反向购买会计准则研究-徐晓岚.pdf
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1、 谨以此论文献给我最敬爱的导师, 最亲爱的家人, 以及所有爱我、帮助过我的人们 -徐晓岚 反向购买会计准则研究 摘 要 借壳上市,是相对于 IPO 来说的一种“曲线救国”的上市途径。与 IPO 相比,借壳上市具有无需花费高额的保荐人费用,无需 IPO 窗口,过程相对快捷等一系列优势。 实现借壳上市的路径很多 ,反向购买 便是其中重要的方式之一 。 随着IPO 数次关闸及新股上市审查趋严,我国资本市场 IPO 堰塞湖现象频现,通过反向购买实现借壳上市成为资本市场的热点话题。 2008 年 ,我国资本市场出现了一个反向购买的高潮 ,准则首次对反向购买交易进行规范 。 2008 年之后, 反向购买会
2、计准则历经修订,但仍不够完善 ,导致企业反向购买交易会计处理不统一、不规范,甚 至掩盖交易的真实性,严重损害投资者利益和整个资本市场的稳定。及早完善我国反向购买会计准则有利于规范反向购买行为和保护资本市场参与者的长远利益。 反向购买会计准则的出台是基于借壳上市交易频繁发生的背景,它主要的应用范围就是借壳上市。 现行准则按照被购买方是否构成业务规定合并报表的编制分别采用反向购买法和权益性交易原则。在 上市公司不构成业务的情况下,被购买方实际是一个仅具有上市公司身份的“壳”公司,购买方付出高额代价购买这样一家公司的目的是非常明确的,是单纯为了获得上市公司“身份证” ,冲减资本公积的合并溢价实质是
3、买壳的成本;照此推断,当被购买方构成业务时, 反向购买法 下 确认的商誉中实际也包含了“壳资源价值” ,其并非是真正的商誉,在后期会面临大额减值 。反向购买法和权益性交易原则差异的实质是对“壳资源价值”处理方式的不一致 ,这是反向购买会计准则存在的核心问题。 通过分析可知,这种不一致的存在产生了不同的会计后果,进而对合并主体及其利益相关者带来了不同经济后果,而这种仅因为对同质交易采用不同会计处理方式而带来经济后果的现象是不合理的。准则应当站在信息中立的基础上,充分考虑经济后果,统一“壳资源价值”的处理方式。通过对三种可 能的解决方案进行逐一分析,笔者在考虑“壳资源”性质的基础上,最终提出了一种
4、与现行准则不同的探索性的反向购买会计处理方法,将“壳资源价值”确认为一项资产。这一方案不仅能够解决准则对“壳资源价值”处理不一致的问题,还能有效避免另外两种方法下存在的弊端,并且高额的“壳资源价值”入账也能有效抑制不理性的借壳上市行为,有利于资本市场的健康发展。 关键词: 反向购买 会计准则 商誉 壳资源 经济后果 Research on Reverse Acquisitions Accounting Standard Abstract Backdoor listing is a kind of indirect way to go public. Compared with IPO, bac
5、kdoor listing has no need to take the high sponsorship fees and the IPO window, and the process is relatively quick. Reverse acquisition is one of the most important ways to achieve backdoor listing. As several switch-off ipos and new listings review tighter, capital market IPO dammed lake phenomeno
6、n are frequent in our country, Reverse acquisition becomes a hot topic in the capital market. In 2008, our country capital market appears a climax of reverse acquisition and the accounting standard regulate the reverse acquisition transactions for the first time. After that, accounting standards of
7、reverse acquisition is revised several times, but still not perfect. This leads to that the accounting treatment of reverse acquisition is not unified, not standard, and even cover up the truth of the trading, which seriously harm the interests of the investors and the stability of the whole capital
8、 market. It is necessary to improve the accounting standards to regulate reverse purchase behavior and protect the long-term interests of the capital market participants. Reverse acquisition accounting standard is mainly used in the application scope of backdoor listings. There are two kinds of meth
9、od to prepare the consolidated statements, reverse purchase method and equity trading principle. If the acquiree is business, reverse purchase method is useful, otherwise the equity trading principle is the right way. Under the condition of the listed company does not constitute a business, the acqu
10、iree is actually a “shell“ company. The purpose of the buyer to pay a high price to buy a shell company is very clear, just to get listed company “id“. The merger premium is actually the cost to buy a shell. For the same reason, when the acquiree constitute business, under reverse purchase method, t
11、he goodwill actually also contains “shell value“ and it is not a real goodwill. Afterwards, the goodwill will face big write-down. The main difference of reverse purchase method and the equity trading principles is the way to approach “shell resource value“ .This is the core problems of the accounti
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- 反向 购买 会计准则 研究 徐晓岚
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