本文選題：反向購買 + 會計準則�。� 參考：《中國海洋大學》2013年碩士論文

【摘要】：借殼上市，是相對于IPO來說的一種“曲線救國”的上市途徑。與IPO相比，借殼上市具有無需花費高額的保薦人費用，無需IPO窗口，過程相對快捷等一系列優(yōu)勢。實現(xiàn)借殼上市的路徑很多，反向購買便是其中重要的方式之一。隨著IPO數(shù)次關閘及新股上市審查趨嚴，我國資本市場IPO堰塞湖現(xiàn)象頻現(xiàn)，通過反向購買實現(xiàn)借殼上市成為資本市場的熱點話題。2008年,我國資本市場出現(xiàn)了一個反向購買的高潮，準則首次對反向購買交易進行規(guī)范。2008年之后，反向購買會計準則歷經(jīng)修訂，但仍不夠完善，導致企業(yè)反向購買交易會計處理不統(tǒng)一、不規(guī)范，甚至掩蓋交易的真實性，嚴重損害投資者利益和整個資本市場的穩(wěn)定。及早完善我國反向購買會計準則有利于規(guī)范反向購買行為和保護資本市場參與者的長遠利益。 反向購買會計準則的出臺是基于借殼上市交易頻繁發(fā)生的背景，它主要的應用范圍就是借殼上市。現(xiàn)行準則按照被購買方是否構成業(yè)務規(guī)定合并報表的編制分別采用反向購買法和權益性交易原則。在上市公司不構成業(yè)務的情況下，被購買方實際是一個僅具有上市公司身份的“殼”公司，購買方付出高額代價購買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實質(zhì)是買殼的成本；照此推斷，，當被購買方構成業(yè)務時，反向購買法下確認的商譽中實際也包含了“殼資源價值”，其并非是真正的商譽，在后期會面臨大額減值。反向購買法和權益性交易原則差異的實質(zhì)是對“殼資源價值”處理方式的不一致，這是反向購買會計準則存在的核心問題。 通過分析可知，這種不一致的存在產(chǎn)生了不同的會計后果，進而對合并主體及其利益相關者帶來了不同經(jīng)濟后果，而這種僅因為對同質(zhì)交易采用不同會計處理方式而帶來經(jīng)濟后果的現(xiàn)象是不合理的。準則應當站在信息中立的基礎上，充分考慮經(jīng)濟后果，統(tǒng)一“殼資源價值”的處理方式。通過對三種可能的解決方案進行逐一分析，筆者在考慮“殼資源”性質(zhì)的基礎上，最終提出了一種與現(xiàn)行準則不同的探索性的反向購買會計處理方法，將“殼資源價值”確認為一項資產(chǎn)。這一方案不僅能夠解決準則對“殼資源價值”處理不一致的問題，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.
【學位授予單位】：中國海洋大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F233

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