and the expectations of colleagues, including CEOs and supervisory boards, are shifting.

59%

71% 66%

59% 78%

21

风向

21

风向

The four forces disrupting finance leadership

Our latest research shows that four new forces are changing the expectations placed on CFOs: digital, data, risk and uncertainty, and stakeholder scrutiny and regulation.

of finance leaders say they need to build their understanding of digital, smart technologies and sophisticated data analytics.

58% Digital

of finance leaders believe that risk management will be a critical capability in the future.

57% Risk and uncertainty

of group CFOs believe that the delivery of data and advanced analytics will be a critical capability for tomorrow’s finance function.

57% Data

of finance leaders say they will increasingly be responsible for the ethics of decision-making in support of their organization’s purpose.

71% Stakeholder scrutiny and regulation

There are four forces disrupting the CFO role.

Force 1: Digital Caught in the eye of a perfect digital storm

For CFOs, digital disruption can feel like being caught between the promise of rain and the threat of drought. On the one hand, digitization offers the opportunity for new business models and revenue streams. But on the other hand, digitization makes the organization vulnerable to competition from new players and agile incumbents and creates exposure to new risk.

In our research, 58% of finance leaders say that they “need to build their understanding of digital, smart technologies and sophisticated data analytics” in order to deliver against their critical strategic priorities. This is a priority across all sectors, with finance leaders in markets such as media and entertainment and automotive particularly focused on this area (Chart 1).

Chart 1 | Building digital know-how is a priority across sectors

Percentage of respondents who believe that they will need to build their understanding of digital, smart technologies and sophisticated data analytics.

The challenge for CFOs Lack of understanding Among the finance leaders we surveyed, 58% said that they need to build their understanding of digital, smart technologies and sophisticated data analytics in order to deliver against their critical strategic priorities.

Media and entertainment

Automotive and transportation

Diversified industrial products

Cleantech

Banking and capital markets

Life sciences

Technology

Insurance

Power and utilities

70%

65%

62%

61%

60%

59%

58%

55%

53%

22

On

the

BEA

M

22

On

the

BEA

M

The CFO’s role in digital readiness

To fulfill their agenda of growing and protecting the organization, finance leaders need to transpose and embrace a digital business model. They must also play a key role in building the organization’s readiness and confidence to act and react with urgency.

Effective finance leaders must:

• Understand the organization’s ability to deliver on its digital strategy. CFOs need to assess their organization’s current digital maturity and understand its key priorities, enterprise-wide digital budget and investments. That way, they can play a key role in helping to make coordinated and focused investment in areas that create real value.

• Build the organization’s confidence and capability to navigate the digital economy. CFOs must prepare their organizations for digital disruptions and help give them the confidence to handle them. Issues to tackle include global tax implications for how goods and services are sold, where companies base their operations, robotics, the accelerated globalization of the world economy and disruptive new competitors.

Force 2: Data The disruption that will transform finance

Data and analytics are changing the way CFOs think about business problems, opening their eyes to new opportunities, and challenging accepted and entrenched organizational beliefs.

“The finance function today involves the more technical and compliance part of accounting, but on top of that there’s the business part – the market data analysis and business intelligence,” says Dr. Guy Look, CFO & Executive Director, Sa Sa International Holdings Limited. “People may disagree with me, but in my mind, it takes different people to do these different things. It’s a different mindset.”

Our research shows that 57% of group CFOs believe that delivering the data and advanced analytics for business intelligence and management information will be a critical capability for tomorrow’s finance function. However, many organizations are struggling to turn the promise of data analytics into the reality of improved performance.

This presents an important opportunity for CFOs to step in and transform their organizations by turning the promise of data analytics into measurable performance gains. And finance leaders are ideally positioned to define a role for themselves and the finance function that goes beyond pure finance-related data analytics.

Among our respondents, CFOs from the power and utilities industry are most likely to say that they spend more time today than five years ago on providing analysis and insight to support the CEO and senior leadership (Chart 2). This is likely reflecting the broader transformation taking place within that sector. As smart energy disrupts power and utilities, and as pressure mounts to reshape the energy-generation mix, the sector’s finance leaders need to spend an increasing amount of time on strategic analysis with their business peers.

The challenge for CFOs Harnessing the power of data analytics Data and analytics are crucial for CFOs on a journey to transform the finance function from a reporting entity to a group that guides strategy through business intelligence.

23

风向

23

风向

Force 3: Risk and uncertainty Decision-making in volatile times

Today, organizations and their finance leaders are challenged by a rapidly changing risk landscape shaped by disruptions that include market volatility, hyper connectivity, geopolitical crises, regulatory reforms and cyber threats, to name just a few. Finding enough certainty to be able to make decisions in this volatile risk landscape is a major challenge for CFOs, and they are taking an increasing role in risk management. In the future, CFOs anticipate that the role will be even bigger, particularly in large organizations (Chart 3).

Chart 3 | The business will seek risk management capability from finance in the future

Percentage of respondents who believe that risk management will be a key capability that business units will demand from finance in the future.

Our research shows that strategic risk is already an increasing focus for CFOs. Half of group CFOs, for example, say they are spending more time on it today than they were five years ago. However, many finance leaders believe that they need to do more to build their skills in this area. Of the respondents who are focused on risk as their primary priority in the future, 61% say they will need to improve their strategic risk management skills.

The challenge for CFOs Risk management is becoming a critical finance capability Managing all types of risk — strategic, reputational, regulatory and cyber risk — are growing parts of the finance remit, particularly in larger organizations, where 66% of our respondents say it’s a critical future capability.

Chart 2 | More time spent on data and analysis today than five years ago

Percentage of respondents who spend more time today than five years ago providing analysis and insight to support the CEO and other senior leaders, including sophisticated data-driven analytics and strategic risk assessments.

The CFO’s role in building better data analytics

To make these efforts into a long-term competitive advantage, CFOs will need to assess the potential disruption for the organization as a whole, and define the role that they and their finance function should play. In some cases, this will mean leading an enterprise-wide analytics capability; in others, it might mean providing crucial inputs.

Either way, the CFO has an important role to play in moving the organization toward more business value from analytics.

The organization as a whole must:

• Make data integral to the business strategy

• Align analytics delivery and business requirements

• Instill the right leadership and culture

CFOs should focus on:

• Providing the training to help individuals recognize decision biases – the psychological assumptions that often lead to poor decision-making

• Providing easy-to-use tools for users of data

• Transforming the analytics-based insights into actions, and aligning incentives, rewards and measurement accordingly

Power and utilities

Cleantech

Technology

Diversified industrial products

Consumer products

Automotive and transportation

Insurance

Banking and capital markets

Media and entertainment

Life sciences

67%

61%

52%

52%

51%

49%

48%

47%

47%

46%

Companies with annual revenues >USD5b

Companies with annual revenues between USD500m–USD5b

Companies with annual revenues between USD100m–USD500m

66%

54%

54%

24

On

the

BEA

M

24

On

the

BEA

M

The CFO’s role in building a strategic risk management capability

Robust strategic risk management requires effort and leadership from a range of leaders in the business. To play their part effectively, CFOs must:

• Think beyond preventable risks: identify and surface strategic risks that organizations may not have otherwise thought of, including risks whose value-generation potential may outweigh the possible negative consequences

• Address risk directly: bring up risk in strategic and business planning discussions and routinely evaluate the risk profile and its impact on business strategy

• Make investments in key risk talent: take the time and resources to recruit talent with the strategy and advanced analytics skills needed to enhance the risk function

The CFO’s role in strengthening stakeholder relationships

The high expectations of stakeholders and the increasing scrutiny of regulators are not likely to fade in the future. CFOs will need to practice ways to respond to conflicting demands more effectively:

• Prioritize the stakeholder relationships that are most important: analyze critical stakeholder relationships and build a strong understanding of what drives them

• Communicate proactively: with their increasingly public profile, CFOs need to take a strategic approach to managing communication with the media, customers, investors and regulators, either personally or via other parts of the business

• Tell a consistent value story: in order to be credible and build trust, CFOs need to have a consistent story about the business for all stakeholders

To read the full report, please visit ey.com/dnaofthecfo

Force 4: Stakeholder scrutiny and regulation The CFO as a public person

CFOs are caught between a rock and a hard place when it comes to managing stakeholder relationships. Demands of stakeholders are often in conflict, and CFOs increasingly have to juggle the requirements of regulators with the demands of investors, and other stakeholders.

In our research, 50% of finance leaders say they will need to improve their stakeholder management skills. This is particularly true for emerging markets finance leaders, where the skills to respond to increased scrutiny may not be as mature as in more developed markets (Chart 4).

The challenge for CFOs Finding time to manage stakeholders’ conflicting demands Fifty percent of survey respondents say they will need to improve their skills in managing relationships, including with investors, the CEO, boards and other members of the C-suite.

Regional/divisional CFO/finance director

Group CFO/finance director

50%

41%

Chart 4 | Group CFOs devoting increased time to strategic risk

Percentage of respondents who spend more time today than five years ago developing and defining the overall strategy for their company, including the risk factors of different strategic decisions.

EY

25

风向

25

风向

26

On

the

BEA

M

26

On

the

BEA

M

27

风向

外国资本进入中国资产管理行业的途径简析

A brief analysis of ways for foreign firms to gain entry into the asset management industry in mainland China

随着中国30多年来经济的快速发展，中国

居民积累了大量财富，涌现出了高净值阶

层，大量闲置资金需要资产管理机构运作打理。与

此相对应，自2012年下半年起，中国人民银行、

银监会、证监会和保监会（“一行三会”）密集出

台了诸多创新政策，对银行、信托、券商、基金、

保险等机构开展资产管理业务予以政策松绑，拓宽

了各类机构的投资范围和资产运作方式，取消了部

分产品的投资限制，扩大了资产管理行业的对外开

放水平，并推动银行、信托、券商、基金、保险等

机构向“财富管理机构”进行转变。

据公开资料显示，截至2015年末中国的国有、股份制和城市

商业银行共计91家，证券公司共计125家，公募基金管理公

司共计100家，信托公司共计68家，保险资产管理公司共计

22家，私募基金管理公司共计2万余家（其中资产管理规模超

百亿元（人民币，下同）的机构有101家）。银行理财资金规

模为24万亿元、公募基金资管规模为22万亿元、信托公司资

管规模为16万亿元、保险资管规模为15万亿元、券商资管规

模为14万亿元、私募基金管理规模为5万亿元。

面对如此巨大的市场发展机遇，任何拥有雄心壮志的外国资本

都不愿错失良机！但是，在目前“一行三会”的金融监管格局

下，不同类型资产管理机构的外资准入政策和行政监管又存在

着较大差异。因此，如何进入中国的资产管理行业，是外国投

资者需要仔细考虑和分析的问题。

目前，中国有关资产管理行业的法律、法规还没有针对“资

产管理机构”和“资产管理业务”专门的法律规定。2015年3月10日国家发展和改革委员会、商务部联合发布了《外商投

资产业指导目录（2015年修订）》（“《指导目录》”），

但也未对外商投资“资产管理行业”出台单独的产业政策。

28

On

the

BEA

M

银行

仅限境外金融机构投资，且

单个境外金融机构及被其控

制或共同控制的关联方作为发起人或战

略投资者向单个银行投资入股的比例不

得超过20%，多个境外金融机构及被其

控制或共同控制的关联方作为发起人或

战略投资者投资入股比例合计不得超过

25%。

1股权投资公司

《指导目录》未将其列入“限

制外商投资产业目录”和“禁

止外商投资产业目录”。因此，外资在

中国从事股权投资活动无限制性规定。

9私募证券投资基金 管理公司

《指导目录》将其列入

“限制外商投资产业目录”，其与公募

证券投资基金管理公司适用同样的准入

要求。

10房地产等特殊类投资基金管理公司

目前只能采取私募形式，

且应当按照《私募投资基金监督管理暂

行办法》的要求向中国证券投资基金业

协会办理登记手续。

11信托

仅限境外金融机构投资，且单

个出资人及其关联方投资入股

的信托公司不得超过2家，其中绝对控

股不得超过1家。

2 公募证券投资基金 管理公司

仅限境外金融机构投资，外资

比例不超过49%。6

期货公司

仅限境外金融机构投资，中方

合资者应当控股。7保险公司

仅限境外金融机构投资，寿险

公司外资比例不超过50%，产

险公司外资可以绝对控股。

3保险资产管理公司

仅限境外金融机构投资，单个

股东（包括关联方）出资或者

持股比例不得超过保险资产管理公司注

册资本的20%。

4

证券公司

仅限境外金融机构投资，外资

持股比例不超过49%，且合资

的中国境内股东中应当有1名内资证券

公司。根据《内地与香港关于建立更紧

密经贸关系的安排》补充协议十和《内

地与澳门关于建立更紧密经贸关系的安

排》补充协议十，中国允许符合设立外

资参股证券公司条件的港（澳）资金融

机构在上海市、广东省、深圳市各设立

1家两地合资的全牌照证券公司，港、

澳资合并持股比例最高可达51%，且境

内股东不限于证券公司。

5根据《指导目录》并结合“一行三会”

的相关规定，现将外资进入中国资产管

理行业的一般性途径简要介绍如下：

创业投资公司

《指导目录》将其列入

“鼓励外商投资产业目录”之

第七类“租赁和商业服务业”之第321项“创业投资企业”。因此，中国政

府鼓励外资在中国境内从事创业投资

活动。

8以上是外资进入中国资产管理行业的11种一般途径。由于每种途径对外资的资质

要求均有不同，因此，不同类型外资需要

结合自身实际情况以此确定进入中国资产

管理行业的具体路径。当然，不同路径的

选择将会导致不同类型资产管理机构的产

生，不同类型资产管理机构又在产品发行

方式、产品种类、投资范围、资产运作方

式和监管要求等方面又存在较大差异，这

些也都是外资进入中国市场前需要通盘考

虑的重要问题。

最后，中国“十三五”规划已明确提出

“改革并完善适应现代金融市场发展的金

融监管框架”。当前中国社会各界也对改

革现行金融监管体制达成了总体共识。

在“一行三会”的监管格局和职能发生变

化后，又会对外资进入中国资产管理行业

的途径产生深远影响。

29

风向

Mainland China’s 30-odd years of rapid economic development and the

enormous wealth accumulated have led to the emergence of a high-net-worth class of Chinese citizens in need of asset management services. In the second half of 2012, the People’s Bank of China, the China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission – the so-called “One Bank, Three Commissions” – began to lift a range of restrictions on banks, trusts, securities firms, funds and insurance companies. As a result of this relaxation, these institutions were allowed to develop asset management services, expand their scope of investment and ways of asset operations, abolish investment caps on certain products and increase their exposure to the outside world. Furthermore, banks, trust companies, securities firms, funds and insurers were encouraged to become “wealth management institutions”.

30

On

the

BEA

M

Publicly available information shows that as of the end of 2015, there were totally 91 state-owned, stockholding and city commercial banks, 125 securities firms, 100 public equity management companies, 68 trust companies, 22 insurance asset management companies and over 20,000 private equity management companies (101 of them with over 10 billion yuan in assets under management). In terms of size, banks had 24 trillion yuan assets under management; public equity firms had 22 trillion yuan, trust companies 16 trillion yuan, insurers 15 trillion yuan, securities firms 14 trillion yuan and private equity firms 5 trillion yuan.

Faced with such a tremendous market opportunity, foreign companies are very keen to enter this market. However, the current policies governing the entry of foreign firms and their oversight vary significantly among the different asset management institutions. Therefore, entry into mainland China’s asset management market is an issue that calls for careful consideration and analysis.

Currently, the laws, rules and regulations which apply to the asset management industry in mainland China actually include no legal provisions specifically governing “asset management institutions” and “asset management businesses”. Furthermore, on 10 March 2015, the National Development and Reform Commission and Ministry of Commerce jointly issued the Guidance Catalogue of Industries for Foreign Investment (revised in 2015) (Guidance Catalogue), but no separate industrial policy was issued for foreign investment in the asset management industry.

Based on the Guidance Catalogue and relevant regulations of today’s “One Bank, Three Commissions” framework in mainland China, the general pathways through which foreign firms can enter mainland China’s asset management market are outlined below:

1 Banks These are restricted to investments from overseas financial institutions. As an initiator or strategic investor, the proportion of shares invested in a bank by a single outside financial institution and its related parties under its control or joint control must not exceed 20% of the bank’s shares. As an initiator or strategic investor, the total proportion of shares invested by multiple outside financial institutions and the related parties under their control or joint control must not exceed 25% of the bank’s shares.

2 Trusts These are restricted to investments from outside financial institutions. The number of trust companies bought in by a single investor and its related parties as a shareholder is limited to two, of which only one can be held with an absolute controlling shareholding.

3 Insurance companies These are restricted to investments from outside financial institutions. The proportion of foreign capital in life insurance companies cannot exceed 50%, but in property and casualty insurance companies it can hold a controlling share.

4 Insurance asset management companies These are restricted to investments from outside financial institutions. The proportion of investment or shareholding of single shareholders (including related parties) must not be greater than 20% of the registered capital of the insurance asset management company.

5 Securities firms These are restricted to investments from outside financial institutions. The proportion of shares held by foreign firms cannot exceed 49%. Moreover, one of the domestic joint-venture shareholders should be a domestic securities firm. In accordance with Supplementary Agreement 10 of the Mainland and Hong Kong Closer Economic Partnership Arrangement and Supplementary Agreement 10 of the Mainland and Macau Closer Economic Partnership Arrangement, mainland China allows Hong Kong (Macau) financial institutions qualified to open securities firms with foreign equity participation to set up one fully licensed, Hong Kong and Macau joint-venture securities firm each in Shanghai Municipality, Guangdong Province, and Shenzhen Municipality. The proportion of combined Hong Kong and Macau shareholding is 51% at the highest. Domestic shareholders need not be a securities firm.

31

风向

6 Public-equity securities investment fund management companies These are restricted to investments from outside financial institutions. The proportion of foreign capital cannot exceed 49%

7 Futures companies These are restricted to investments from outside financial institutions. The Chinese side in the joint venture should hold a controlling share.

8 Venture Capital (VC) In the Guidance Catalogue, VC is listed as Item 321, Startup Investment Enterprises, of Type 7, Leasing and Commercial Service Industries, under the Encouraged Industries Category. Therefore, the Chinese government encourages foreign firms to engage in startup investment business in mainland China.

9 Private equity investment companies The Guidance Catalogue does not list this under the Restricted Industries Category or Prohibited Industries Category. Therefore, there are no restrictive regulations against foreign firms to engage in equity investment in mainland China.

10 Private placement investment fund management companies These are listed under the Restricted Industries Category in the Guidance Catalogue. The entry requirements of public offering securities investment fund management companies apply.

11 Real estate and other special investment fund management companies Currently these can only be involved in private placement. Moreover, applications for registration should be filed with the Asset Management Association of China in compliance with the requirements of the Interim Methods for the Supervision and Administration of Private Placement Investment Funds.

The above are the 11 general pathways through which foreign firms can gain access to the asset management industry in mainland China. As each pathway makes different demands on a foreign firm, each foreign firm needs to consider their own situation when deciding on an entry pathway. Each pathway will lead to the establishment of a different type of asset management institution. The asset management institutions can differ significantly in the way they issue products, operate their assets, and in their types of products, scope of investment and how they meet their regulatory requirements. All foreign firms need to consider these issues systematically before entering the mainland market.

陆毅

瑛明律师事务所总监

陆毅律师擅长金融机构治理、资本市场业务

以及资产管理法律业务，拥有13年执业经

验，同时具有证券从业资格和CPA资格。执

业至今，曾为多家金融企业提供法律服务。

Louis Lu Executive Director EY Chen & Co. Law Firm

Louis Lu specializes in legal business related to financial institution governance, capital markets and asset management. A certified securities practitioner and a CPA, he has over 13 years of experience and has provided legal services for many financial institutions.

Author 作者介绍

Lastly, mainland China’s 13th Five-year Plan already explicitly states a goal of “reforming and perfecting the financial regulatory framework so it can be adapted to modern financial markets”. Chinese sectors and industries are also whole-heartedly engaged in reforming the current financial regulatory system and any changes in the “One Bank, Three Commissions” regulatory system will have a profound impact on the entry of foreign firms into the asset management industry of mainland China. EY

32

On

the

BEA

M

32

On

the

BEA

M

33

风向

业务新洞察，驱动数字化创新 打造数据分析能力，实现业务领先

Business insights drive digital innovation Building your data analytics capability to keep your business ahead of the game

33

风向

34

On

the

BEA

M

利用数据的发展阶段

识别和获取潜

在的数据机会

形成客户

洞察

内化并提升

相关性

实现业务

效益

1

2了解客户行为

产品消费 – 什么产品、何时、

通过何种方式、与什么产品一起?

满意度 – 他们在想什么，又向谁

表达了他们的想法?

4 更高的

销售转化率

更多

忠诚客户

提高客户

支出

更高的营销

回报率

3 提升相关性

产品和

服务

渠道 信息 内容 时机 服务/问题

解决

直接 间接

近几十年来，技术革命令我们

的工作和生活发生了巨变。

我们每天使用的设备和服务有很多

都已实现了数字化——从音乐、电

影到网络银行和网上购物。此外，

社交媒体网站让我们可以通过新的

方式与朋友、家人和商业伙伴进行

互动，这些互动都会以数据的形式

留下痕迹，而提供这些服务的企业

可以追踪这些数据。

企业一定要问这样一个问题：“我们的业务

战略是否依然适用于当今的数字化世界?”

要回答这个问题，他们应从不同角度审视

其业务战略。在此，安永的数字化转型预

评估工具能够帮助企业全面对标其数字化成

熟度。

通过分析获取切实可行的洞察

随着社交网络参与度的不断提高以及机器产

生数据的爆炸式增长，整个互联网世界的数

据量将猛增。清楚这些新的数据来源将如何

改变其业务、并能因此加快创新步伐的企业

将能充分把握数字化时代的巨大机遇，赢得

竞争。

企业可以利用通过社交媒体分析所获得的洞

察来完成多项工作，比如，了解客户的想

法、关键的影响因素、关于产品客户所遇到

的问题、客户偏好、产品提升建议以及企业

声誉面临的潜在风险等。

预测分析技术的作用也变得十分关键。它可

以帮助企业释放潜能，打造具有差异化优势

和个性化的客户体验，吸引最大的客户群

体，做出更好的决策。

35

风向

实施分析过程中的关键挑战

尽管有明显的裨益，在中国大陆，实施

分析也面临一些关键挑战。大多数公司

并不具备实现数据真正潜能的能力。大

多数公司不仅是在被动地收集多种数据

（作为其日常经营的一项副产品），且

并没有指定切实的行动计划来利用这个

尚未开发的资源宝藏:

• 数据管理与整合

• 文化氛围和人才储备不足

• 先进分析技术

数据管理投资不足

需解决的根本问题… …为了释放高级潜能

人才不足 高级分析能力不足

在创新过程中像初创企业那样 “快速试错”

新兴企业的“快速试错”文化及其创新

速度使他们相比传统企业（他们常常难

以以类似的速度实施创新）来说具备

可持续的竞争优势。现在，更多企业在

网站、移动应用或社交媒体上使用A/B测试等技术针对客户体验实施“快速

试错”实验性交付方式。这种变化帮助

企业缩短了产品入市时间并提升客户体

验。

我们认为，企业要想获得这类效益，首

先需要明确了解需要何种数据来支持其

业务模式、如何获取及处理这些数据。

他们需要了解利用数字化数据来源的四

个关键步骤，以及每一步所带来的挑战

和相关考虑。

这文章摘录自安永出版的报告——“发

掘新洞察，驱动数字化创新”。如欲获

取更多资讯，请与安永大中华数字化转

型中心联系。

36

On

the

BEA

M

Companies must ask the question: “Does our business strategy still work in a Digital world?” To answer this question, they should review their business strategy from different perspectives. On this, EY Digital Readiness Assessment tool can help companies obtain a holistic benchmarking of the digital maturity of their organizations.

Actionable insights from analytics

Data is exploding in volume across the Internet-connected world thanks to growing human engagement with social networks and the explosion of machine-generated data. The businesses that have a clear vision of how these new sources of data can transform their business and be able to speed up their pace of innovation correspondingly, will be able to pull ahead of their rivals in making the most of the huge opportunities in a digital world.

Businesses can leverage insights from social media analytics for many purposes such as identifying customer sentiments, key influencers, problems customers are having with products, customer preferences, suggestions for product improvements and potential risks to business reputation.

Predictive analytics has also become the key to helping businesses unlock potential and create differentiated, individualized customer experiences to engage the largest consumer segments and make better decisions.

Stages in utilizing data

Identify and capture potential data opportunities

Generate customer insight

1

2 Understand customer behavior

Product consumption – what, when, how, with what?

Satisfaction – what do they think, who do they tell?

Realize business benefit4 Higher sales

conversion rates

More loyal customers

Increased customer

spend

Better marketing

ROI

Internalize and improve relevance3 Increase relevance

Offers Channels Message Content Timing Service/ problem solving

Direct Indirect

Insufficient investment in data management

Foundational issues need to be addressed… …in order to unlock advanced potential

Insufficient talent Insufficient advanced analytics capabilities

Key challenges in implementing analytics

Despite clear benefits, there are also some key challenges in the implementation of analytics in mainland China. The majority of those firms do not have the capability to realize the compiled data’s true potential. Not only do most companies collect a multitude of data passively (as a by-product of

their day-to-day operations), they do not have tangible plans of action to use that unexplored goldmine. We summarize three key challenges faced by companies in mainland China after extensive interviews and observations:

• Data management & integration

• Lack of culture and insufficient talent

• Advanced analytics

The last few decades have seen a technological revolution that has dramatically changed the way we live and work. Many of the devices and services that we live with daily have become digital — from music and films to Internet-based banking and shopping. In addition, social media

sites enable us to interact with friends, family, and businesses in new ways, all of which leave a data trail which is visible to companies that provide these services.

37

风向

吴显光

大中华区咨询服务合伙人

安永咨询服务有限公司

吴显光是一位资深的企业咨询专业人士，全

球经验极其丰富。他在战略、销售效益、数

字化、人员和组织以及复杂的项目管理方面

拥有逾17年经验。他曾为大中华区、日本、

东南亚、欧洲和中东的科技、通信、媒体与

娱乐公司以及跨国企业提供咨询服务。

Benson Ng Partner, Advisory Services, Greater China Ernst & Young Advisory Services Limited

Benson Ng is a seasoned business consulting professional with more 17 years of global experience in strategy, sales effectiveness, digital, people and organization and complex program management. He has advised technology, communications, media and entertainment and multinational companies and in Greater China, Japan, South East Asia, Europe and Middle East.

周锦成

大中华数字化转型中心高级经理

安永咨询服务有限公司

周锦成是安永大中华数字化转型中心高级经

理，具备超过19年的电信、媒体和娱乐业服

务经验，主要提供数字化客户体验设计、大

数据及分析、社交媒体分析，以及大型系统

落实工作。

Josh Chau Senior Manager, Greater China Digital Hub Ernst & Young Advisory Services Limited

Josh Chau is a Senior Manager at EY’s Greater China Digital Hub. He has over 19 years of experience in telecommunication, media & entertainment industry focusing on digital customer experience design, Big Data and analytics, social media analytics and large scale system implementation.

张红瑞

大中华区数字化转型中心高级顾问

安永（中国）企业咨询有限公司

张红瑞是大中华区数字化转型中心的高级顾

问，从事绩效提升咨询。她专注于数字分

析，数字化转型和客户体验咨询服务；主要

服务于能源、生命科学及消费品市场内的跨

国企业。

Angel Zhang Senior Consultant Greater China Digital Hub Ernst & Young (China) Advisory Limited

Angel Zhang is a Senior Consultant with EY’s Greater China Digital Hub based in Shanghai. She specializes in providing data analytics, digital transformation and customer experience advisory services. Her clients are mainly conglomerates and multinational corporations in Energy, Life Sciences and Consumer Goods industries.

李家骅

安永专业知识管理部高級經理（电信业）

安永会计师事务所

李家骅是安永知识管理部高级分析员，专门负责

电信业的分析。他具备十多年研究分析中国大陆

和亚太区科技与媒体业的经验。他曾协助出版多

份有关信息、媒体及科技业的安永前沿意见及多

份外部刊物。

Kevin Lee Associate Director, EY Knowledge Ernst & Young Group Limited

Kevin Lee is a Senior Analyst dedicated for the telecommunications sector with the EY Knowledge organization. He has over 10 years’ experience in research and analysis for the technology and communications industry in China and the Asia-Pacific region. Kevin has contributed to various EY thought leadership publications as well as in various external publications related to the information, communication and technology (ICT) industry.

温嘉柔

大中华区数字化转型中心高级顾问

安永咨询服务有限公司

温嘉柔是大中华数码化转型中心的高级顾

问，从事绩效改进咨询。她专注于数字分

析，数字转型和客户体验咨询服务，服务

行业包括汽车业，娱乐及酒店业。

Terri Wan Senior Consultant Greater China Digital Hub Ernst & Young Advisory Services Limited

Terri Wan is a Senior Consultant at EY’s Greater China Digital Hub, specializing in performance improvement advisory. She specializes in providing digital analytics, digital transformation and customer experience advisory services. Her clients include regional leaders and multinational corporations in Automobile, Entertainment & Hospitality industries.

Authors 作者介绍“Fail fast” as a start up on innovations

The “fail fast” culture of startups and their speed of innovation give them sustainable competitive advantages against the traditional businesses that struggle to adopt a similar pace of innovation. More organizations are now adopting the “fail fast” experimental delivery approach for customer experience using techniques like A/B testing on their websites, mobile applications or social media. This change has helped organizations to reduce the time-to-market of enhancement on customer experience. EY believes businesses that want to reap these benefits need to have a clear understanding of what data is needed to support their business model, how they can capture it and what they should do with it. They need to be aware of the four key steps required to utilize digital data sources, and of the challenges and considerations that each step entails.This article is an abstract of the EY publication “Insights-driven digital innovation”. For more information about the whitepaper, please contact our EY Greater China Digital Hub. EY

38

On

the

BEA

M

新租赁准则： 即将迈向资产负债表

The new lease standard: Making its way onto the balance sheet

作为与美国财务会计准则委员会（FASB）联合项目的一部分，国际会计准则理事会

（IASB）于2016年1月13日发布新租赁准则《国

际财务报告准则第16号——租赁》（IFRS 16）。

该新租赁准则要求承租人针对大多数租赁确认资产

和负债。IFRS 16是继2014年5月28日发布的新收

入准则《国际财务报告准则第15号——客户合同收

入》（IFRS 15）之后，IASB和FASB联合发布的第

二个会计准则。2016年2月25日，FASB于发布了新

租赁准则，该准则与IFRS 16存在几项重大差异。但

是，IASB和FASB强调各自发布的新租赁准则都将实

现承租人在资产负债表内确认租赁相关的资产和负

债，及增强财务报告透明度为主要目标。

新租赁准则将于2019年1月1日或之后开始的年度期间生效。在

IFRS 15已经采用或与IFRS 16同时采用的前提下，新租赁准则允

许提前采用。

租赁安排在许多企业的业务运营中起到至关重要的作用。当前，

大多数租赁交易（如经营租赁）并不在资产负债表内确认和计

量，因此相关披露和列示不能满足财务报表使用者的需求并且缺

乏租赁实体和非租赁实体财务报告的可比性。

新租赁准则不仅要求企业将现行经营租赁承诺的附注披露内容在

资产负债表中反映为租赁资产和负债，它的实施将给企业带来远

超出财务影响的重大挑战。

39

风向

40

On

the

BEA

M

对承租人的影响

务）。根据当前租赁准则，由于各

组成部分的会计处理（例如经营租

赁和服务合同的会计处理）大致相

同，大多数企业不会严格区分不同

的组成部分。因此在新租赁准则

下，承租人必须建立一套健全的流

程对不同组成部分进行识别与会计

处理，以减小新准则对资产负债表

产生的影响。

• 信息系统、流程及控制

当前与租赁相关的信息系统的主要

功能并非协助租赁管理。因此，企

业需要评估是否更新现有系统或采

用新系统来满足新的财务报表列报

和披露要求。当前与租赁相关的信

息系统通常不具备租赁会计相关的

计算能力，承租人只能使用电子表

格补充现行租赁的会计处理和报告

要求。选择或更新租赁信息系统可

能需要财务部门、租赁管理部门和

IT职能部门提供相关的信息，具体根

据公司的企业资源计划（ERP）的环

境决定。在实施信息系统时，企业

应在选择一家供应商之前，定义系

统的需求和利益相关方的期望。

• 会计政策及会计手册

在新租赁准则下，企业需要运用大

量的专业判断与估计。与现行准则

相比，修改后的租赁定义可能导致

一些租赁安排采用不同的会计处理

方法。其他运用判断的关键决策包

括租赁付款额和租赁期，包括对租

赁期的持续评估和对租赁变更的会

计处理。由于大多数租赁中的租赁

资产和负债将纳入资产负债表内，

针对其作的判断和估计将可能会受

到更严格的审查。企业需要及时更

新其会计政策及会计手册并在企业

内提供新准则的培训和指导，以确

保判断和估计运用准确、一致的政

策和流程。

• 租赁获取及谈判

根据新准则的要求，承租人在租赁

期间，将租赁付款额的现值在资产

负债表内确认为一项租赁负债。因

此，承租人在协商租赁期间和支付

时重新评估其需求。承租人可能重

新评估购买一项资产是否比租赁一

项资产更为有利。至少，企业在订

立新租赁时应该关注新准则对财务

报表的潜在影响。例如，一家企业

可能需要在短期租赁一项资产（因

而产生较少租赁负债）与长期持有

该资产之间进行权衡。另外，出租

人可能也犹豫是否要承担与可变付

款额和缩短的首次租赁期相关的额

外风险。虽然公司不应该根据会计

结果做出经济决策，但企业应了解

其商业决策的会计结果。

• 财务报表及财务指标

对于大多数承租人，新准则将要求

资产和负债以总额在资产负债表内

列示。这可能导致负债率和资产回

报率与现行的会计处理相比变差。

某些监管比率也可能会受到影响。

企业应该评估新准则对财务报表和

财务指标的潜在影响并评估新准则

如何影响利益相关方对企业的财务

状况和财务业绩的看法。企业可能

需要就新准则对财务报表产生的影

安永财务会计咨询服务对超过200位来

自中国大陆和香港不同行业的财务管理

人员进行了一项调查，受访者表示十分

关注新租赁准则实施过程中将带来的以

下影响：

• 数据收集及管理

为了符合新租赁准则的要求，企业

需要评估其现行租赁合同数据管理

状况（即系统、政策、流程及控

制），包括编制财务报告所需的数

据。如果现行系统无法计算、判断

及披露新租赁准则要求的信息，企

业可能通过大量的手工工作收集欠

缺的租赁信息，确定租赁组合的完

整性，以及租赁数据的准确性和完

整性。

新租赁准则将促使企业对变更租赁

数据管理的需求，例如企业租赁

合同中同时包含租赁和非租赁部

分，企业可能更新租赁数据管理以

实现对租赁和非租赁部分的会计处

理。对于包含多个组成部分的租赁

合同，企业需要识别和区别租赁部

分和非租赁部分（如运营、维修服

新租赁准则的 商业影响

数据收集及管理

信息系统、流程及控制

会计政策及会计手册

租赁获取及谈判

财务报表

税务考虑

41

风向

响与内部及外部利益关联方进行沟

通。此外，企业应识别薪酬（如员

工奖金）和债务安排是否因新准则

而应该做出改变。例如，企业可能

需要评估其现有的债务安排，如有

必要需与债权人协商是否允许更多

债务约束空间或在约束计算中继续

使用现行租赁的会计处理方法。

• 税务考虑

采用新准则将导致额外的税务考

虑，包括了解租赁的会计变更将对

以现行的税务状况，递延税项的初

步调整和记录账面/税基差异。企业

确定是否需要变更与识别和记录纳

税调整相关的税务流程和控制。新

准则对税务的影响将取决于具体税

收管辖区的规定，以及税务流程和

控制是否和如何被修改来反映新准

则的要求。

对出租人的影响

虽然从出租人的角度，新租赁准则的会

计处理与现行相比没有重大改变，但是

新租赁准则对出租人提出新的披露要

求。

出租人应了解新准则如何影响承租人-

顾客的行为。这将有助于出租人与顾客

协商出按照顾客需求的租赁安排。例

如，某些承租人要求缩短的租赁期或增

加可变付款额的比例，以将新准则对财

务报表的影响降到最低。

在准备实施新会计准则的过程中，首先

需要了解新租赁准则的变化内容。企业

应审阅新准则并了解变化所带来的影

响，包括对企业影响最大的领域。企业

应持续更新对该准则解读。

准备新租赁准则的变化对企业产生了一

定程度的挑战。企业应了解新准则将对

其带来的影响。所有涉及重大租赁活动

的企业应审阅新准则并即刻考虑新准则

的影响，从而减少实施新准则的成本，

避免不必要的事项和损失。

尽早评估新准则所带来的影响也可以获取

以下效益：

• 识别重新协商租赁合同和其他合同的

机会，将新准则的影响降到最小

• 识别潜在的债务约束问题并与金融机

构尽早协商

• 修改薪酬和奖金计划以最大限度减少

重大现金支付和员工的不满

企业应当前根据新准则评估以下因素：

• 获取对新准则的了解

• 评估新准则对公司的影响

• 评估新准则对战略商业决策的影响

• 与同行和行业内其他公司进行对比

• 评估与新准则相关的税务状况

• 对采用新准则作出计划

• 更新会计手册及会计政策

• 与利益关联方（比如分析师、监管机

构和股东）沟通采用新准则的影响

IFRS 16实施路线图

当前状况

未来状况

了解新租赁准则

了解现行租赁活动的状况 （如租赁的获取、管理、会计处理和财务报告）

设计应对会计变更的方案（如新会计政策、流程、控制和系统）

新租赁准则过渡

识别新租赁准则所产生的变化（如数据差距、流程、控制、系统和税务）

实施新会计政策、流程、控制和系统以获取新租赁数据要求并了解新准则对财务报表的影响

42

On

the

BEA

M

On 13 January 2016, the International Accounting Standards Board (IASB) issued IFRS 16 Leases as part of a joint project with

the Federal Accounting Standards Board (FASB), which requires lessees to recognize assets and liabilities for most leases. IFRS 16 is the second jointly issued accounting standard following the revenue standard (IFRS 15 Revenue from Contracts with Customers) that was issued on 28 May 2014. On 25 February 2016, FASB has also issued the lease accounting standard, with some significant points of divergence between IFRS and US GAAP. However, both Boards noted that their respective standards will fulfill the key objectives of lessee recognition of lease-related assets and liabilities on the balance sheet and enhanced transparency.

The new standard will be effective for annual periods beginning on or after 1 January 2019. Early adoption will be permitted, provided the new revenue standard, IFRS 15, has been applied or is applied at the same date as IFRS 16.

For many companies, leases play a critical role in their business operations. However, because most lease transactions (e.g., operating leases) are off-balance sheet today, disclosures in relation to the current ‘off-balance sheet’ leases are not considered to meet the needs of users and therefore, lack of comparability between leasing and non-leasing entities.

The new standard will require a company to do more than simply converting its existing operating lease commitments footnote disclosure to reflect lease assets and liabilities. The implementation of IFRS 16 will bring significant challenges to the company, which is far more than just a finance implication.

The impact for lessees

Business impact of IFRS 16

Data collection and management

IT system, processes and

controls

Accounting policies & manual

Lease negotiation and acquisition

Financial statements

Tax considerations

43

风向

According to a survey conducted by EY Financial Accounting Advisory Services from over 200 finance executives from different industries in mainland China and Hong Kong, major concerns from respondents on the implementation of the new lease standard for lessees are as follows:

• Data collection and ongoing data management In order to apply the requirements from the new standards, the company will have to assess the state of its current lease contract data management (i.e., its systems, policies, processes and controls), including the data required for financial reporting purposes. If the existing systems may not have all of the information required to make the calculations, judgements and information necessary for disclosures to comply with the new standard, significant effort could be required to manually gather missing lease information and to determine the completeness of the lease portfolio, as well as the accuracy and completeness of the lease data.

One example of how the new standard will drive the need for changes in a company’s lease data management is the treatment of lease and non-lease components within a contract. For contracts with multiple components, a company is required to identify and separate non-lease components (e.g., operations, maintenance services) from the lease component. Today, many companies may not focus on identifying the distinct components because their accounting treatment (i.e., the accounting for an operating leasing lease and a service contract) is often the same. Therefore, lessees may need to put robust processes in place to identify and account for the separate components if they wish to minimise the impact of the new standard on their balance sheets.

• IT systems, processes and controls To satisfy the new financial statements presentation and disclosure requirements, companies will need to evaluate whether to update their existing systems or

to implement a new system as the lease-related IT systems today are not designed primarily assist with lease administration. Today, spreadsheets are commonly used by lessees to supplement the requirements for current lease accounting and reporting as there are lack of capabilities to perform the calculations required for accounting in the lease-related IT systems. Selecting or updating a lease IT system will probably require input, not only from accounting, but also from the lease administration and IT functions, depending on the company’s enterprise resource planning (ERP) environment. When implementing any IT system, it is important to define system requirements and the expectations of relevant stakeholders prior to selecting a vendor.

• Accounting policies and manuals The new standard requires the application of judgement and estimates. The revised definition of a lease could result in some arrangements receiving different accounting treatment compared to current standards. Other key decisions requiring judgement include lease payments and lease term, including the ongoing evaluations of lease term and the accounting for lease modifications. Many of the judgements and estimates may receive increased scrutiny because lease assets and liabilities will be reported on the balance sheet for most leases. Companies will need to update their policies and manuals, as well as provide education and guidance on the new standard across the organisation, in order to ensure accurate and consistent policies and processes around areas of judgement and estimates.

44

On

the

BEA

M

• Lease procurement and negotiation Under the new standard, lessees will recognise the present value of lease payments over the lease term as a lease liability on the balance sheet. Therefore, lessees may reassess their needs when negotiating their lease terms and payments. Some lessees may reassess whether buying an asset would be more advantageous than leasing it. At a minimum, companies entering into new leases today should be aware of the potential impact of the new standard on their financial statements. For example, a company may consider balancing a lower lease liability from a shorter lease term for a property against the security of long-term access to the premises. Further, lessors may be hesitant to take on the additional risk associated with variable payments and shorter initial lease terms. While companies should not make economic decisions based on accounting results, they should be aware of the accounting consequences associated with their business decisions.

• Financial statements and metrics For most lessees, the new standard will result in a gross-up of assets and liabilities in the balance sheet. This could cause a deterioration of debt ratios and return on assets as compared with current accounting. Certain regulatory ratios also may be impacted. A company should assess the potential impact on its financial statements and metrics and evaluate how this may affect the way stakeholders view its financial position and performance. Companies will likely need to educate internal

and external stakeholders on the financial statement implications of the new standard. In addition, companies should identify whether compensation (e.g., employee bonuses) and debt arrangements should change in light of the new standard. For example, companies may need to evaluate their existing debt arrangements and, if necessary, negotiate with their creditors either to allow for more headroom in covenants or to allow for the continued use of current lease accounting in the covenant calculations.

• Tax considerations Adoption of the new standard will result in additional tax related considerations. These include understanding the impact of the lease accounting changes on existing tax positions, initial adjustments to deferred taxes and tracking book/tax differences. Companies will need to determine necessary changes to tax-related processes and controls required to identify and track tax adjustments. The impact on taxes will, of course, depend upon the requirements of the specific tax jurisdiction and whether and how they are changed to reflect the requirements of the new standard.

The impact for lessors

Although the accounting for lessors is substantially unchanged from current accounting, lessors will have new disclosure requirements.

However, lessors should understand how the new standard could affect their lessee-customers’ behaviour. This would help lessors negotiate lease

arrangements that meet the needs of their customers. For example, certain lessees may desire shorter lease terms or a larger portion of variable payments in an effort to minimise their financial statement impact.

An initial step in preparing for an implementation of any new accounting standard is developing an understanding of what’s changing. Companies should review the new standard and understand the implications of the changes, including the areas within the company that will experience the greatest impact. It is also important to stay updated for potential changes in the interpretation of the new standard that may emerge.

Preparing for an accounting change of this magnitude presents a considerable challenge. Understanding how the new standard will affect your company is critical. All companies with significant leasing activities should review the new standard and begin thinking about the implications now, as we believe that starting early is the best way to reduce the overall cost of implementation and to avoid unwanted surprises and costly mistakes.

Assessing the impact of the new standard early can also bring the following benefits to companies:

• Identify opportunities to renegotiate leases and other contracts to minimize the impact

• Identify potential debt covenants issues which enables early negotiation with financiers

• Modify remuneration and bonus plan to minimize significant cash payments or employee disruption or dissatisfaction

45

风向

Companies should assess the following considerations with respect to the new standard now:

• Gain a general understanding of the new standard

• Perform an assessment of the impact of the new standard on your company

• Assess impact of the new standard on strategic business decisions

• Benchmark your company against peers and others in the industry

• Assess tax positions relating to the new standard

• Plan for ultimate adoption of the new standard

• Update accounting manuals and policies

• Communicate effect of adoption to stakeholders: analysts, regulators and shareholders

IFRS 16 implementation roadmap

Current state

Future state

Understand the new leases standard

Understand current state of leasing activities (e.g., lease procurement, administration, and accounting and reporting)

Implement new accounting policies, processes, controls and systems to capture new lease data requirements and understand financial statement impact

Transition of the new leases standard

Identify changes resulting from the new leases standard (e.g., data gaps, processes, controls, systems and tax)

Design solution for accounting change (e.g., new accounting policies, processes, controls and systems)

刘国华

大中华区财务会计咨询服务主管合伙人

安永华明会计师事务所（特殊普通合伙）

刘国华拥有超过20年服务中国大陆和香港

地区客户经验，并涉及众多行业。他带领团

队协助大中华区本土及海外企业实现优化财

务会计管理，满足监管、公司治理、融资等

需求。

Lawrence Lau Partner Greater China Leader, Financial Accounting Advisory Services Ernst & Young Hua Ming LLP

Lawrence Lau has over 20 years of experience in serving clients across various industries in mainland China and the Hong Kong SAR. He is leading a team to assist domestic enterprises and MNCs in Greater China to achieve best-in-class accounting and reporting, and meet regulatory, governance and financing-related needs.

黄丽婷

大中华区财务会计咨询服务高级经理

安永华明会计师事务所（特殊普通合伙）

黄丽婷拥有超过10 年在新加坡和上海的咨

询和审计经验。她曾为客户在提供财务和其

他方面的咨询服务，并帮助客户了解中国会

计准则﹑国际会计准则和美国会计准则的相

异之处。

Wong Lai Ting Senior Manager Financial Accounting Advisory Services Ernst & Young Hua Ming LLP

Wong Lai Ting has over 10 years of audit and advisory experience across mainland China and Singapore. She is familiar with IFRS, US GAAP and China GAAP and provides consulting services to assist clients in GAAP conversion projects and GAAP analysis between China GAAP, IFRS and US GAAP.

Authors 作者介绍

EY

46

On

the

BEA

M

数字化转型系列：通过社交媒体构建 以客户净推荐值驱动的客户获取 与保有能力

Digitalized transformation series: Develop Net Promoter Score-driven capability to gain and keep customers through social media

47

风向

NPS是企业健康运营的风向标

客户净推荐值，即NPS（Net Promoter Score）是衡量客户将

一个企业/产品/服务推荐给亲朋好友的可能性的指标，它反映

了客户的口碑和忠诚度。

图2 | NPS内涵及计算方式

社交媒体如微博、微信等的繁荣放大了消费

者口碑的力量：过去一个不满意客户会向

十一个人讲述经历，而经过社交媒体放大，一个

不良口碑对企业/品牌的影响已经远超想象。因

此，“口碑管理”以前所未有的热度引起各行各业

管理者的关注，客户净推荐值（NPS ）正是这样一

个社交媒体时代口碑和客户忠诚度管理工具。

图1 | 社交媒体时代不良口碑影响力超乎想象

过去： 一个不满客户会向11个人诉说经历

社交媒体时代： 一个不良口碑的影响范围难以估量

“您有多大可能性将XX公司/XX产品/XX服务推荐给你的亲朋好友?”

0 1 2 3 4 5 6 7 8 9 10

完全不可能

净推荐值 = 推荐者% - 贬损者%

非常有可能

贬损者 被动者 推荐者

NPS与企业运营、财务数据高度相关

大量企业实践证明，NPS与企业财务及运营指标高度相

关：NPS领先的企业，在同行业竞争中能获得更好的市场份额

及更高的收入增幅；NPS低，则存在客户投诉率高、留存率低

等问题。某运营商区域市场NPS与收入增长率关联分析发现，

高NPS区域市场收入增长率比低NPS区域市场高8个百分点。

NPS帮助企业识别不良利润

运营商数字化产品（比如在线音乐、视频等）大发展时期，收

入增长的同时，NPS却出现了大幅下降，甚至贬损者超过推荐

者，导致NPS出现负值。随之发现客户针对数字化产品恶意定

制、不透明扣费等进行投诉，甚至有客户因此转网换号，这样

以恶化顾客关系为代价赚取的利润就是不良利润。NPS能够通

过评估客户口碑来灵敏的反映出不良利润的出现，并识别产

生不良利润的原因，从而制定改善举措，确保健康运营和持

续发展。

点面结合，闭环反馈方能发挥NPS价值

NPS调查能明确竞争地位，识别企业运营问题，但基于调查建

立闭环反馈和改进体系才能发挥NPS驱动市场发展的作用。

图3 | 两类NPS目的及调查方式

战略级NPS 触点级NPS

目的 • 理解竞争地位，制定目标

• 推动战略和资源分配

• 发现问题• 推动产品、流程• 服务改进

调查对象 行业客户 现有客户

调查周期 定期（季度/半年/年） 触发式（交互触点实时推送）

调查内容 企业级NPS及关键要素 接触点体验

内部数据关联 • 通过人口/行为问题的 回答及大数据分析与

• 内部关联

通过客户身份与实际客户交易记录关联

战略级NPS的目的是明确一个企业/产品在行业中的竞争地

位，从而帮助企业制定未来的发展目标，并根据NPS来调整资

源的分配，实现最优战略选择。触点级NPS是了解企业运营过

程中的问题，结合客户行为挖掘根本原因，制定产品、流程及

服务方面的改进举措，提升运营质量。两类NPS目的不同，调

研操作方式及调研对象也不同，企业需综合运用两类NPS实现

竞争地位的监控和运营质量的提升。

48

On

the

BEA

M

口碑为先，构建NPS驱动的客户获取和保有能力

构建NPS驱动的客户获取和保有能力需要以调研监测为基础，以分析结果为依据，以反馈行动为核心，以持续监控为推动力，使

NPS完全融入企业的日常运营管理流程中。

图4 | NPS驱动的客户获取和保有能力构建

调研评估，收集客户声音

结合客户体验旅程，梳理关键的客户交互场景，以通信行业为

例，可以从产品（如网络、数字化产品、终端等）、服务（如

入网、换卡、查询等）、渠道（如营业厅、服务热线、官网、

服务App等）维度入手，梳理影响客户口碑的主要场景，根据

每个场景中的客户行为设计相应的监测问卷及触发方案，构建

实时触发监测和数据收集能力。

数据分析，发现运营问题

利用反馈数据，首先要将客户明确划分为推荐者（9-10分）

和贬损者（6分以下）两个群体，以方便在后期的反馈行动环

节区别对待。其次，实时统计各场景NPS，并结合客户行为交

叉分析，以及非结构化客户意见文本挖掘识别短板，提炼共

性原因。

报告形成，传递外部压力

确定各场景NPS的健康值范围及预警标准，结合标准对NPS值形成初步评价；梳理各场景NPS对应的责任部门，NPS统计分

析结果实时传递给相应部门和人员，并结合标准进行预警提

示。

反馈行动，迅速解决问题

闭环反馈是NPS发挥价值的根本保证。外部反馈要区分贬损者

和推荐者做出不同应对。对贬损者，要即时回访，了解贬损原

因，以个案为单位解决客户问题，实现维系目的；对推荐者，

要结合推荐者管理计划，有步骤的将推荐口碑转化为推荐行

动，提升客户获取和增值的能力。内部反馈一方面即时向一线

人员传递服务问题提升服务技能，同时传达客户正向鼓励，提

升团队士气；另外针对运营短板和共性问题，要组织跨部门资

源制定解决方案，推动运营质量的全面提升。

持续监控，确保纠错程序得以实践

持续监控反馈行动的执行情况，对超时未对客户做出响应的场

景进行报警提醒，督促面向客户尤其是贬损者的回访维护行动

的落实。跟踪分析反馈行动环节的优秀实践，总结提炼形成推

荐者管理和贬损者维系策略武器库，以指导后期响应行动更有

效率的开展。

结语

NPS是最契合社交媒体时代的客户口碑和忠诚度管理工具，结

合客户体验旅程梳理、内部KPI监控，并建立良好的闭环反馈

流程，必能助力各行业企业构建可持续发展的客户获取及保

有能力。

调研评估按照一定方案收集客户反馈和评价

数据分析结合多种数据来源进行分析与挖掘

报告传递根据不同受众形成不同报告和展示

反馈/行动应用评估分析结论， 面向内外部采取行动

持续监控确保各类举措的执行并持续监控评估

• 调研方案• 调研管理• 数据管理

• 交互场景梳理• 监测方案• 实时监测能力

• 数据统计• 非结构化数据分析• 多渠道数据交叉分析

• 数据统计• 非结构化数据分析• 多渠道数据交叉分析

• NPS与其他数据联合报告

• 根据不同受众出具报告

• 报告展示能力

• 数据实时传递

• 解决方案• 改进举措优先级排序

• 改进举措实施

• 推荐者管理• 贬损者维系• 个性问题即时解决

• 举措持续监控• 业务持续监控

• 过期预警• 优秀实践固化

战略级NPS

触点级NPS

客户反馈的持续监测

49

风向

The increased communication in the last few years through social media such as Weibo and WeChat has magnified the power

of consumer word-of-mouth. In the past, a dissatisfied customer would tell a few people his or her bad experience; now, magnified by social media, the impact of one negative comment on a company or brand can be unimaginable. Therefore, “word-of-mouth management” has drawn the attention of all sectors and industries. In order to help companies understand their customers’ word-of-mouth and their loyalty in this age of social media, a new tool, net promoter score (NPS) has been developed.

Fig 1 | The power of negative word-of-mouth in an age of social media is beyond imagination

In the past, a dissatisfied customer would tell 11 people his/her experience

In the social media age, the power of one negative comment is hard to quantify

50

On

the

BEA

M

NPS is the wind vane of a company’s healthy operations

NPS is an indicator measuring the possibility of a customer recommending a company, product or service to his or her friends and relatives. It reflects the word-of-mouth among customers and their loyalty.

Only when you map points with areas and make use of closed-loop feedback can the value of an NPS be fully realized

NPS investigations can clarify a company’s position in the business landscape and identify its operating problems; however, for NPS to drive market development, the company needs to establish a closed-loop feedback process and improve its business processes based on its investigations.

Fig 3 | Two types of NPS: objectives and ways of investigation

Strategic NPS Trigger-level NPS

Objectives • Gain an understanding of the position in the competitiveness landscape. Formulate objectives.

• Promote strategies and resource allocations

• Identify problems• Promote products

and processes • Improve services

Targets of investigation

Industry customers Existing customers

Investigation cycles

Regularly (quarterly / every six months / annually)

Trigger mode (real-time delivery of interactional triggers)

What to investigate

Enterprise-level NPS and key elements

Contact point experience

Internal data links

• Through populations/replies to behavioral questions

• Big data analysis, and internal connections

Through customer identities and actual customer transaction records

The objective of strategic-level NPS is to clarify the position of the company or product in the industry’s business landscape; thus helping the company to formulate future development goals, and to allocate resources based on the NPS so as to improve goods and service delivery. Trigger-level NPS is aimed at understanding problems in the company’s operations, uncovering the root causes, and designing ways to improve products, processes, and services so as to raise operating quality. These two types of NPS differ in their objectives, targets of investigation, and investigative and research methods. A company needs to combine these two types of NPS in order to monitor its position in the business landscape and improve operating quality.

NPS is highly correlated to a company’s operations and its financial data

A number of case studies show that NPS is highly correlated to a company’s financial and operating indices: Companies with a high NPS gain better market share and higher revenue growth than their peers and those with low NPS have problems such as high customer complaint rates and low customer retention. During the analysis of the correlation between its regional market NPS and the revenue growth of a business operation, a company found that the revenue growth of a high NPS regional market is eight percentage points higher than that of a low NPS regional market.

NPS helps companies identify bad profits

A business operator may digitalize its products (for example online music or videos) actively and see its revenue grow, at the same time its NPS drops significantly — sometimes its promoters are even outnumbered by detractors, leading to negative NPS value. Then customers start to complain about the hostile formatting of digitalized products and opaque fees — and some will leave for other sites and switch their accounts. Profits earned in such a way, in which customers are antagonized, are bad profits. By making an assessment of customer word-of-mouth and estimating the company’s NPS, it is possible to quickly indicate the presence of bad profits, identify their causes, and help companies formulate corrective measures that ensure healthy operations and sustainable development.

Fig 2 | Functions and calculation of NPS

“How likely are you to recommend XX company, XX product or XX service to your friends and relatives?”

0 1 2 3 4 5 6 7 8 9 10

Not likely at all

Net promoter score = promoters % - detractors %

Very likely

Detractors Passive customers Promoters

51

风向

Using word-of-mouth as a basis, build a NPS-driven capability to gain and keep customers

To build a NPS-driven capability to gain and keep customers, a company needs to understand and use the investigation and research results, take action regarding its feedback, and drive the required changes with sustained monitoring, so that NPS can be fully integrated into the company’s daily operations and management processes.

Fig 4 | Developing a NPS-driven capability to gain and keep customers

Investigation and research assessment Collect customer feedback and evaluations based on a plan

Data analysisAnalyze and uncover patterns using multiple data sources

Communication of reportsPrepare reporting and presentations for different audiences

Feedback/actionsAnalyze conclusions by applying assessments; and take internal and external actions

Sustained monitoringEnsure execution of various initiatives and sustain monitoring and assessment

• Investigation and research plan

• Investigation and research management

• Data management

• Sorting out interactional scenarios

• Monitoring plan• Real-time

monitoring power

• Data statistics• Non-structured data

analysis• Cross-analysis of

multi-channel data

• Data statistics• Non-structured data

analysis• Cross analysis of multi-

channel data

• Reports combining NPS and other data

• Reports targeting different audiences

• Reports presenting capability

• Real-time data transmissions

• Solutions• Prioritizing

improvement measures• Execution of

improvement measures

• Sponsor management• Maintain relationships

with detractors• Resolve personality

problems immediately

• Sustained monitoring of measures

• Sustained monitoring of businesses

• Forewarnings of outdatedness

• Consolidate good practices

Stra

tegi

c N

PSTr

igge

r-le

vel N

PS

Sustained monitoring of customers feedback

52

On

the

BEA

M

Investigations, research, and evaluations to collect customers’ voices

It is necessary to sort out key customers’ interaction scenarios based on their experiences. Take the communications industry as an example. A company can approach it from a product angle (networks, digitalized products, or terminals); a service angle (access, card changes, or enquiries); or a channel angle (sales venues, service hotlines, official webs or service apps) and understand the main scenarios that influence a customer’s word-of-mouth. Then it can design a monitoring questionnaire and trigger blueprints based on the customer behavior in each scenario, and in this way develop a real-time trigger monitoring and data collection capability.

Analyze the data to identify operating problems

First, make use of feedback data and divide customers clearly into two groups: promoters (9-10 marks) and detractors (under 6 marks), to make it easy to treat them differently in feedback action at a later stage. Second, enter the real-time NPS statistics in various scenarios and cross-reference them with customers’ behaviors, and uncover the weakest link in customers’ non-structured opinions. Then combine them to draw out any regularities.

Report the findings to the appropriate personnel

Once healthy NPS values for various scenarios and the scope of forewarnings are determined, arrive at a preliminary evaluation on the formation of NPS value in reference to different standards. Find out which corresponding departments are responsible for different NPS scenarios, and pass to them the NPS results they should be aware of, and provide them with real-time early warnings.

Take action to resolve problems

Closed-loop feedback is important to ensuring the NPS value is incorporated. External feedback must distinguish between detractors and promoters and respond to each differently. For detractors, make immediate response visits to understand their reasons, and resolve their problems on a case-by-case basis. This is aimed at maintaining relationships. For promoters, on the basis of promoter management plans, take steps to turn good word-of-mouth into promoting actions. This is to increase the capability to gain customers and add value. For internal feedback, on the one hand, frontline staff must be notified of the service problem and helped with ways to improve; they will also be notified of positive

customer responses and be encouraged. On the other hand, cross-departmental resources must be deployed to formulate solutions for the weakest points in the operations so as to enhance operating quality.

Ensure corrective processes are in place and regularly monitored

There should be sustained monitoring of the execution of feedback action. Time limits, alarms and reminders should be set to ensure customers are responded to in time. Staff should be supervised to orient toward customers, in particular relationship maintenance by following up on return visits to detracting customers. Good feedback practices should be tracked and analyzed, and summed up and condensed into an arsenal of promoter management and detractor relationship maintenance strategies. This is to provide guidance for the more efficient implementation of future action.

53

风向

Concluding note

In the social media age, NPS is an indication of customer word-of-mouth and a tool that enables management to understand customer loyalty. The integration of customer experience with internal KPI controls and the establishment of a good closed-loop feedback flow will help a company build a sustainable capability to gain and keep customers.

张伟雄

大中华区科技、媒体和电信业咨询服务主管合伙人

安永（中国）企业咨询有限公司

张伟雄是安永绩效改善咨询部门TMT行业合伙人，他曾为全球范围内

众多大型国有企业和跨国企业提供咨询服务，在互联网公司、高科技

新兴公司、电信公司的企业战略制定、市场竞争力分析、企业变革设

计、流程设计、人员绩效架构、财务管理等领域具有超过30年的丰

富经验。

Paul Cheung Partner, Advisory Services — Performance Improvement Greater China Technology, Media and Telecommunications Advisory Leader Ernst & Young (China) Advisory Limited

Paul Cheung is a Partner in the TMT Sector of EY’s Advisory Practice — Performance Improvement. Paul has provided consultancy services globally for a number of large state-owned enterprises and multinational corporations. He has over 30 years’ experience in internet companies, emerging hi-tech companies, and telecom operators. His past projects include corporate strategy, market competitiveness analysis, corporate reengineering, process design, performance evaluation and financial management.

常燕杰

绩效改善咨询服务

科技、媒体与电信行业咨询服务经理

安永（中国）企业咨询有限公司

常燕杰是安永绩效改善咨询部门咨询经理，她曾为多家电信公司、高

科技公司等提供管理咨询服务，在企业战略规划、市场营销、服务管

理与竞争力提升等方面具有丰富经验。

Chang Yan Jie Manager, Advisory Services — Performance Improvement, Technology, Media and Telecommunications Ernst & Young (China) Advisory Limited

Chang Yan Jie is Advisory Manager of the EY Performance Improvement Consultant Department. She has provided management consultancy service for many telecom and hi-tech companies. She is highly experienced in corporate strategic planning, marketing and sales, service management, and competitiveness enhancement.

Authors 作者介绍

EY

54

On

the

BEA

M

收购房地产投资企业—— 商誉会立即发生减值吗?

Acquisition of property investment businesses – would there be an immediate impairment of goodwill?

许多房地产投资企业发现自己面临一种窘境，这些企业需

要计提一项支付可能性极小的负债，而这一计提导致了

可以说实际上从未存在的商誉减值，因此减少了报告利润。

在应用国际财务报告准则（IFRS）时通常要求按超过此类负债公允价值的金额

确认递延所得税负债。从而使得收购房地产投资企业时需要确认重大金额的商

誉。另外，如果需要确认递延所得税负债，在收购房地产投资企业时确认的商

誉金额也应当相应地增加。投资性房地产通常以公允价值计量，从而可能已经

使用了本将用于支持商誉的现金流量。因此有人认为，以公允价值计量房地产

的房地产投资企业在资产负债表中不应有商誉，因为商誉需要未来的现金流量

支持，而房地产投资商的未来现金流量已经体现在投资性房地产的公允价值之

中了。

在当前的IFRS框架内，我们可以重新处理这个难题（除房地产投资企业外的其

他企业也会遇到该问题），并且一般不要求商誉立即发生减值。

55

风向

什么是商誉?

商誉是一项无法独立辨认和单独确认

的资产，它代表了企业合并中取得的

其他资产产生的未来经济利益。商誉

以企业合并中确认被收购方的可辨认

资产、负债和或有负债后的剩余成本

进行计量。IFRS要求至少每年对企业

合并中取得的商誉进行减值测试。

56

On

the

BEA

M

示例

以下示例可以很好地说明该问题：

投资性房地产的公允价值基于在资产交易中给予买家

的报价，且假设该公允价值可以税前抵扣。根据《国

际会计准则第12号》（IAS 12），递延所得税负债以

名义金额（而不是公允价值）计量。考虑到货币的时

间价值，该负债的公允价值通常低于其名义金额。在

此情境下，假设递延所得税负债的公允价值为人民币

0.9亿元。

收购形成的商誉为人民币2.25亿元，其中包括仅由递

延所得税确认差异形成的人民币0.35亿元（确认金额

人民币1.25亿元减去公允价值人民币0.9亿元）和以超

过净资产(不包含商誉)公允价值合计金额的价格收购

企业所多支付的人民币1.9亿元。该人民币1.9亿元的

商誉有时也被称为“核心商誉”。

关于商誉的减值测试，有两个关键的考虑事项：

• 被收购主体来源于投资性房地产的预期未来现金流

量已经实质上体现在投资性房地产的公允价值之中

• 《国际会计准则第36号——资产减值》（IAS 36）明确要求在应用使用价值（VIU）时，将所得税现

金流量排除在计算减值的未来现金流量的估计以外

那么企业应当直接冲销全部或部分商誉吗? 在下文里，

我们仔细考虑了这个问题。

商誉从哪里来?

为了进行减值测试，在企业合并中取得的商誉应自收购日起分

配至收购方预期将从合并带来的协同效应中获益的每个现金产

出单元（CGU）（或CGU组合）。

关于收购房地产企业形成商誉，有如下几个原因。

由被收购资产组合产生的协同效应以及与收购方现有资产组合

的协同效应形成的商誉

商誉可能是现有资产组合中未确认的协同效应，以及将收购的

房地产并入现有资产组合可能获得的协同效应，以及其他因素

共同作用的结果。

举例来说，对于房地产投资主体而言这些协同效应可能由以下

方面组成：

• 如集团规模壮大带来的购买力增加产生的协同效应。例

如，可以降低单个房地产项目的维护及其他直接成本，或

是由交易双方共同组建被收购企业的管理层团队。

• 其他因素，例如在销售中获得资产组合溢价的预期能力

（是否能同时售出大量的房地产单元），或者更加有利的

地理或区域房地产分布以减少资产组合风险并且在销售时

整体上增加资产组合的价值。

上述协同效应通常不包括在单项投资性房地产的公允价值中，

而是基于VIU或者公允价值减去处置成本（FVLCD）确定（一

组）CGU的可收回金额时将要包含的额外现金流量。根据《国

际会计准则第40号——投资性房地产》，会计计量单元是单

项房地产，而这并不一定等同于商誉减值测试中的会计计量单

元（可能包括一组CGU）。

主体A是一家房地产投资主体，适用税率为25%，在一

次企业合并交易中以人民币9亿元收购了主体B。主体B可辨认净资产的公允价值和计税基础如下：

公允价值

(人民币亿元)

计税基础

(人民币亿元)

投资性房地产 6 1其他净资产 2 2这将形成以下合并分录：

商誉（余额） 2.25投资性房地产 6其他净资产 2

递延所得税1 1.25投资成本 9

1 (人民币6亿元–人民币1亿元)的25%

57

风向

投资性房地产的公允价值应根据《国际财务报告准则第13号

——公允价值计量》的要求进行确定。在确定投资性房地产的

公允价值时，评估师一般不考虑资产组合溢价形成的现金流

量，也不考虑超出市场租金率水平的未来租赁。与此相反，评

估师必须对房地产分别估价，并且假设将在现有租约到期后按

市场租金率出租。

要求以非公允价值计量可辨认项目而形成的商誉——递延所得

税为其典型

如果由于企业合并中收购的净资产存在暂时性差异而确认的递

延所得税以公允价值计量，考虑到许多管辖区存在纳税筹划

机会以及货币的时间价值，其公允价值很可能低于其名义金

额。然而，IAS 12要求针对所有在企业合并中取得的资产和

负债的账面价值与其计税基础间存在的差异计提准备，无论这

是否将导致额外（或减少）纳税金额或者何时会出现所得税现

金流量。

这种做法经常导致确认额外的商誉。在上述示例中便通过该方

式确认了人民币0.35亿元的商誉。

同时，我们在上文也提到了IAS 36明确要求在用于计算减值的

未来现金流量估计中不应包括所得税。我们认为IAS 36的目的

并非要求因确认超出其自身公允价值的递延所得税负债而形成

的此类商誉立即发生减值。实际上，准则的意图是在收购时，

超过其自身公允价值的递延所得税负债可以抵销商誉，并且通

过测试商誉的净额确定是否发生了减值。因此在示例中，因为

递延所得税负债的公允价值是人民币0.9亿元，用于减值测试

的商誉为人民币1.9亿元而不是人民币2.25亿元。

但是，只有在确定企业收购所形成的递延所得税负债超过该负

债的公允价值时，才可以使用这种抵销方法。相同的逻辑和方

法可以从减值测试首日沿用至未来的减值测试。如果主体实际

上已无法可靠辨认相关递延所得税，那么便不能再继续进行该

项调整。在这种情况下，主体将使用不进行本项调整的VIU，或者使用FVLCD作为一组CGU的可收回金额。

因此，如果主体的递延所得税负债超出其自身公允价值的部分

（在商誉的初始确认时确定）减少或消失，例如由于其税务环

境发生了改变，那么初始确认时形成的商誉可能发生减值。

结论

在当前IFRS框架内，我们认为可以重新处理这个常见问题（除

房地产投资企业外的其他企业也会遇到该问题），并且一般不

需要商誉立即发生减值。我们的观点包括：

• IFRS的目的并非要求因确认超过其自身公允价值的递延所

得税负债而形成的商誉立即发生减值。

• 由于因主体而异的协同效应，在使用VIU方法时，超出已

包含在投资性房地产公允价值中的现金流量的部分可以支

持商誉并非仅通过确认递延所得税负债而形成。

• 减值测试的会计计量单元与计量房地产的会计计量单元不

同。因此，房地产的公允价值总额可以与进行商誉测试的

（一组）CGU的公允价值有所不同。

• 在特定情况下，仅由递延所得税公允价值和账面金额间的

差异形成的商誉可以不纳入减值分析。

因此，主体将通常能够以公允价值计量其投资性房地产资产而

无需使商誉立即发生减值。

58

On

the

BEA

M

Many property investment entities find themselves faced

with the dilemma that their reporting profits are reduced because a provision for a liability that is very unlikely to be paid results in an impairment of goodwill that, arguably, never existed.

The application of International Financial Reporting Standards (IFRS) often requires the recognition of deferred tax liabilities in excess of the fair value of such liabilities. In turn, this leads to significant amounts of goodwill being recognized on the acquisition of property investment businesses. In addition, if deferred tax liabilities need to be recognized, there is a corresponding increase in the amount of goodwill recognized on the acquisition of a property investment business. Investment property is commonly held at fair value, thereby already potentially using the cash flows that would support the goodwill. Therefore, it is sometimes argued that property investment entities that measure their property at fair value cannot have goodwill on their balance sheets since goodwill needs to be justified by future cash flows – and a property investor’s future cash flows are already built into the fair value of the investment property.

This challenge (which is not unique to property investment entities) can be approached afresh within the current framework of IFRS and the immediate impairment of goodwill would generally not be required.

What is goodwill?

Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is measured as the residual cost of a business combination after recognizing the acquiree’s identifiable assets, liabilities and contingent liabilities. IFRS requires goodwill acquired in a business combination to be tested for impairment at least annually.

59

风向

An illustration

The issue is best illustrated by way of an example:

Entity A, a property investment entity, which is taxed at 25% acquires Entity B for RMB900m in a transaction that is a business combination. The fair values and tax bases of the identifiable net assets of Entity B are as follows:

Fair value(RMB m)

Tax base(RMB m)

Investment property 600 100

Other net assets 200 200

This will give rise to the following consolidation journal entries:

Goodwill (balance) 225

Investment property 600

Other net assets 200

Deferred tax1 125

Cost of investment 9001 25% of (RMB600m - RMB100m)

The fair value of the investment property is based on the price of the investment property offered to a buyer in an asset transaction that assumes the fair value will be deductible for tax purposes. The deferred tax liability is measured at a nominal amount (rather than at fair value),

as required by IAS 12. The fair value of this liability is often lower as a result of the time value of money. In this situation, the fair value of the deferred tax liability is assumed to be RMB90m.

The goodwill arising on the acquisition is RMB225m. This is made up of RMB35m arising solely from the recognition difference for deferred tax (RMB125m recognized minus RMB90m fair value) and RMB190m arising from the decision to acquire the business for more than the aggregate of the fair value of its net assets (excluding goodwill). This RMB190m is sometimes referred to as “core goodwill”.

Regarding the impairment testing for the goodwill, there are two key considerations:

• The acquired entity’s expected future cash flows arising from the investment property are already substantially built into the fair value of the investment property

• IAS 36 Impairment of Assets explicitly requires tax cash flows to be excluded from the estimate of future cash flows used to calculate any impairment when applying value in use (VIU)

So should there be an immediate write-down of (part of) the goodwill? We consider this issue in detail in the following section.

Where does the goodwill come from?

For the purpose of impairment testing, goodwill acquired in a business combination shall, from the acquisition date, be allocated to each of the acquirer’s (groups of) cash-generating units (CGUs) that is expected to benefit from the synergies of the combination.

There are several reasons for goodwill arising on the acquisition of a property-owning business, which will be described below.

Goodwill created by synergies of the acquired portfolio and synergies of combining portfolios

Goodwill may be the result of unrecognised synergies in the existing portfolio, plus synergies that may be obtained when bringing the acquired properties into an existing portfolio, plus other factors.

For a property investment entity, these synergies may be, for example, made up of:

• Synergies such as increased purchasing power of a larger group. For example, leading to lower maintenance and other direct costs per property, or the assembled management team in the acquired business.

• Other factors, such as an anticipated ability to obtain portfolio premiums on a sale (if a large number of units can be sold together), or a more advantageous geographical or sectorial spread of property that reduces portfolio risk and would increase the value of the portfolio as a whole upon sale.

The synergies described above are not typically included in the fair value of the individual investment property and are additional cash flows that would be included when determining the recoverable amount of (a group of) CGUs based on either

60

On

the

BEA

M

VIU or fair value less costs of disposal (FVLCD). The unit of account, as provided in IAS 40 Investment Property, is the individual property, which is not necessarily equal to the unit of account for goodwill impairment testing, which may include a group of CGUs.

The fair value of an investment property is based on the requirements of IFRS 13 Fair Value Measurement. When determining fair value of an investment property, a valuer would generally not take account of cash flows arising from portfolio premiums, or the expected achievement of rentals that exceed market rates. Instead, a valuer is required to value properties individually, and to assume that market rentals will be achieved at the end of the existing leases.

Goodwill created by the requirement to measure identifiable items at an amount that is not fair value – typically deferred tax

If deferred tax on temporary differences arising on net assets acquired in a business combination was measured at fair value, in many cases – due to the tax planning opportunities available in many jurisdictions and taking into consideration the time value of money – its fair value would likely be lower than its nominal amount. However, IAS 12 requires provision to be made for all differences between the carrying value of assets and liabilities acquired in a business combination and their tax base at their nominal amount, irrespective of whether or not this will result in additional (or less) tax being paid or when any tax cash flows may occur.

This often leads to the recognition of additional goodwill. This is illustrated in the above example where RMB35m of goodwill is recognised in this way.

Whilst, as noted above, lAS 36 explicitly requires tax to be excluded from the estimate of future cash flows used to calculate impairments, it is our view that it cannot have been the intention of lAS 36 to require an immediate impairment of such goodwill generated by the recognition of deferred tax liabilities in excess of their fair value. In effect, this means that, on acquisition, the deferred tax liability in excess of its fair value may be offset against the goodwill and the net amount is tested to determine whether that goodwill is impaired. Therefore, in the example, because the fair value of the deferred tax liability is RMB90m, the goodwill tested for impairment would be RMB190m rather than RMB225m.

However, this offset approach can only be used when it is clear that the deferred tax liability arising from an acquisition of a business is in excess of the fair value of that deferred tax liability. The same logic and approach can be carried forward from day one to future impairment tests. An entity might not continue to make this adjustment if it becomes impracticable to identify reliably the related deferred tax, in which case the entity would use VIU without this adjustment or use FVLCD as the recoverable amount of the group of CGUs.

Consequently, to the extent that the deferred tax liability in excess of the fair value of that liability (as determined at initial recognition of the goodwill) is reduced or eliminated, perhaps through a change in the tax circumstances of the entity, then the goodwill arising from the initial recognition of the provision may become impaired.

Conclusion

We believe that this common theme (which is not unique to property investment entities) can be approached afresh within the current framework of IFRS and the immediate impairment of goodwill would generally not be required. In our view:

• It was not the intention of IFRS to require an immediate impairment of goodwill generated by the recognition of deferred tax liabilities in excess of the fair value of such liabilities.

• As a result of entity specific synergies, cash flows over and above those absorbed by the fair value of the investment properties may justify goodwill that was not created solely by the recognition of deferred tax liabilities when using a VIU approach.

• The unit of account for the impairment test is different from the unit of account when measuring properties. Therefore, there can be differences between the sum of the fair values of the properties and the fair value of (the group of) CGUs at which goodwill is tested.

• Goodwill solely arising from the difference between the fair value of deferred tax and the carrying amount of deferred tax may be excluded from the impairment analysis in certain situations.

Consequently, it will often be possible for entities to measure their investment property assets at fair value without being required to impair goodwill straight away. EY

61

风向

李俊豪

审计服务专业业务合伙人

安永会计师事务所

李俊豪拥有为香港及中国内地的客户提供超

过22年的审计和咨询服务经验。他擅长国

际财务报告准则，香港财务报告准则和中国

会计准则，并在标准制定者的活动上有重要

的经验。

Ernest Lee Partner, Assurance — Professional Practice Ernst & Young

Ernest Lee has over 22 years of experience in assurance and advisory services to a wide spectrum of clients in Hong Kong and mainland China. He specializes in IFRS, HKFRS, and China Accounting Standards, and has significant experience in the activities of standard setters.

Author 作者介绍

61

风向

62

On

the

BEA

M

乘教改东风，迎发展机遇

Taking advantage of education reform and seizing the opportunity

百年大计，教育为本。纵观古今，教育一直在推进国

家发展和创造幸福生活的过程中发挥着重要作用。

李克强总理在十二届全国人大四次会议上代表国务院所作

的政府工作报告中，提出了“十三五”时期教育的主要目

标任务和重大举措，在“2016年重点工作”部分，提出

要“发展更高质量更加公平的教育”，包括：鼓励普惠性

幼儿园发展、大力发展现代职业教育、支持和规范民办教

育发展等。根据江苏紫金传媒智库首次面向全国发布的

《中国民众的经济信心指数报告》，2016年中国大陆民众

消费趋向数据显示，教育消费已替代房子、车子，渐成百

姓的“新刚需”。

63

风向

64

On

the

BEA

M

万亿级市场容量

根据《2014年全国教育经费执行情况

统计公告》，2014年，全国教育经费

总投入为32,800亿元人民币，比2013年的30,400亿元人民币增长8.04%。其

中，国家财政性教育经费

（主要包括公共财政预算安排的教育

经费，政府性基金预算安排的教育经

费，企业办学中的企业拨款，校办产业

和社会服务收入用于教育的经费等）

为26,400亿元人民币，比2013年的

1 Parthenon-EY于2014年8月29日加入Ernst & Young LLP，成为一家全球性战略咨询机构

Parthenon-EY，专注提供企业财务战略服务。

24,500亿元人民币增长7.89%。这一数

字在2010年时还仅为14,200亿元人民

币，占公共财政支出89,900亿元人民

币的比例为15.76%。近几年，国家对

教育的投入以每年20%至30%的复合增

长率递增，庞大的教育市场、快速的财

政收入，带动了培训及民办教育市场的

迅速膨胀。技能培训、应试培训、语言

培训、与学历教育相匹配的课外辅导培

训、职业教育、国际学习等民办教育培

训机构遍地开花。

中国大陆家庭的教育支出占家庭可支配

收入的比例全球最高，约占15%到20%。

根据Parthenon1的研究与分析报告，中

国大陆家庭生均民办教育支出可达40万美元，未来中国大陆家庭的富裕程度会

进一步提高。中国大陆民办教育潜在市

场规模达300亿美元，并以每年超过10%的速度在增长，详见以下2015年中国大

陆民办教育市场规模。

0-5% 5-10% 10-15% 15-20% 20%+

2015年中国民办教育市场规模

100%

80%

60%

40%

20%

0%

~190亿美元 ~30亿美元 ~20亿美元 ~14亿美元 ~14亿美元 ~13亿美元 ~10亿美元 ~7亿美元 ~5亿美元 ~5亿美元

高等教育

民办专科职业素质和能力

培训中心 在线培训

少儿培训 大班模式 其他城市

高端(英文)

中国会计考试

其他其他

托福

雅思公务员考试

ACCA超高端

高端(中文)

八大城市一对一辅导成人培训

双轨制学校

线下培训

外籍人士 子女学校

信息技术民办高校

职业发展项目 高端K-12学校 (一级城市)

企业培训 (有组织市场)

高端英语语言培训

课后辅导 (有组织市场)

海外留学中介服务

学前班和幼儿园 (主要八个城市)

职业考试培训 (有组织市场)

出国留学考试培训

非高端

资料来源：帕特依研究与分析

总计300亿美元 市场总规模 复合增长率 (2012-2015) = ~10%

65

风向

2 资料来源：网易Net East - www.163.com

民办教育利好

2015年12月27日，全国人民代表大会

常务委员会关于修改《中华人民共和国

教育法》的决定公布，《教育法》修

订。根据该决定：《教育法》原第二十

五条“任何组织和个人不得以营利为目

的举办学校及其他教育机构。”修改

为：“以财政性经费、捐赠资产举办或

者参与举办的学校及其他教育机构不得

设立为营利性组织。”，这意味着，放

开了以营利为目的的民办教育机构的设

立。同时，《民办教育法》原三十七条

第一款：“民办学校对接受学历教育的

受教育者收取费用的项目和标准由学校

制定，报有关部门批准并公示；对其他

受教育者收取费用的项目和标准又学校

制定，报有关部门备案并公示。”修改

为“民办学校收取费用的项目和标准根

据办学成本、市场需求等因素确定，并

向社会公示。其中，非营利性民办学校

收费的管理方式，由省、自治区、直辖

市人民政府规定；营利性民办学校的收

费标准，实行市场调节，由学校自主决

定。”。这意味着，民办教育机构的收

费由举办者自行决定。

2016年政府工作报告对于民办教育提出

的是“支持和规范”，比2015年政府工

作报告多了个“支持”。《民办教育促

进法》正在修订之中，修法的目的可以

归结为三个有利于：有利于按教育规律

来办学，有利于老百姓的选择，有利于

民办教育发展。

资本市场

2015年下半年，随着一些传统培训机构

通过重组并购的方式，装入国内上市公

司，已出现一轮新的行情。截至2015年11月，2015年度教育领域的投资数已

创历史新高，达178笔，项目数从1,000个上升至1,400个，同比增长40%。总

融资额从2014年的7.8亿美元增长至

15.78亿美元，同比增长102%2。

新东方教育科技集团于2006年9月7日在美国纽约证券交易所成功上市，成为

中国大陆第一家海外上市的教育机构，

截至2016年11月16日，其市值已达

74.31亿美元，市盈率33.56。

2014年6月18日，新南洋并购昂立科技

顺利过会，A股市场出现真正意义上的

教育培训第一股，截至2016年11月16日，其总市值已达83.56亿元人民币，

市盈率48.15。2015年末，新三板迎来

了第一家民办学校--湖南金侨教育投资

管理股份有限公司的挂牌。2016年

1月15日，成实外教育作为全国第一

家全日制学校教育集团于港交所主板

挂牌，截至2016年11月16日，市值

94.82亿元人民币，市盈率41.37。意

欲登陆资本市场的中公教育、龙文教

育、巨人教育、卓越教育等教育培训类

企业也正积极筹备。

安永的服务

安永一直以来热心于教育事业，富有教

育情怀，为教育与资本的融合提供全方

位、多维度的审计、咨询、税务、财务

交易及法律服务，协助教育企业突破进

入资本市场的瓶颈，旨为教育企业提供

一站式解决问题的方案。

2015年中国大陆教育投资总额达30亿美元，风险投资仍占教育行业投资交易量的主流，大部分教育投资的交易金额低于0.3亿美元，详见以下2015年中国大陆教育投资总额。

100%

80%

60%

40%

20%

0%

2015年中国教育投资总额

30亿美元 N=67 N=67

细分市场板块 投资者类型 交易规模

其他教育内容英语语言培训

考试培训

K-12学校

课外辅导和综合素质提高活动

高等教育/职业教育

融资并购

企业交易 私募基金

风险投资

>1亿美元

0.3-0.5亿美元

0.5-1亿美元

0.15-0.3亿美元

<0.15亿美元

资料来源：芥末堆，并购市场咨询，资本商情

66

On

the

BEA

M

Education is an important element of a nation striving to grow, develop and adapt to the modern world and throughout mainland China’s long history, education has played an important role in ensuring economic and political stability. In his Government Report to the

Fourth Session of the 12th National People’s Congress, made on behalf of the State Council, Premier Li Keqiang put forward the major objectives and key initiatives for education work in the 13th Five-Year Plan. In the part titled Major Work in 2016, the report says “it is necessary to develop education of higher quality and greater equity,” which includes the following: encouraging the development of kindergartens that benefit the whole population, developing modern vocational education, and supporting and standardizing private run educational institutions. According to the Report on the Economic Confidence Index of the Chinese People, released nationwide by Jiangsu Zijin Media Think-tank, the data indicates that in 2016 consumer spending on education overtook spending on housing and cars.

67

风向

Trillion dollar-worth market capacity

According to the Statistical Announcement on the Execution of the National Educational Expenditure 2014, the expenditure on national education in 2014 totaled RMB3.28 trillion, up 8.04% from the RMB3.04 trillion in 2013. Of that, educational expenditure in state finances (mainly public finance budgets, taxes and levies collected by governments of various levels and used on education, appropriations to school-running enterprises, businesses run by schools, and social service income that was used on education expenses)

1 Parthenon-EY – Parthenon joined Ernst & Young LLP on 29 August 2014 forming Parthenon-EY, a global strategy consultancy, focusing on our Corporate Finance Strategy offering.

amounted to RMB2.64 trillion, up 7.89% from the RMB2.45 trillion in 2013. In 2010, this spending was only RMB1.42 trillion, 15.76% of the RMB8.99 trillion in public financial expenditure of that year. In recent years, state spending on education has been increasing 20% to 30% each year. Furthermore, the rapidly increasing disposable income of Chinese consumers has encouraged the development of the training and private education market: Private institutions offering skills training, examination-oriented drills, language training, extra-curricular counseling and training with academic and educational qualifications, vocational education,

international learning, and other private educational training institutions have sprouted up everywhere.

In mainland China, the spending on education accounts for 15% to 20% of disposable household income, the highest percentage in the world. According to a Parthenon1 study, per capita spending of Chinese families on private run education amounted to USD400,000. In future the wealth of Chinese families will increase further. The potential market size of private run education in mainland China amounts to USD30 billion and will increase at over 10% annually.

0-5% 5-10% 10-15% 15-20% 20%+

Market size of China’s private run education 2015

100%

80%

60%

40%

20%

0%

~USD19b ~USD3b ~USD2b ~USD1.4b ~USD1.4b ~USD1.3b ~USD1b ~USD700m ~USD500m ~USD500m

Advanced education

Private run special courses

Vocational quality and capability

Training centers

Online training

Children’s training

Large-class modes

Other cities

Advanced (English)

China’s Accouting Examination

OthersOthers

TOFEL

IELTSPublic servants’ examinations

ACCAOver-advanced

Advanced (Chinese)

Eight major cities

One-on-one counseling

Adults’ training

Duel-track schools

Offline training

Foreigners’ children schools

Information technology

Private run high schools

Vocational development courses

Advanced K-12 schools (tier-one cities)

Company training (organized markets)

Advanced English language training

After-school counseling (organized markets)

Overseas study intermediary service

Preschools and kindergartens (in 8 major cities)

Training for vocational examinations (organized markets)

Training for qualifying examinations for overseas study

Non-advanced

Source: Parthenon study and analysis

Total USD30bTotal market sizeCompound growth rate (2012-2015) = ~10%

68

On

the

BEA

M

In 2015, investment in education in mainland China totaled USD3 billion. Venture capital is the mainstay in education investment and most of the investment totaled less than USD30 million.

Advantages for private run education

On 27 December 2015, the Standing Committee of the National People’s Congress announced its amendments to China Education Law: Article 25 of the Education Law, which formerly stated “no organization or individual shall operate schools or other educational organizations for the purpose of profitmaking,” has been changed to “schools and other educational organizations operated on or funded by financial expenditure and donated assets shall not be established as profitmaking organizations.” This means that the establishment of private run educational institutions for profitmaking purposes is allowed. At the same time, Clause 1 of Article 37 of the Law on Private Run Education was originally “the standard and items of fees charged by private run schools on the academically educated will be determined by the schools, which

will submit those fees to the relevant authorities for approval and public notification.” Now it has been amended to “the standard and items of fees charged by private run schools will be determined in reference to factors such as the cost of running the school and market demand; such fees will be made public.” Of this, the way fees are charged by non-profit making private run schools will be set by governments at the provincial, autonomous regional, and municipal levels. The standard of fees charged by profitmaking private run schools will be subject to market adjustments and determined at the discretion of the schools themselves.” This means that fees charged by private run educational institutions are set by the institutions themselves.

What is being put forward in the Government Work Report 2016 on private run education is “support and standardization”; however, “support” was not mentioned in the Government

Work Report 2015. The amendment to the Law on Promoting Private Run Education is being written. The three objectives of the amendment can be summed up as follows: advantageous for running schools according to the nature of education, advantageous for general population in allowing them a choice, and advantageous for the development of private run education.

Capital markets

In the second half of 2015, several well-known training institutions became domestically listed companies through restructuring or mergers and acquisitions (M&A), indicating that some education enterprises are actively involved in expansion and are attempting to become large market players. As of November 2015, the number of investments in the education realm in 2015 had reached a record high of 178. The number of projects rose from 1,000 to 1,400, up 40% from

2 Source: Net Ease – www.163.com

100%

80%

60%

40%

20%

0%

China’s total investment in education 2015

USD3b N=67 N=67

Segmented markets Types of investors Transaction size

OthersEducation contentEnglish language trainingExamination training

K-12 schoolsExtra-curricular counseling and overall quality enhancement activities

Advanced education/ vocational education

Transactions among enterprises

Private equities

Venture investments

>USD100mUSD30m-50m

USD50m-100m

USD15m-30m

<USD15m

Sources: Jiemoudui, M&A Market Consultant, Capital Information

Financing and M&A

69

风向

2014. Total financing increased from USD780 million in 2014 to USD1.578 billion, up 102% from 20142.

On 7 September 2006, New Oriental Education & Technology Group was listed on the New York Stock Exchange and became mainland China’s first educational institution listed overseas. As of 16 November 2016, its market capitalization was USD7.431 billion, with a price/earnings ratio of 33.56. On 18 June 2014, the acquisition by Xin Nanyang of Only Education Technology was completed and was the first education and training entity listed on the Shanghai A-share market. As of 16 November 2016, its market capitalization was RMB8.358 billion, with a price/earnings ratio of 48.15. Toward the end of 2015, the New Third Board saw the listing of the first private run school, the Hunan Jinqiao Education Investment Management Joint-stock Company Limited. On 15 January 2016, Virscend Education

was listed on the Stock Exchange of Hong Kong as the nation’s first full-time school educational group. As of 16 November 2016, its market capitalization was RMB9.482 billion, with a price/earnings ratio of 41.37. Other educational training enterprises, such as Zhonggong Education, Longwen Education, Juren Education, Zhuoyue Education, are also working actively to land on the capital market.

EY’s services

EY is passionate about education. EY provides all-round and multi-dimensional audit, consultancy, taxation, financial transaction and legal services for the integration of education and capital. EY is also aimed to provide with one-stop-shop solutions and has assisted educational enterprises to break through the bottleneck and find their way into capital markets. EY

黄寅

审计服务合伙人

安永华明会计师事务所（特殊普通合伙）

黄寅现任广州审计服务合伙人，拥有超过17年的专业服务经验。他服务的公司客户行业

广泛，涉及消费品、制造业、高科技、房地

产、媒体和金融等行业。他熟悉中国企业会

计准则、国际会计准则和美国会计准则要

求，曾为美国证券交易所上市企业及跨国企

业提供审计服务。除了为客户提供审计服务

外，亦协助客户提供有关上市、会计咨询、

尽职调查分析等方面的专业服务。

William Huang Partner, Assurance Ernst & Young Hua Ming LLP

William Huang has over 17 years of experience in assurance with EY, mainland China. His clients are in a wide range of industries, including electronics, TMT and industrial products. In addition to auditing, he is also active in special assignments including initial public offerings, accounting advisory, due diligence reviews.

Author 作者介绍

70

On

the

BEA

M

70

On

the

BEA

M

71

风向

安永纠纷协调及审查服务警告， 假冒高层发出诈骗指令邮件有上升趋势

EY Fraud Investigation & Dispute Services (FIDS) warns of growing trend in email fraud targeting senior management’s chain of command

搜查阶段能长达一个月、六个月或更长

时间。这些欺诈邮件均以公司高级管理

层，例如行政总裁、财务总监或财务主

管的名义发出，以迫切心性质的字眼包

括“机密”或“紧急”，要求财务部职

员将资金电汇到外部账户。不幸地，很

多时候收到这些邮件的职员均缺乏勇气

提出疑问或违抗指示，忽视现有的付款

控制，并将资金转出。

这些邮件通常经过细心编写，网络犯罪

分子会入侵公司高层邮件帐户或利用名

称十分相似的邮件地址发出诈骗邮件。

他们亦会模仿被冒充的高层之语调，甚

至能够准确指出被冒充高层此时正身处

海外公干。这些犯罪分子的数据搜查做

得非常仔细，是越来越多亚太区公司堕

入此类诈骗的原因。

根据安永诈骗审查及纠纷协调服务指

出,商业邮件罪案并不集中于某行业。

犯罪分子的下手对象，往往是一些在多

国拥有办事处，而又是上市公司或公司

信息较轻易获得的机构。

这类诈骗的数量不单不断上升，同时还

发现情况变得特别广泛。这表明并非只

是某一行业需要提高警觉和防范商业邮

件罪案。由于骗徒会变得更熟练和更有

手段，公司需要采取适当措施来保护自

己。

安永诈骗审查及纠纷协调服

务表示，亚太区內冒充行

政总裁及高级管理层的诈骗邮件

数量不断增加，对公司造成严重

威胁，因此必须积极解决此问题

以避免庞大的经济损失。

普遍称之为“商业邮件诈骗案 (business email crime)”或“行政总裁邮件诈骗

案 (CEO email fraud)”等，这类犯罪活

动涉及网络罪犯假冒领导层指使公司职

员将资金转移到未经授权的户口。根据

最近美国联邦调查局的数据，仅在过去

两年多的时间，全球因相关犯罪活动而

导致的损失估计逾20亿美元。

五年前邮件诈骗案仍占少数。然而，我

们看到于过去24个月在亚太区处理的邮

件诈骗案调查工作大量增加。令人担忧

的是很多公司仍未采取简单的措施去避

免成为受害者。

商业邮件诈骗案很大程度上依赖社交工

程 (social engineering) ，即犯罪分子

会利用网上资源包括公司的报告以及社

交媒体，对目标进行全面的数据搜查。

取决于邮件诈骗案的类型及性质，这

安永诈骗审查及纠纷协调服务指出，企

业需要的防范措施、软件和监控成本并

不高昂。不过，设立防范程序和进行教

育，是确保员工提防商业诈骗邮件意识

的重要一环。

安永诈骗审查及纠纷协调服务建议企业

应至少考虑以下措施以应付商业诈骗邮

件日益增长的趋势：

• 设立有效的会计监控及程序：实行

程序务求令所有付款交易皆需要经

由第二位员工审核。同时确保该员

工定期接受应对此类型网络威胁的

培训。

• 内部沟通：建立并非每个流程都透

过邮件完成的工作文化，鼓励员工

之间建立更紧密的人际关系。从而

令收到诈骗邮件的员工能够更容易

察觉与真正邮件用户的书写风格有

别。

• 邮件安全：邮件安全软件可以帮助

检测和阻止已知的网络钓鱼邮件

(phishing emails) 和内含恶意软件的

附件。不过，公司也应该对网络流

量进行法证分析，以侦察现存的漏

洞或任何攻击迹象。此外，引入软

件后必须辅以培训活动，以教导员

工应对相关威胁及如何不受欺骗。

72

On

the

BEA

M

The alarming increase in the number of email scams targeting CEOs and

senior management in Asia-Pacific is a threat that could lead to huge financial losses for your company.

Usually referred to as “business email crime” or “CEO email fraud”, this type of crime involves cybercriminals impersonating senior executives in order to deceive unwitting staff into transferring funds to fraudulent accounts. The US Federal Bureau of Investigation estimates the crime has cost businesses more than USD2 billion globally in little over two years.

Five years ago this type of email fraud wasn’t on the radar. However, in the last 24 months EY FIDS has seen a significant increase in the volume of investigative work focusing on these types of email scams in Asia-Pacific. What remains alarming is that many companies are still not taking simple steps to avoid becoming a victim of this type of crime.

Business email crime relies heavily on social engineering whereby criminals will carefully research their targets using online resources, company reports and other social media channels for months depending on the type and nature of the scam. In the current form, the fraudulent emails pretend to be from a senior executive, such as the CEO, CFO or head of finance, and request finance staff to urgently wire funds to external accounts citing various “confidential”

or “critical” matters. Unfortunately, all too often, the staff receiving the emails lack the courage to query or disobey the instructions, and therefore they transfer the funds as requested.

The emails being sent by these cybercriminals are very well crafted. The perpetrators will usually use compromised email accounts or spoof accounts that imitate the company’s email addresses. Often they also mirror the tone of the targeted executive and may even accurately reference the fact that the person is overseas for business at the time. These criminals do their research extremely well — which is why many companies worldwide are increasingly falling foul of this type of crime.

According to EY FIDS, business email crime doesn’t appear to be focused on a specific industry. Criminals often seek out organisations which might have multiple offices, in multiple countries, and are publically listed or have company information easily accessible.

Not only is there an increasing amount of this type of fraud, it is also becoming remarkably wide-spread. As criminals become more sophisticated and inventive, all sectors and all organisations need to step-up and put measures in place to protect their resources and assets.

The measures, software and monitoring that companies need to put in place do not have to be costly. However, process and education play a key role in making sure employees are aware of business email crime.

EY FIDS recommends that organisations should at least consider the following initiatives to address this growing concern:

• Effective accounting controls/processes – Implement processes, where all transactions need to be approved by a second employee. Ensure the employees who can approve such transactions are continually educated about these types of cyber threats.

• Internal communication – Create a culture whereby not every part of the company’s financial processes are done via email. This enables people to establish personal relationships over the phone or face-to-face — and by doing this the employee who receives the fraudulent email is more likely to spot anomalies in it regarding the communication style.

• Email security – Install an email security software that detects and prevents known phishing emails and malware attachments. However, companies should also undertake a forensic analysis of network traffic to identify weaknesses or signs of existing infiltration. In addition, software must always be supplemented with training to teach employees about threats and scams — and how to not to be fooled by them. EY

73

风向

霍德杰

亚太区诈骗审查及纠纷协调服务

主管合伙人

安永咨询服务有限公司

霍德杰为安永亚太区诈骗审查及纠纷协调服

务主管合伙人。他在会计界拥有长达25年的

专业经验，并于香港居住17年。他在法证调

查、反贿赂及反洗黑钱风险咨询以及纠纷协

调方面拥有丰富的经验。

Chris Fordham Managing Partner, Fraud Investigation & Dispute Services, Asia-Pacific Ernst & Young Advisory Services Limited

Chris Fordham is Managing Partner of EY’s Fraud Investigation & Dispute Services unit for Asia-Pacific. He has been in the accounting profession for 25 years, and has lived in Hong Kong for 17 years. As a forensic accountant, Chris has extensive experience in forensic investigations, anti-corruption and anti-money laundering (AML) risk consulting, as well as acting as an Expert Witness.

Author 作者介绍

74

On

the

BEA

M

要创新便要以安全为代价? Is security the price to pay for innovation? 安永全球金融服务团队可助您落实变革和提升运营，以改善网络安全。

EY’s global financial services team can help you transform and improve your cyber security capabilities. ey.com/financial #BetterQuestions

The better the question. The better the answer. The better the world works.

75

风向

76

On

the

BEA

M

绿色债券：挖掘绿色商机的重要工具

Green bonds: A key tool for tapping into green opportunities

77

风向

绿色债券作为一种既可以满

足发行方发展绿色项目的

融资需求，又可以满足投资方积

极致力于环境保护、履行社会责

任的双赢手段，不断得到国内外

资本市场的持续关注。自2007年第一支绿色债券发行以来，截

至目前全球共计发行618只绿色

债券。

绿色债券发行量逐年递增，在2013年之后出现爆发式增长。绿色债券前

景广阔，2014年发行总额365.9亿美

元，2015年绿色债券发行总额达418亿美元，2016年1月至8月绿色债券发行

总额为429亿美元。1

国内各大监管机构均已颁布绿色债券相关政策文件

在全球绿色金融蓬勃发展的背景下，中

国也在充分发挥绿色金融的资源配置作

用，以推动国内环境保护及可持续发展

进程。2015年12月，中国人民银行公

告〔2015〕第39号对绿色金融债券发

展做出了指导意见，并发布中国金融学

会绿色金融专业委员会的《绿色债券支

持项目目录》，明确绿色项目包括六大

类31个小类，含节能类、污染防治类、

资源节约与循环利用类、清洁交通类、

清洁能源类、生态保护与适应气候变

化类。

1 统计数字来源于气候债券倡议组织，http://www.climatebonds.net/

2 统计数字来源于中国绿色债券数据库统计，http://greenfinance.xinhua08.com/zt/database/

3 数据截至2016年6月

随后，国家发改委印发《绿色债券发行

指引》通知，鼓励地方政府通过投资补

助、担保补贴、债券贴息、基金注资等

多种方式，支持绿色债券发行和绿色项

目实施。2016年3月及4月，上海证券

交易所与深圳证券交易所分别发布《关

于开展绿色公司债券试点的通知》，并

提出将与证券指数编制机构合作发布绿

色公司债券指数。

由于国内绿色债券政策的密集出台，中

国绿色债券市场自2016年年初开始呈

现井喷式发展。截至到2016年5月，

国内发行绿色债券总规模520亿元人民

币。其中金融机构发行的绿色金融债券

规模为490亿元人民币，企业发行的绿

色债券规模为31.5亿元人民币。2

2016年6月12日，启迪科技服务有限

公司成功在中国银行间市场交易商协会

注册国内首单绿色非公开定向债务融资

工具（PPN），计划募集资金1.5亿元

人民币，用于启迪科服子公司启迪水务

天津北辰大双污水处理厂二期扩建改造

工程。图1 | 金融机构绿色债券国内发行经验3

发行人 浦发银行一期 浦发银行二期 青岛银行 兴业银行

行业 银行 银行 银行 银行

发行评级

（穆迪/标普/惠誉）AAA（新世纪评级） AAA（新世纪评级） AA AAA（新世纪评级）

发行规模 200亿元人民币 150亿元人民币 40亿元人民币 100亿元人民币

发行日期 2016年1月27日 2016年3月25日 2016年3月10日 2016年1月28日期限 3年 5年 • 3年（35亿元

人民币）

• 5年（5亿元人民币）

3年

票息 2.95% 3.2% • 3.25%• 3.40%

2.95%

资金用途 • 节能、清洁能源、污

染防治、生态保护和

适应气候变化、资源

节约与循环利用

• 第三方认证报告

• 节能、清洁能源、清

洁交通、污染防治、

生态保护和适应气候

变化、资源节约与循

环利用

• 第三方认证报告

• 节能、清洁能源、污

染防治、生态保护和

适应气候变化、资源

节约与循环利用

• 第三方认证报告

• 节能、清洁能源、污

染防治、生态保护和

适应气候变化、资源

节约与循环利用

• 第三方认证报告

投资者基础 以亚洲投资人为主 以亚洲投资人为主 以亚洲投资人为主 大型银行、全国性中小

股份制商业银行、证

券、保险和基金公司等

承销商 国泰君安 国泰君安 国泰君安 中国工商银行股份有限

公司

78

On

the

BEA

M

发行人 北汽能源 协合风电 嘉化能源

行业 企业 企业 企业

发行评级

（穆迪/标

普/惠誉）

AAA （大公国际）

AA AA

发行规模 25亿元人民币 2亿元人民币 5亿元人民币

（第一期）

发行日期 2016年

4月15日2016年

3月31日2016年

5月23日期限 7年 3年 5年票息 3.45% 6.2% 4.78%资金用途 该项目为乘用

车和新能源汽

车技改扩能项

目，拟生产发

行人自主研发

的C40D小排

量乘用车以及

同平台C40DB电动车车型。

全部用于绿色

项目，包括三

个光伏项目和

二个风电项目

太阳能光伏电

站项目、年产

4000吨邻对

位技术改造项

目、年产16万吨多品种脂

肪醇（酸）产

品项目、烟气

超低排放改造

项目、补充流

动资金

投资者基础 合格投资者 合格投资者 合格投资者

承销商 海通证券，中

国工商银行股

份有限公司

国开行 浙商证券

发行人 新疆金风科技 中国农业银行 吉利汽车

行业 企业 银行 企业

发行评级

（穆迪/标

普/惠誉）

A1/-/- (中国

银行担保)

A1/A/A A1（穆迪评

级公司）

发行规模 3亿美元 • 4亿美元

• 6亿美元

• 6亿元

人民币

4亿美元

发行日期 2015年7月 2015年10月 2016年

5月20日期限 3年 • 4亿美元

3年• 6亿美元

五年

• 6亿元人民

币2年

5年

票息 2.5% • 2.215% 美元3年

• 2.75% 美元5年

• 4.15% 人民币2年

2.75%

资金用途 • 为其风能资

产组合融资

• 二方意见

• 可再生能

源、能源效

率、可持续

废物管理、

绿色土地开

发、清洁运

输、可持续

水资源管理

等

• 二方意见

• 为TX5的开

发提供融资

投资者基础 亚洲97% 以欧洲及亚洲

投资人来自全球90个机构投资者

账户近6倍的

超额认购。

承销商 中国银行 农银国际、巴

克莱、汇丰银

行、摩根大通

担任联席全球

协调人

中国银行（全

球协调人）

图2 | 企业绿色债券国内发行经验4 图3 | 中国金融机构及企业绿色债券国外发行经验5

4 数据截至2016年6月

5 数据截至2016年6月

79

风向

绿色债券发行的关键环节——第三方认证与评估

绿色债券与传统债券的最大区别是“绿色”二字。政策明确指

出，鼓励发行人在绿色债券发行前提交独立的专业评估或认证

机构出具的评估或认证意见，在债券存续期内，鼓励发行人

按年度向市场披露由独立的专业评估或认证机构出具的评估报

告，对绿色债券支持绿色产业项目发展及其环境效益影响等实

施持续跟踪评估。

为帮助发行人更好的理解绿色债券认证，安永建议发行人可重

点考虑三个方面，即：绿色项目筛选是否符合相关标准、资金

用途和流向是否有效地支持绿色项目发展及是否进行了有效的

信息披露。

• 绿色项目审核：为了确保绿色债券认证的准确性、全面性

和有效性，安永将依据国际鉴证业务准则（ISAE3000），

参考《绿色债券支持项目目录》、绿色债券原则、气候债

券标准、CDM方法学、国标行标等多个标准，多维度审核

和评估绿色项目。安永建议债券发行人在制定项目筛选标

准的过程中，尽可能地考虑该类项目一些可以定量及/或定

性分析的环境指标，这些指标可以包括但不限于温室气体

减排量、节能量、水资源利用效率、废物回收率等等。

• 债券资金流向审核：绿色债券发行人需要确保将所募集的

资金全部用于绿色项目，安永建议企业发行人开立专门账

户，金融机构发行人建立专门账户或专项台账对绿色债券

资金的募集及分配进行有效管理，以便于追踪募集资金流

向，确保每笔资金的可追溯性。

• 信息披露与报告：鼓励发行人对绿色债券支持的绿色产业

项目发展及其环境效益影响等实施持续跟踪评估。安永建

议发行人出具的报告应包含两方面内容：资金和绿色表

现。发行人需报告绿色债券募得资金的用途和流向，以确

保资金有效分配给绿色项目，并对投资者、股东和其他利

益相关者进行披露。发行人还应披露绿色债券募集资金所

投资绿色项目进展情况及实际产生的环境社会效益。

政策推动下，中国绿色债券市场将持续蓬勃发展

对发行人来说，发行绿色债券将提升发行人的绿色品牌，向国

内外投资人展现发行人积极承担社会责任。全球许多国家政府

还出台了针对绿色债券发行人及投资人的贴息和免税政策。安

永期待，国内的相关配套政策也将逐步落实，以吸引更多绿色

投资人进行责任投资。

安永，作为中国人民银行绿色金融委员会理事会成员、绿

色债券原则（GBP）的制定方国际资本市场协会（ICMA）的会员，气候债券标准（CBS）的制定方气候债券倡议组织

（CBI）认可的第三方独立认证机构，也是中国大陆唯一一家

可以同时使用ISAE3000和AA1000双认证标准的机构。我们

致力于为绿色债券发行人提供发行前认证、发行后年度认证、

路演支持等服务。安永将一如既往的支持国家绿色金融政策落

地，助力包括金融机构、企业、地方政府在内的发行人成功发

行绿色债券，以期鼎力实现国家的“绿色”中国梦。

80

On

the

BEA

M

81

风向

Each year the number of issues has been rising steadily, and since 2013 the growth has been explosive: In 2014, issues amounted to USD36.59 billion; in 2015 USD41.8 billion; and from January to August 2016, a staggering USD42.9 billion. The prospect for green bonds is indeed bright1.

Large regulatory bodies across the country have unveiled policy papers on green bonds

With green finance thriving globally, mainland China is also giving full play to green finance as a way of allocating assets for environmental protection and sustainable development. In December 2015, in Announcement No 39 [2015], the People’s Bank of China gave its opinion on the development of green financial bonds. The Green Finance Professional Committee of the China Society for Finance and Banking also published the Catalogue of Projects Supported by Green Bonds, which specifies six major classes and 31 subclasses of green projects, including the energy economy, pollution prevention and treatment, resource economy and recycling, clean transport, clean energy, and ecological protection and climate change adaptation.

The National Development and Reform Commission has also printed and issued a notice, Guidelines to Green Bond Issuance, to encourage local governments to support green bond issues and green projects through investment subsidies, guarantee allowances, bond discounts, and fund investment. In March and April 2016, the Shanghai Securities Exchange and Shenzhen Securities Exchange announced the Notice on Embarking on Pilot Programs for Green Company Bonds, and said that they would collaborate with securities index compilation institutions to publish green company bond indices.

The closely successive issuance of green bonds in the country has led to a takeoff of mainland China’s green bond markets since early 2016. As of May 2016, RMB52 billion of green bonds had been issued domestically, of which RMB49 billion was in financial bonds issued by financial institutions and RMB3.15 billion issued by enterprises2.

Green bonds can satisfy the financing needs of green projects while allowing investors to feel

comfortable regarding environmental protection and their social responsibility. As such they are a win-win and have attracted sustained attention from domestic and foreign capital markets. Globally, 706 green bonds have been issued since the first green bond was issued in 2007.

1 Source: Climate Bonds Initiative, http://www.climatebonds.net/

2 Source: China greenbond database, http://greenfinance.xinhua08.com/zt/database/

82

On

the

BEA

M

Graph 1 | Experiences of financial institutions in domestic issuance of green bonds3

Issuers SPDB Phase One SPDB Phase Two Bank of Qingdao Industrial Bank

Industries bank bank bank bank

Issuance rating (Moody's / S&P's / Fitch)

AAA (Shanghai Brilliance Credit Rating and Investors Service)

AAA (Shanghai Brilliance Credit Rating and Investors Service)

AA AAA (Shanghai Brilliance Credit Rating and Investors Service)

Amounts issued RMB20 billion RMB15 billion RMB4 billion RMB10 billion

Issue date 27 Jan 2016 25 Mar 2016 10 Mar 2016 28 Jan 2016

Terms Three years Five years • Three years (RMB3.5 billion)

• Five years (RMB500 million)

Three years

Coupons 2.95% 3.2% • 3.25%• 3.40%

2.95%

Funding purposes • Energy economy, clean energies, pollution prevention and treatment, ecological protection, climate change adaptations, resource economy and recycling

• Third-party certification

• Energy economy, clean energies, clean transports, pollution prevention and treatment, ecological protection, climate change adaptations, resource economy and recycling

• Third-party certification

• Energy economy, clean energies, pollution prevention and treatment, ecological protection, climate change adaptations, resource economy and recycling

• Third-party certification

• Energy economy, clean energies, pollution prevention and treatment, ecological protection, climate change adaptations, resource economy and recycling

• Third-party certification

Investor base Mainly Asian investors Mainly Asian investors Mainly Asian investors Large banks, national medium and small joint-stock commercial banks, securities firms, and insurance companies and funds

Underwriters Guotai Junan Guotai Junan Guotai Junan ICBC

On 12 June 2016, Tus-Holdings Company Limited was registered with the National Association of Financial Market Institutional Investors as the first domestic green private placement note (PPN). The note plans to raise RMB150 million to be used for the second phase of expansion and transformation of the Tianjin Beichen Dashuang Water Treatment Plant, a project under its subsidiary Tus-Water.

3 Data applied in this table is as of June 2016.

Key link in green bond issuance — third-party certification and assessment

The key difference between green and traditional bonds is the word “green.” Government policy has made clear that issuers are encouraged to submit assessments or certification opinions by independent and professional assessment or certification institutions before the green bonds are issued.

83

风向

Graph 2 | Experiences of domestic issuances of corporate green bonds4

Issuers BAIC Energy Concord New Energy Jiahua Energy

Industries Enterprise Enterprise Enterprise

Issuance rating (Moody's / S&P's / Fitch)

AAA (Dagong Global Credit Rating)

AA AA

Amounts issued RMB2.5 billion RMB200 million RMB500 million (Phase One)

Issue date 15 Apr 2016 31 Mar 2016 23 May 2016

Terms Seven years Three years Five years

Coupons 3.45% 6.2% 4.78%

Funding purposes A technological reengineering and energy-enhancing project for passenger and new energy vehicles. Production of C40D small passenger vehicles of low engine displacements and C40DB electricity-powered vehicles of the same technological platform, both from independent R&D by the issuer

All funding to be used for green projects, including three photovoltaic projects and two wind power projects

Solar power photovoltaic generator plant projects; a technological reengineering project of or tho-para-orientation technology, with an annual production capacity of 4000 tonnes; a multiple-strain fatty alcohol (acid) product project, with an annual production capacity of 160,000 tonnes; super-low smoke and gas emission reengineering projects; replenishment of working capital

Investor base Qualified investors Qualified investors Qualified investors

Underwriters Haitong Securities and ICBC Joint-stock Company Limited

China Development Bank China Zheshang Bank

4 Data applied in this table is as of June 2016.

During the terms of the bonds, issuers are encouraged to disclose to markets assessment reports carried out by independent and professional assessment or certification institutions, so that there will be sustained and tracking assessments on the development of green industrial projects backed by green bonds and their environmental impacts,

To help issuers to have a better understanding of green bond certification, EY recommends issuers give particular consideration to three areas: whether the green project selections comply with relevant standards, whether the use and direction of funds effectively support the development of the green project, and whether there are effective information disclosures.

• Green project review and verification: To ensure the accuracy, comprehensiveness, and effectiveness of the certification of a green bond, EY will base itself on the International Standard on Assurance Engagements (ISAE3000) and take reference from the Catalogue of Projects Supported by Green Bonds, Green Bonds Principles, Climate Bonds Standards, and variable standards such as the CDM methodology and those of the International Standards Organization when scrutinizing and assessing green projects. EY recommends that when formulating project selection standards, bond issuers give as much consideration as possible to environmental indices that permit quantifiable or qualitative analyses. These indices can include, but not be limited to greenhouse gas emission reductions, energy and water resource efficiency, and waste matter recycling rates.

84

On

the

BEA

M

• Review and verification of the fund movements of bonds: Green bond issuers need to ensure that the funds raised are used for green projects. EY recommends that corporate issuers open a special account or a special-project account as it can provide effective management of the raising of green funds and their allocation. In this way the movement of the funds can be tracked and their traceability is ensured.

• Information disclosures and reporting: Issuers are encouraged to do track and assess the green bond-backed green projects and their environmental benefits. EY recommends that the reports presented by issuers consist of two areas: capital performance and green performance. Issuers need to report on the use and movement of the green funds to ensure their effective allocation to green projects, and also proper disclosures are made to investors, shareholders, and other stakeholders. Issuers should also disclose the progress of the green projects and the actual environmental and social benefits produced by these projects.

Graph 3 | Experience of mainland China’s financial institutions and corporate green bonds in overseas issuance5

Issuers Goldwind Agricultural Bank of China Geely

Industries Enterprise Bank Enterprise

Issuance rating (Moody's / S&P's / Fitch)

A1/-/- (guaranteed by Bank of China)

A1/A/A A1 (Moody’s)

Amounts issued USD300 million • USD400 million• USD600 million• RMB600 million

USD400 million

Issue date July 2015 October 2015 20 May 2016

Terms Three years • USD400m: three years• USD600m: five years• RMB600m: two years

Five years

Coupons 2.5% • USD2.215% three years• USD 2.75% five years • RMB4.15% two years

2.75%

Funding purposes • Financing for its wind power asset portfolio

• Opinions from two parties

• Renewable energy; energy economy; sustainable waste matter management; green land development; clean transports; sustainable water resource management; etc.

• Opinions from two parties

Financing for TX5 development

Investor base 97 % investors in Asia Mainly European and Asian investors

90 institutional investors’ accounts from around the world; oversubscribed by close to six times

Underwriters Bank of China Agricultural Bank of China International / Barclays / HSBC / Morgan Stanley as joint global coordinators

Bank of China (global coordinator)

5 Data applied in this table is as of June 2016.

85

风向

Government policy will continue to drive mainland China’s green bond markets

For issuers, green bonds will enhance the green labels of the issuers and display to domestic and foreign investors their commitment to social responsibility. Many governments around the world have introduced interest subsidy and tax break policies aimed at green bond issuers and investors. EY is looking forward to the implementation of related and matching policies in mainland China so that more green investors will be attracted to make investments that are socially responsible.

EY is a member of the executive council of the Green Finance Committee of the People’s Bank of China, a member in the International Capital Market Association (ICMA) which is the founder of the Green Bond Principles (GBP), and a third-party certification institution recognized by the Climate Bonds Initiative (CBI) which established the Climate Bonds Standards (CBS). EY is also the only institution in mainland China that uses the dual standards of ISAE3000 and AA1000. We are dedicated to providing services to green bond issuers such as pre-issuance certification, annual post-issuance certification, and road show support. EY will support the implementation of this state green financial policy and assist issuers such as financial institutions, enterprises, and local governments to make a success of their green bond issuance, so as to realize the “green” China dream.

唐嘉欣

安永气候变化与可持续发展服务

主管合伙人

安永华明会计师事务所

（特殊普通合伙）

唐嘉欣拥有22年专业服务经验，致力于财

务和非财务的信息披露与认证。专注于企业

财务管理与认证及内控管治、企业ESG与可

持续发展信息披露与认证、低碳发展咨询服

务、清洁发展机制（CDM）咨询及审核\核

证服务、碳交易和碳管理咨询服务等。

Author 作者介绍

Ivan Tong Principal Partner, Climate Change and Sustainability Services Ernst & Young Hua Ming LLP

Ivan Tong has over 22 years of professional service experience, with a focus on financial and nonfinancial information disclosures and certification. He specializes in corporate finance management and certification and internal control; corporate ESG and sustainable development information disclosures and certification, low-carbon development consultant service, clean development mechanism (CDM) consultancy and audit/verification services, carbon trading, and carbon management consultant services.

EY

86

On

the

BEA

M

您进行鉴证了没? 浅谈企业社会责任报告书鉴证 Have you endorsed it? On corporate social responsibility report endorsement

2015年是台湾企业社会责任蓬勃发展的一年，随着主管机关发

布“上市(柜)公司编制与申报企业社会责任报告书作业办法”

(简称作业办法)，要求食品工业与餐饮收入占营业收入达50%以上

(简称食品行业)、化学工业、金融保险业及股本达100亿新台币以上

之四大类上市柜公司编制企业社会责任报告书，2017年起更将范围

扩大至股本达50亿新台币以上之上市柜公司，如今企业社会责任成

为显学，而这些雨后春笋般出版的企业社会责任报告书，会不会有黑

心报告书? 会不会言不及义? 会不会是企业自我感觉良好?

于是，企业社会责任报告书鉴证需求应

运而生，透过第三方鉴证的把关，发挥

“三高一低”的效益：

增加可信度：报告书经过严谨的鉴证，

不仅可以提高信息的可靠性，更能逐步

提升信息品质，体现企业社会责任的真

正价值。

提高合规性：受规范上市柜公司未依作

业办法时限申报，或申报内容有错漏，

将由证交所及柜买中心处罚。同时，

企业亦应考量证券交易法第155条及第

174条之相关刑事责任。另一方面，企

业社会责任报告书中，对于各项法规的

遵循情况均有揭露之规定，透过鉴证的

执行，亦可提升企业对于相关法规的关

注与重视。

提升竞争力：对内，企业不仅可从诚实

揭露与平衡报导中，审视经营成效，

作为策略的依据外，鉴证基于公正的

立场，以观察者的角度，提供改善建

议，进一步提升企业的竞争力；对外，

公司治理作为企业社会责任的一环，公

司治理评鉴设有企业社会责任报告书是

否自愿取得第三方验证之指标，因此鉴

证不仅可为企业加分，若获选进入相关

指数，亦可增加能见度，提升资本流动

性。

降低风险：在鉴证过程中，执业人员对

企业非财务信息搜集流程所取得的了

解，如同中医的望、闻、问、切，可以

发现误述风险之所在，协助企业进行管

理。

87

风向

而作业办法规定食品行业应由会计师

依鉴证准则公报执行鉴证并出具意见

书，不仅是因为会计师受到社会大众

所信赖，更是由于会计师之鉴证工作

具有以下特性，可为企业社会责任报

告书加值。

客观的独立性评估：会计师受到“会

计师职业道德规范”约束，在超然独

立的立场下，出具鉴证报告，使报告

书更为可靠。

严谨的品质管制：会计师受到审计准

则公报第46号“会计师事务所之品

质管制”的规范，无论案件或整体

组织层面，均有严谨的制度控制鉴证

品质。

有系统的验证方法：会计师之鉴证工

作聚焦于重大不实表达，强调信息的

正确性，并引用审计方法，使企业社

会责任报告书鉴证具有与财务报表审

计同等的严谨性。

清晰的意见表达：会计师鉴证报告的

意见类型可能因范围是否受限制、是

否存有重大不实表达，而分为无保

留、保留、否定或无法表示意见，此

表达与财务报表之查核报告一致，使

读者更易了解。

信息流改善建议：透过会计师深厚的

产业知识，为企业提出内部控制的建

言，提高非财务信息揭露的透明度。

然而，鉴证并非万灵丹，提供给利害

关系人一本有意义并可信赖的企业社

会责任报告书，有赖企业的自觉，

并透过一套可检验的鉴证制度来健

全，两者相辅相成，这就是鉴证的意

义，也是企业与会计师共同实践社会

责任。

87

风向

88

On

the

BEA

M

2015 was a year that saw the active development of corporate social responsibility (CSR) in Taiwan. The

regulatory authorities unveiled the Methods for the Project of Preparing and Filing Corporate Social Responsibility Reports for Main Board- and OTC-listed Companies (Project Methods for short): Main board- and OTC-listed companies in the following four categories (those with over 50% of their revenue coming from food products and catering (the food industry), the chemical industry, the finance and insurance industry, and those with over NTD10 billion in share capital) are required to prepare CSR reports. In 2017, the scope will be broadened to include main board- and OCT-listed companies with over NTD5 billion in share capital. Today, CSR has become a mainstream discipline. However, among the published CSR reports that have sprouted up everywhere, there are some that are ill-intentioned, ill-informed or irrelevant ideas.

Hence the birth of the CSR report endorsement letter, which is a gate-keeping exercise performed by a third party to achieve the benefits of “three increases and one decrease.”

Increased credibility: If a report has been endorsed, it indicates the information is both reliable and of high quality.

Increased compliance: Main board- or OTC-listed companies that fail to file the report before the mandated project deadline, or that make mistakes or omissions in the report, will be penalized by the Exchange and OTC Center. Enterprises should also make reference to the relevant criminal responsibilities in Article 155 and 174 of the Securities Transaction Law. Moreover, the CSR report carries disclosure requirements that must be met. Therefore, the endorsement itself will make enterprises pay greater attention to and give greater importance to the relevant rules and regulations.

89

风向

Increased competitiveness: Internally, with the honest, revealing and impartial account in its report, an enterprise can review its operations, use the data as a basis for strategy making, and formulate recommendations on the impartial position and the perspective of the report. Externally, corporate governance, as part of CSR, necessitates the enterprise voluntarily submit its CSR report for third-party verification. Endorsement, therefore, increases the standing of an enterprise. If it is selected to be a constituent stock in the stock index, its visibility will increase, which will increase its capital liquidity.

Decreased risks: During an endorsement, practitioners will gain an understanding of an enterprise as they gather its nonfinancial information, much like the diagnosis of a traditional Chinese medicine doctor when he observes, listens, feels the pulse, and asks questions to a patient. In this way the practitioner can uncover where the risks of misrepresentation are and help the enterprise manage them.

For the food industry, the project methods require an accountant to be the person to execute the endorsement and provide a letter of opinion. This is not only because accountants are trusted by society, but also because the endorsement tools of an accountant have the following characteristics:

Objective and independent assessment: Accountants are bound by their professional ethics and have a detached and independent position; there an endorsement report from them will make it more trustworthy.

Rigorous quality control: Accountants are regulated by No 46 of the Audit Standards Bulletin, Quality Control on Accounting Firms. At both case and organizational levels, there are rigorous institutional controls on the quality of endorsements.

Systematic verification methods: The endorsement work of an accountant focuses on material misrepresentation: it emphasizes the accuracy of information, and employs audit methods to make CSR report endorsements as rigorous as a financial statement audit.

Clear-cut statements of opinion: Depending on whether the scope of reporting is restricted, and whether there are material misrepresentations, the opinion in an accountant’s endorsement report is stated as an unqualified opinion, qualified opinion, adverse opinion, or a disclaimer of opinion. The language is consistent with the audits of financial statements, making it easier for readers to understand.

Information flow improvement recommendations: Recommendations made by accountants with rich industrial knowledge on corporate internal controls will increase the transparency of nonfinancial information disclosures.

However, an endorsement is not a panacea and it is still up to companies to provide stakeholders a meaningful and reliable CSR report. This, plus a sound and verifiable endorsement mechanism, and with the two reinforcing each other, is the true meaning of endorsement, which is the common social responsibility for companies and accountants.

曾于哲

气候变迁与永续发展服务部

执业会计师

安永联合会计师事务所

曾于哲主要负责包括台湾及国际跨国企业，

包含传统产业、医药生技业、电子业、化工

业等之审计以及上市柜及公开发行服务。

Roger Tseng Partner, Climate Change and Sustainability Service, Assurance Ernst & Young, Taiwan

Roger Tseng mainly oversees audit, listings on the main board or over the counter, and open issues of international multinational corporations, including those in Taiwan, in traditional industries, pharmaceutical biotechnologies, electronics, and chemicals.

Author 作者介绍

EY

90

On

the

BEA

M

作为始创企业，您有否

想过终点在哪里? As a start-up, where do you want to end up?安永全球金融服务团队可协助各类型金融科技公司拓展业务、成长

和达至成功。

EY’s global financial services team can help FinTech companies flourish, grow and succeed.ey.com/financial #BetterQuestions

The better the question. The better the answer. The better the world works.

91

风向

下一代大数据的改革 将成就大决策吗? Is the next evolution of big data, big judgment?安永遍布全球的金融服务专才网络可协助企业改变决策方法。

Find out how EY is helping companies transform the way decisions are made. ey.com/analytics #BetterQuestions

The better the question. The better the answer. The better the world works.