从吉利并购沃尔沃案看并购会计“控制”概念的复杂性

发布时间：2019-05-14 14:24

【摘要】：本论文的研究目的是通过对吉利收购沃尔沃案例的深入分析，揭示本次收购业务的实质内涵。本研究首先从了解参与交易的相关方背景入手，通过开展SWOT分析了解交易相关方所处的内外部环境和地位，了解相关方完成本次交易的动因。再通过对相关方开展财务分析，了解交易后各相关方的财务表现，评价各相关方交易后的利益得失。吉利集团在本次并购案例中获得了约17亿美元罕见的额外收益（即“负商誉”）。但是，媒体以及理论界的相关论文对此都缺乏关注。为此，本论文着重分析了“负商誉”的理论本质并结合本次收购案例分析了“负商誉”产生的具体原因。并由此开展了关于“向管理层让渡控制权”的分析和讨论。通过以上的分析和研究，获得了四个方面的研究成果：1）揭露出吉利集团在成功收购沃尔沃过程中所创造的110亿人民币收益存在错报的问题；2）创新性地提出“负商誉”属性中存在“向管理层过渡让渡控制权的”思想；3）揭示出吉利集团在成功收购沃尔沃过程中存在向管理层过度让渡控制权的问题；4）提出了对吉利集团合并财务报表将沃尔沃纳入合并范围的质疑。以上的种种结论，，无一不是在提醒会计理论界以及商业界并购会计中“控制”概念的复杂性。
[Abstract]:The purpose of this paper is to reveal the essence of the acquisition business through the in-depth analysis of Geely's acquisition of Volvo. First of all, this study starts with understanding the background of the relevant parties involved in the transaction, through the SWOT analysis to understand the internal and external environment and status of the parties involved in the transaction, and understand the motivation of the relevant parties to complete the transaction. Then through the financial analysis of the relevant parties, we can understand the financial performance of the relevant parties after the transaction, and evaluate the benefits and losses of the relevant parties after the transaction. Geely Group made a rare extra profit of about $1.7 billion (negative goodwill) in the merger. However, the media as well as the theoretical circle of the relevant papers are lack of attention to this. Therefore, this paper focuses on the analysis of the theoretical essence of "negative goodwill" and the specific reasons for the emergence of "negative goodwill" combined with this acquisition case. From this, the analysis and discussion on the transfer of control to management are carried out. Through the above analysis and research, four research results have been obtained: 1) it is revealed that there is a misstatement of the 11 billion RMB revenue created by Geely Group in the process of successfully acquiring Volvo; 2) creatively put forward the idea of "transferring control to management" in the attribute of "negative goodwill", 3) reveal the problem of excessive transfer of control to management in the process of successful acquisition of Volvo by Geely Group; 4) raised questions about the inclusion of Volvo in the consolidated financial statements of Geely Group. All the above conclusions are reminding the accounting theorists and the business circles of the complexity of the concept of "control" in M & A accounting.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.471

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