Unconsolidated Finance Subsidiaries: Characteristics and Debt/Equity Effects.
研究了纽交所公司金融子公司的特征，发现合并这些子公司会显著改变重设备制造商和零售商的债务权益比率，影响FASB合并政策。
Abstract This article describes and analyzes several aspects of the finance subsidiaries of New York Stock Exchange firms. The descriptive results presented above lead to several conclusions of relevance to the Financial Accounting Standards Board (FASB) Consolidations project. First, this study suggests that the FASB decision to consolidate finance subsidiaries will have its major impact on certain industries particularly, on heavy equipment manufacturers and merchandise retailers. The unconsolidated finance subsidiaries of many such companies carry large amounts of receivables and debt which, when consolidated with parent company amounts, can lead to substantial changes in debt/equity position. However, as noted earlier, the specific debt/equity effects will vary from firm to firm, and the magnitude of such effects will undoubtedly influence individual firm comments and lobbying efforts with regard to the requirements of FASB for a broader-based consolidation policy. In summary, then, the results of this study suggest both the need for disclosure improvements with regard to current consolidation practice and the possible impacts of a broader-based consolidation policy. As the FASB gives further consideration to its Consolidations Project, it is hoped that some of these needs and impacts will become part of a consolidation policy that will enhance comparability and portray a more meaningful controlled economic entity.