我国上市公司并购支付方式及其财务会计问题研究

【作者】 何丹；

【导师】 傅代国；

【作者基本信息】 西南财经大学 ， 会计学， 2002， 硕士

【摘要】 在全球范围内，并购已经成为企业扩大规模、增强实力、提高效率的重要手段。中国加入WTO，将是21世纪全球经济给予中国企业家的重大机遇，也使得中国的企业面临"入世"和经济全球化的挑战。由于并购多以强强联合、战略合作为目的，涉及上百亿、上千亿的并购事件已不再鲜见，要支持如此大规模的并购，仅仅靠现金支付是不可能的完成的，这就要求与并购行为相适应的支付方式的创新。在公司并购活动中，支付是交易的最后一环，也是交易最终能否成功的重要一环，支付方式的选择关系到并购双方的切身利益，恰当的支付方式可以使各方达到利益上的均衡。西方国家的并购支付往往可以有效地发挥多种融资方式的作用，支付方式也相对比较灵活。而在我国，并购作为一种投资行为，其发展的过程并不算太长，由于制度、法律规范上的滞后，使得对很多支付方式的选择仅仅处于一种尝试阶段。1999年随着清华同方采用换股并购方式吸收合并鲁颖电子的成功，我国越来越多的上市公司采用该种方式进行并购，在证券市场上产生了很大的影响，对证券监管部门、会计准则制定机构等也提出了诸多前所未有的问题。因此，本文以并购的支付方式为研究对象，通过对并购支付方式的种类、并购支付方式的选择的分析，来研究我国上市公司并购支付方式所涉及的财务会计问题。由于我国《合并报表》会计准则还在制定过程中，预计将在今年内出台，所以对该问题的研究极具前瞻性和现实性，这也是本文研究的出发点与意义所在。本文遵循以下线索和思路展开分析：首先，本文以并购的一般研究为逻辑起点，对并购的涵义进行全面界定，引出本文的研究对象——并购支付方式，从而对并购支付方式所涉及的财务会计问题进行具体论证。<WP=3>其次，对并购支付方式涉及的财务会计问题又按照“提出问题-分析问题-解决问题"三大步骤来组织和构建全文框架。如对换股并购涉及的财务会计问题这部分的论述，首先提出问题"我国换股方式的吸收合并究竟应采用什么会计处理方法（购买法或权益集合法）”，然后结合案例以及相应的政策法规、资本市场的现状进行分析，最后得出结论：这两种方法都有各自相适应的情形。本文的主要内容安排如下：第一部分 并购的一般研究 在本部份中，首先对并购的概念和范围进行完整界定，从而能够使对并购支付方式的讨论建立在一个比较全面的基础上。结合有关法律法规以及当今我国证券市场上演绎的并购行为，笔者认为并购有狭义和广义之分，（1）狭义的并购，即公司法上所定义的吸收合并和新设合并（2）广义的并购，是指除了公司法上的吸收合并或新设合并外，还应包括控股并购，即通常意义的收购。其次，讨论了并购的动机，澄清并购动因是深入探讨并购领域中其他财务问题的前提，当然也包括并购支付方式的选择，因为其与并购的动机密切相关。企业之所以会选择通过并购实施对外扩张的发展方式，而不是内部积累的方式，其背后有着深刻的经济动因，这里着重归纳西方学者对并购动机的主要理论，然后分析了在中国证券市场这个特殊的环境下中国企业特殊的并购动因。第二部分 我国企业并购的支付方式 这部分切入正题，列举了我国各种并购支付方式的种类、特点以及其存在的制度基础。在我国，并购作为一种投资行为，其发展的过程并不算太长，所以传统的现金支付方式是主流，由于制度、法律规范上的滞后，使得对很多支付方式的选择仅仅处于一种尝试的阶段，比如说，换股并购以及管理层收购。另外，鉴于历史方面的原因，在并购交易中又形成了自身特有的支付方式，如承担债务方式和国家无偿划拨方式。再则，由于制度的缺陷出现了许多属于大股东对上市公司拯救行为的并购方式，即资产整体置换方式并购。<WP=4>此外，该部分还论述了影响并购支付方式的因素。在西方的一些研究中，对并购支付工具的选择有七种理论，它们是：未来的投资机会假说、风险分担假说、控制权假说、现金可得性假说、外部监控假说、收购方式假说、企业的生产经营周期假说。会计准则与税法同样对并购支付工具的选择有着重要影响。第三部分 换股并购涉及的财务会计问题 该部分是全文的重点。通过对我国上市公司已出现的若干起换股合并的案例分析研究，对我国换股合并究竟是采用购买法还是权益集合法处理进行探讨，最终得出结论。在该部分中，首先对企业并购的两种会计处理方法--购买法和权益集合法进行比较，权益集合法与购买法的本质区别在于：权益集合法将企业的合并视为股东权益和资源的合并，合并会计报表是参与联合企业账面价值的合并，不产生资产的增值与商誉，因此不存在商誉的确认和分期摊销的问题。而购买法对被并企业的资产和负债按公允价值计价，所产生的巨大资产增值与商誉将对并购后的合并损益以及一些财务比率带来深远的影响。2001年7月，美国财务会计准则委员会（FASB）正式发布的《企业合并准则》（statement 141）明确规定废除权益集合法，引起国内外会计理论界和实务界轩然大波，围绕此，有关合并报表的议题再次成为会计理论与实务界关注的焦点。然而在我国，已出现10多例换股合并，都无一例外的采用了权益集合法进行处理?更多还原

【Abstract】 In the scope of the seven seas, merger and acquisition (M&A) have played an important role in expanding the business scale, intensifying the strength and enhancing the efficiency. Since China became the member of the Word Trade Organization (WTO), it is golden opportunity as well as global challenge to the Chinese enterprisers and the corporation at the same time. Because most M&A activities are for the purpose of combination between two powerful organizations or for the strategic cooperation, it is not unusual to talk about the M&A transaction which is the sum total of over one ten billion, even one hundred billion. It is very difficult to fulfill such large-scale M&A exchange only by the payment of cash, so the innovative method of the payment is required in M&A. In the corporate merger and acquisition, payment is the last tache, but is also the most crucial one. The choice of the method of payment in corporate M&A is connected with the both interests, so the congruent method will result in the equilibriums. The method of payment in west countries is relatively agility, however in our county, the choice of some method is just in the tentative stage because of lag in existing system and laws. Along with the success of combination between Tsinghua Tong Fang and Lu Ying Electron by means of exchanging shares in 1999, more and more public companies practice M&A by using such means, and consequently have great influence on the securities business in China, and also put forward the questions to the Chinese Securities Regulatory Commission (CSRC) and the institute to establish the accounting rules.This dissertation takes the method of payment in corporate M&A as logic jumping-off point, by analyzing the category of payment and choice of payment, in order to research the financial accounting problems relative to<WP=8>the method of payment in Chinese public companies. Because the Business Combinations statement is still in the process of instituting, study on these series questions will contribute to the establishment of accounting rules. This is one of the most important reasons why I choose this thesis.The main content of this article listed as follows:Part one, the generally research on the corporate M&A. This part at first discusses the definition of the M&A, including both broad sense and narrow sense, which will make the later discuss about the method of payment more plausible. Second, discuss the motivation of M&A, which is the prerequisite for other M&A financial problems, such as the choice of the M&A method, because it has a close relationship to the motivation of M&A. In this section, several west theories are listed to relate the general motivation, and at the same time, the specific reasons for Chinese M&A are also discussed.Part two, the method of payment of Chinese companies. This part comes to the point. The first section specializes in the category and characteristic of all kinds of payment. In our country, M&A acting as an investment activities just experience a very short time, so the traditional payment of cash is still mainstream. Some innovative payment such as exchanging shares and MBO is just in the tentative stage because of the laggard system and laws. Owing to the historical factor, the proper method of payment has come into being in the M&A transaction, such as bearing debt and transferring cost-free. In addition, on account of the system limitation, so many assets trade-in took place in the capital market, which is in fact the main shareholder rescuing the list company. The second section, discusses several factors influence the method of payment. First, list seven hypothesis of the west research, including Investment Opportunities Hypothesis, Risk Sharing Hypothesis, Control Hypothesis, Cash Availability Hypothesis, Outside Monitoring Hypothesis, Mode of<WP=9>Acquisition Hypothesis and Business Cycle Hypothesis, then specify the accounting rules and tax law which also have great effect on the choice of payment.Part three, the financial accounting issue involved in sha更多还原