2007年12月13日 霧

經過了連續數晚的運動，今晚決定休息一下。

重聽了林森池對中國人壽的分析，再加上讀了中國人壽二零零六年年報有關會計準則的章節，對長短棍有了基本的概念。

其實長棍和短棍在2006年中人壽的年報有很詳細的解釋。

Available-for-sale security 即長棍

Available-for-sale securities are non-derivative financial assets that are either designated in this category or not classified in either of the other categories.

Financial assets at fair value through income 即短棍

This category has two sub-categories: financial asset held for trading and those designated at fair value through income at inception. A financial asset is classified as held for trading at inception if acquired principally for the purpose of selling in the short term or if it forms part of a portfolio of financial assets in which there is evidence of short term profit-taking. Any other additional financial assets may be designated at fair value through income at inception by the group. The group presently has no financial assets designated at fair value through income at inception.

讀其解釋真的是不知所云，但林森池在節目中卻直接了當地解釋長短棍的分別在於它們的入帳方式。
原來如果中人壽買入的股份是被歸類為長棍，其價格的升跌只會在 Balance Sheet 的 Capital Reserve 入面反映而不會立即在 Income Statement 入帳的。相反短棍的升跌則會即時反映在 Income Statement 上。根據這樣的會計準則，林森池指出 A 股大跌是不會即時影響中人壽的純利的。

可是如果中人壽持有的長棍股票持續下跌又怎樣呢？請參看 2006年年報以下一段：

Impairment of financial assets other than at fair value through income

Financial assets other than those accounted for as fair value through income are adjusted for impairments, where there are declines in value that are considered to be other than temporary. In evaluating whether a decline in value is other than temporary, the group considers several factors including, but not limited to the following:

1. the extent and the duration of the decline;

2. the financial condition of and the near-term prospects of the issuer;

3. the Group’s ability and intent to hold the investment for a period of time to allow for a recovery of value.

When the decline in value is considered other than temporary, relevant financial assets are written down to their net realized value and the charge is recorded in “Net realized gains / losses) on financial assets” in the period the impairment is recognized. The impairment loss is reversed through the income statement if in a subsequent period the fair value of debt security increases and the increase can be objectively related to an event occurring after the impairment loss was recognized through income statement.

原來是否作出減值也是要看多個因素的，例如股票價格是否持續下跌、發行股票的公司的財務狀是否健全和中人壽的管理層是否願意繼續持有股票以待其價格回升。所以如果中國經濟是硬著陸，公司純利大跌甚至倒閉，中國人壽也要被迫對其資產進行減值，而減值則會在 Income Statement 的 "Net realized gains / losses" 反映出來，純利也會倒退。

真的非常感謝林大師給我上了一堂寶貴的會計課呢。