本文選題：反向購(gòu)買(mǎi) + 會(huì)計(jì)準(zhǔn)則�。� 參考：《中國(guó)海洋大學(xué)》2013年碩士論文

【摘要】：借殼上市，是相對(duì)于IPO來(lái)說(shuō)的一種“曲線救國(guó)”的上市途徑。與IPO相比，借殼上市具有無(wú)需花費(fèi)高額的保薦人費(fèi)用，無(wú)需IPO窗口，過(guò)程相對(duì)快捷等一系列優(yōu)勢(shì)。實(shí)現(xiàn)借殼上市的路徑很多，反向購(gòu)買(mǎi)便是其中重要的方式之一。隨著IPO數(shù)次關(guān)閘及新股上市審查趨嚴(yán)，我國(guó)資本市場(chǎng)IPO堰塞湖現(xiàn)象頻現(xiàn)，通過(guò)反向購(gòu)買(mǎi)實(shí)現(xiàn)借殼上市成為資本市場(chǎng)的熱點(diǎn)話題。2008年,我國(guó)資本市場(chǎng)出現(xiàn)了一個(gè)反向購(gòu)買(mǎi)的高潮，準(zhǔn)則首次對(duì)反向購(gòu)買(mǎi)交易進(jìn)行規(guī)范。2008年之后，反向購(gòu)買(mǎi)會(huì)計(jì)準(zhǔn)則歷經(jīng)修訂，但仍不夠完善，導(dǎo)致企業(yè)反向購(gòu)買(mǎi)交易會(huì)計(jì)處理不統(tǒng)一、不規(guī)范，甚至掩蓋交易的真實(shí)性，嚴(yán)重?fù)p害投資者利益和整個(gè)資本市場(chǎng)的穩(wěn)定。及早完善我國(guó)反向購(gòu)買(mǎi)會(huì)計(jì)準(zhǔn)則有利于規(guī)范反向購(gòu)買(mǎi)行為和保護(hù)資本市場(chǎng)參與者的長(zhǎng)遠(yuǎn)利益。 反向購(gòu)買(mǎi)會(huì)計(jì)準(zhǔn)則的出臺(tái)是基于借殼上市交易頻繁發(fā)生的背景，它主要的應(yīng)用范圍就是借殼上市。現(xiàn)行準(zhǔn)則按照被購(gòu)買(mǎi)方是否構(gòu)成業(yè)務(wù)規(guī)定合并報(bào)表的編制分別采用反向購(gòu)買(mǎi)法和權(quán)益性交易原則。在上市公司不構(gòu)成業(yè)務(wù)的情況下，被購(gòu)買(mǎi)方實(shí)際是一個(gè)僅具有上市公司身份的“殼”公司，購(gòu)買(mǎi)方付出高額代價(jià)購(gòu)買(mǎi)這樣一家公司的目的是非常明確的，是單純?yōu)榱双@得上市公司“身份證”，沖減資本公積的合并溢價(jià)實(shí)質(zhì)是買(mǎi)殼的成本；照此推斷，，當(dāng)被購(gòu)買(mǎi)方構(gòu)成業(yè)務(wù)時(shí)，反向購(gòu)買(mǎi)法下確認(rèn)的商譽(yù)中實(shí)際也包含了“殼資源價(jià)值”，其并非是真正的商譽(yù)，在后期會(huì)面臨大額減值。反向購(gòu)買(mǎi)法和權(quán)益性交易原則差異的實(shí)質(zhì)是對(duì)“殼資源價(jià)值”處理方式的不一致，這是反向購(gòu)買(mǎi)會(huì)計(jì)準(zhǔn)則存在的核心問(wèn)題。 通過(guò)分析可知，這種不一致的存在產(chǎn)生了不同的會(huì)計(jì)后果，進(jìn)而對(duì)合并主體及其利益相關(guān)者帶來(lái)了不同經(jīng)濟(jì)后果，而這種僅因?yàn)閷?duì)同質(zhì)交易采用不同會(huì)計(jì)處理方式而帶來(lái)經(jīng)濟(jì)后果的現(xiàn)象是不合理的。準(zhǔn)則應(yīng)當(dāng)站在信息中立的基礎(chǔ)上，充分考慮經(jīng)濟(jì)后果，統(tǒng)一“殼資源價(jià)值”的處理方式。通過(guò)對(duì)三種可能的解決方案進(jìn)行逐一分析，筆者在考慮“殼資源”性質(zhì)的基礎(chǔ)上，最終提出了一種與現(xiàn)行準(zhǔn)則不同的探索性的反向購(gòu)買(mǎi)會(huì)計(jì)處理方法，將“殼資源價(jià)值”確認(rèn)為一項(xiàng)資產(chǎn)。這一方案不僅能夠解決準(zhǔn)則對(duì)“殼資源價(jià)值”處理不一致的問(wèn)題，還能有效避免另外兩種方法下存在的弊端，并且高額的“殼資源價(jià)值”入賬也能有效抑制不理性的借殼上市行為，有利于資本市場(chǎng)的健康發(fā)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.
【學(xué)位授予單位】：中國(guó)海洋大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F233

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