反向购买会计准则研究

发布时间：2018-05-19 02:13

本文选题：反向购买 + 会计准则　；参考：《中国海洋大学》2013年硕士论文

【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。
[Abstract]:Backdoor listing, relative to IPO, is a "curve to save the nation" listing approach. Compared with IPO, backdoor listing has a series of advantages, such as no high sponsor cost, no IPO window, relatively fast process and so on. There are many ways to implement backdoor listing, reverse buying is one of the important ways. With the IPO closing several times and the new stock listing being more and more strict, the phenomenon of IPO barrier lake appears frequently in China's capital market. It has become a hot topic in the capital market to realize backdoor listing through reverse purchase. In 2008, the capital market of our country has a high tide of reverse purchase. After 2008, the reverse purchase accounting standards have been revised, but they are still not perfect, which leads to the disunity, non-standard and even concealing the authenticity of the transactions. Seriously damage the interests of investors and the stability of the entire capital market. Early improvement of China's accounting standards for reverse purchasing is conducive to standardizing reverse purchasing and protecting the long-term interests of capital market participants. The introduction of the reverse purchase Accounting Standard is based on the background of the frequent occurrence of backdoor listing, and its main application scope is backdoor listing. The current rules adopt reverse purchase method and equity transaction principle according to whether the buyer constitutes business or not. If the listed company does not constitute business, the buyer is actually a "shell" company with only the status of a listed company. The purpose of the buyer paying a high price for such a company is very clear. In order to obtain the "identity card" of the listed company, the combined premium that deducts the capital reserve is in essence the cost of buying the shell. According to this inference, when the buyer constitutes the business, The "shell resource value" is also included in the goodwill confirmed by reverse purchase method, which is not true goodwill and will be faced with a large amount of impairment in the later period. The essence of the difference between reverse purchase method and equity transaction principle is the inconsistency of "shell resource value", which is the core problem of reverse purchase accounting standard. Through the analysis, we can see that the existence of this inconsistency has different accounting consequences, and then brings different economic consequences to the merger subject and its stakeholders. However, it is unreasonable to use different accounting methods to deal with homogeneous transactions. On the basis of information neutrality, the criterion should fully consider the economic consequences and unify the treatment of "shell resource value". By analyzing the three possible solutions one by one, on the basis of considering the nature of "shell resources", the author finally puts forward an exploratory accounting method of reverse purchase, which is different from the current standards. Recognize "shell resource value" as an asset. This scheme can not only solve the problem of inconsistent treatment of "shell resource value" in the guidelines, but also effectively avoid the drawbacks under the other two methods. Moreover, the high value of shell resources can effectively restrain the irrational behavior of backdoor listing, which is beneficial to the healthy development of capital market.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F233

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