Financing and investment decisions occur across a vast range from top corporate executives considering acquisitions of plant, property and other companies, to retail investors running their own portfolio, private equity investors looking to acquire a stake in a business, be that a small first-time buy-out at around a million pounds or Apollo’s recent purchase of the materials division of General Electric for £3.8 billion, up to asset management institutions looking after billions of dollars for their clients. Across that range there is obviously a wide spread of investor appetite for risk. To get some sense of what that spread might be, I did some research into the investment market, looking at what assets are available to be invested. This information is taken from Wikipedia. It is not particularly current and it is not all from the same year, so it is not directly comparable, but still I think it is relevant for context of what we are talking about. In 2010 the $32.8 trillion of funds under management came from ultra-high and high net worth private families. Behind that, pension funds, insurance companies and mutual funds provided $31.5, $24.4 and $23.8 trillion of funds respectively. So that is well over $100 trillion from what I would consider to be relatively prudent investors. Obviously, the ultra-high and high net worth families will have a differing appetite for risk but even so, across that cohort I would expect there to be a significant majority in the low to average risk bracket. By contrast, hedge funds and private equity funds represent $2.8 and $2.6 trillion of assets available, so I would suggest this money is more likely to be directed towards higher risk, higher return investments, including value investors down in distressed businesses. Clearly, there is a lot of money out there looking for a home, so how does financial reporting, particularly IFRS, help to define that search? IFRS are mandatory for companies raising equity or debt from publicly quoted markets, so they apply to all PLCs and a number of large private companies accessing the

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“报告事项：财务报告对投资和融资决策的实际影响”——从业者观点

融资和投资决策的范围很广，从考虑收购工厂、房地产和其他公司的企业高管，到经营自己投资组合的散户投资者，再到寻求收购企业股份的私募股权投资者，无论是首次以大约 100 万英镑的价格收购或阿波罗最近以 38 亿英镑收购通用电气的材料部门，由资产管理机构为其客户管理数十亿美元。在该范围内，投资者的风险偏好显然存在广泛分布。为了了解这种价差可能是什么，我对投资市场进行了一些研究，研究了哪些资产可供投资。此信息取自维基百科。它不是特别流行，也不是全部来自同一年，所以它不能直接比较，但我仍然认为它与我们正在谈论的上下文相关。2010年管理的32.8万亿美元资金来自超高和高净值私人家庭。在这之后，养老基金、保险公司和共同基金分别提供了 31.5 美元、24.4 美元和 23.8 万亿美元的资金。因此，从我认为相对谨慎的投资者那里获得的资金远远超过 100 万亿美元。显然，超高净值家庭和高净值家庭对风险的偏好会有所不同，但即便如此，在这个群体中，我预计低到平均风险等级的人占绝大多数。相比之下，对冲基金和私募股权基金代表了 2.8 美元和 2.6 万亿美元的可用资产，因此我认为这些资金更有可能用于更高的风险，更高回报的投资，包括投资于陷入困境的企业的价值投资者。显然，有很多钱都在寻找房子，那么财务报告，尤其是 IFRS，如何帮助定义这种搜索呢？IFRS 对从公开报价市场筹集股本或债务的公司是强制性的，因此它们适用于所有 PLC 和许多进入该市场的大型私营公司