【作者】 彭慧；

【导师】 唐敏；

【作者基本信息】 西南财经大学 ， 会计学， 2007， 硕士

【摘要】 企业合并一直是备受关注的课题之一,在企业合并中,合并企业财务报告是投资者预测和评价合并效应的主要依据,而不同的合并会计处理方法会产生不同的会计信息,导致各利害关系集团不同的利益分配结果,进而影响社会资源配置的效率和效果,即具有经济后果。本文从理论上分析了合并会计处理方法的经济后果,并以TCL集团吸收合并TCL通讯为例,比较了购买法和权益结合法下的财务状况、经营成果和主要财务指标,说明不同会计处理方法产生的经济后果,并在此基础上对我国颁布的企业合并准则允许采用权益结合法的合理性进行了分析,同时提出自己的建议和对策。全文一共分为五部分。第一部分概述了经济后果基本理论。首先,介绍了经济后果的含义及“代理人理论”。其次,经济后果理论作为实证会计研究的分支,正是在“代理人理论”基础上发展而来的,同时实证会计研究提出了著名的三大假说即奖酬计划假说、债务契约假说、政治成本假说,并对经济后果进行了有力的解释。第二部分对企业合并的会计处理方法基本理论介绍。首先,对企业合并会计处理方法即购买法和权益结合法的含义和特点进行简单介绍。其次,对两者的差异进行比较分析,主要包括如下方面:购买法和权益结合法的理论假设不同,对会计信息两个主要质量特征影响不同以及对合并报表产生的不同影响,其中对合并报表产生的不同影响主要包括:对合并当年经营成果的影响,只要企业合并发生在会计年度中,被合并企业在合并日前又有利润,则在权益结合法下编制的合并企业利润表利润一定大于购买法下编制的合并企业利润;对合并以后年度经营成果的影响,购买法的年度利润小于权益结合法下的利润;对合并资产负债表的影响,购买法下合并后的资产权益通常高于权益结合法;对财务比率的影响,在购买法下资产负债率和净资产收益率均低于权益结合法,而流动比率高于权益结合法;对每股收益的影响,购买法下的每股收益小于权益结合法。最后,介绍了两种方法的优缺点。通过这章的分析以期为不同的会计处理方法带来的经济后果奠定基础。第三部分介绍关于国外企业合并会计处理方法的经济后果分析。首先,在国外研究文献综述中,主要将其分为两类:企业合并的会计处理方法对企业价值不存在差别性影响;企业合并的会计处理方法对企业价值存在差别性影响。其次,对于企业合并会计处理方法所产生的经济后果主要从对企业管理者和企业投资者两个方面来加以阐述的:从企业管理层来说,企业管理人员的经济利益可能会直接受到影响,尤其是当其报酬直接与报告收益挂钩时,换句话说,如果企业管理层的报酬与报告收益直接挂钩,企业的报告收益越高,其报酬的计算基数就越大,由于权益结合法能产生巨额的“即时收益”,管理层可以从权益结合法中得到更多的利益,而购买法便不能体现出这一优势;另一方面,管理人员的社会声望可能也会受到影响,比如可以提高业绩,使其具有成就感等;从企业投资者来说,不同的合并会计方法可能会影响投资者对企业价值的评价,同时,合并会计方法也可能会影响交易双方的讨价还价,由于权益结合法能带来较高的报告收益,这可能会使得收购方尽量变收购为换股合并以满足采用权益结合法的限制条件。第四部分阐述了关于我国企业合并会计处理方法的经济后果分析。首先,对于不同的企业合并会计处理方法在我国会产生不同的经济后果,主要结合我国的融资、监管环境及管理者报酬计划来进行具体分析;从融资环境来说,对于上市公司而言,融资渠道包括债务融资和股权融资,通过对债务融资和股权融资的分析,可以得知,不同企业合并会计方法会产生不同的经济后果;从监管环境来看,根据中国证监会的相关规定,上市公司连续2年发生亏损时,其股票将被特别处理(简称ST),连续3年发生亏损时,其股票将被停止交易(简称退市),为了逃避被退市,他们在进行企业合并时会选择有利于达到自身目的的方法,因此,在这种情况下,企业合并的会计处理方法也会产生不同的经济后果;从管理者报酬计划来看,在通常情况下,会计利润常常作为激励管理者的基础,因此,即使企业管理人员在对企业合并会计处理方法进行选择时没有进行利润操纵,但也会选择符合自己经济利益的会计处理方法,从而使得不同的会计处理方法产生不同的经济后果。其次,结合TCL集团换股合并TCL通讯的案例进行分析,说明我国不同的合并会计处理方法产生的不同经济后果。主要包括两个方面:采用不同会计处理方法对资产负债表、利润表及主要财务指标(每股收益、每股净资产和净资产收益率)的影响以及借鉴国外的研究对经济后果进行分析,包括对企业管理层和投资者的分析,从而说明在我国特定的环境下,不同企业合并会计处理方法产生不同的经济后果,同时得出管层偏好权益结合法的结论。第五部分阐述了权益结合法在我国存在的合理性分析及对策。首先,对权益结合法在我国存在的合理性进行了分析,主要包括如下几方面:环境分析、理论基础和实践基础、现实基础和操作基础;其次,提出建议和对策。虽然我国允许采用权益结合法,但由于本身带来的经济后果决定了其有不利的一面,为了防止企业利用企业合并作出不利于投资者的决策,笔者认为应从外部环境、企业管理层和投资者三个方面入手:从外部环境来说,为了防止其利用权益结合法本身的缺陷进行利润操纵,应对其应用条件作出严格的限定以及充分发挥约束监督机制的作用;对企业管理层来说,应对采用权益结合法的原因及与购买法形成的差异进行披露;对于企业投资者来说,不应只着重企业提供的会计报告信息,也应重视企业合并所采用会计处理方法,从而有利于做出投资决策。通过以上五个部分的介绍,主要目的在对企业合并会计处理方法的经济后果进行研究的基础上,把我国新颁布的企业合并准则与之相结合,并对权益结合法在我国存在的合理性进行了阐述,同时提出建议和对策,以期有利于准则的发展和完善,这是本文的新颖所在。然而,本文也存在一些不足之处,主要表现在:在分析关于我国企业合并会计处理方法是否具有经济后果时,主要从证券市场环境和管理者报酬方面进行分析,而没有分析企业规模、财务杠杆的效用对其产生的影响;同时,在结合TCL案例进行分析时,没有分析权益结合法对原TCL通流通股股东和债权人的影响也是本文的不足之一。更多还原

【Abstract】 Corporate merger has been one of the topics of concern. Investors’Financial report is the main basis for forecasting and evaluating the effects of the merger. And the different accounting methods produce different accounting information, resulting in the distribution of interests in the results of different interest groups. Thus affecting the efficiency and effectiveness of the allocation of social resources that have economic consequences. Based on theoretical analysis of the economic consequences of the merger accounting treatment. Coming to the merger and absorption of TCL Group as an example, compare the purchase and pooling of interest method of the financial situation, operating results and main financial targets, the different accounting treatment of the economic consequences. China has promulgated on the basis of the norms of corporate merger pooling of interest method allows for a reasonable analysis also put forward their suggestions.A total of text is divided into five parts. The first part outlines the economic consequences of the basic theory, first of all, the economic consequences and the meaning of "agent theory." Second, the economic consequences of Positive Accounting Theory as a branch of the accounting procedures abstract Positive Accounting Theory, The three proposed the hypothesis that the Premium Plan hypothesis, the hypothesis lease obligations, the political cost hypothesis consequences for the economy of a powerful explanation.The second part of the accounting treatment of a corporate merger study. First, the accounting treatment of business combinations that the meaning of the purchase and pooling of interest method, and features a brief introduction; Secondly, a comparative analysis of the difference between the two, including the following : the purchase and pooling of interest method of theoretical assumptions, two main qualitative characteristics of accounting information and the different impacts of the merger of the different statements, The differential impact of the merger statements which include : the impact of the merger business year。The two explained the different effects on the financial statements, including:the impact of the merger of the business year. If mergers in the accounting year, it was a joint enterprise with profit before the merger. rights under the law in connection with the preparation of the combined enterprise profit report prepared under the purchase method profit will exceed the combined profits of enterprises; After the merger of the operating results of the impact of the purchase method of the annual profits of less than rights and profits under the law; The balance sheet impact of the merger, assets after the merger under the purchase method is usually higher than the rights and interests; the impact on financial ratios, in the purchase of assets and liabilities under the Act and the net rate of return below the rate of interest method.And the flow rate is higher than interest method; the impact on earnings per share less than earnings per share purchase rights under the law binding. Finally, we talk about the advantages and disadvantages of the two methods. Through this chapter of the different accounting treatment with a view to the economic consequences of lay the foundation.The third part of foreign countries on the economic consequences of corporate merger accounting treatment research. First, study abroad, mainly divided into two categories: The accounting treatment of mergers there is no difference in impact on the enterprise value; the accounting treatment of business combinations that vary impact on enterprise value. Secondly, For corporate merger accounting treatment resulting from the economic consequences of major enterprises to both investors and corporate managers elaborate;from the enterprise management,enterprise management staff of the economic interests will be directly affected. Especially when the proceeds paid directly linked with the report, in other words, If the management of enterprises and the remuneration report directly linked to income, the higher the earnings report. Their remuneration calculated on the base of the greater because of the huge interest method can produce "immediate return". Management can receive more rights and the interests of law; the other hand, The management staff will also be affected by such social standing can enhance performance, it will have a sense of achievement; investors from enterprises of different accounting methods may affect investors to evaluate the value of the enterprise, while accounting methods may affect the bargaining transactions, the rights and the law can be brought in a higher reported income. This may make the acquisition side to change to meet the Amalgamation for the acquisition using the pooling of interest method restrictions.Section IV deals with the accounting treatment of Chinese enterprises on the economic consequences of research. First, the accounting treatment of mergers in China whether the economy. major financing and regulatory environment in light of China’s specific analysis; from the financing environment, for example, listed companies, financing channels, including debt financing and equity financing, debt financing and equity financing of the analysis, we can see that corporate merger with the economic consequences of the choice of accounting methods; From the regulatory environment, in accordance with the relevant provisions of the China Securities Regulatory Commission. Listed companies suffered losses for two consecutive years; its shares will be special treatment (ST). Three consecutive years of losses, its shares will stop trading (stock market), in order to avoid a delisting. During the corporate merger will choose a method to achieve their aims, therefore, in such circumstances, the accounting treatment of business combinations also has economic consequences. Secondly, case analysis, Amalgamation Share TCL Group combined with our accounting treatment of the cases to prove economic consequences. Mainly two aspects: using different accounting treatment of the balance sheet, Profit and major financial indicators (earnings per share. and the net rate of return on net assets per share), as well as learn from the study include an analysis of the economic consequences of corporate governance The group of investors and analysis, which can show in a specific environment, accounting treatment of business combinations have economic consequences.Section V describes the rights and the law in a reasonable analysis and countermeasures. First, the interests of our existence is reasonable in light of the analysis, including analysis of the following areas: environment, theoretical and practical foundation, based on the practical and operational base; Secondly, the proposals and solutions Although allows pooling of interest method, but because of the potential adverse economic consequences of its decision to side. To prevent the use of corporate merger will help investors make decisions not, in my view from the outside environment. Three aspects: the enterprise’s management and investors from the external environment. To prevent the use of interest method of defects for profit manipulation. Should strictly limit its application conditions and the supervision mechanism into full play the role of constraint; on the management of enterprises, and the reasons for using the pooling of interest method to deal with the difference between the purchase method disclosure forms; for enterprise investors. Should not only focus on information provided by the accounting reports, attention should also be used in accounting treatment of business combinations. This will help make their investment decisions.Through the above five parts, the main purpose of corporate merger accounting treatment on the basis of the economic consequences. China’s newly promulgated corporate merger guidelines changed, and also our rights and in the reasons for the exposition the same proposal and measures with a view to facilitating the development and improvement of standards, which is where this novel. However, in this paper, there are some shortcomings, the main problems :In its analysis of our consolidated accounting treatment methods have economic consequences, mainly from the stock market environment and managers pay for the analysis, and analysis is the size of enterprises, The financial leverage of its effectiveness; At the same time, with TCL case analysis, no analysis of Interests Act TCL links to the original flow of Shareholders and creditors of the paper is less than one.更多还原