摘要
近年来,随着国有资产管理体制改革及其国有经济战略性调整的深入,交叉持股现象在国有与国有控股企业中越来越普遍。其作为公司资本运作的一种常见手法,同时又是公司发展扩张的一种常见手段,无论是在上市公司还是在非上市公司,公司之间交叉持股的现象越来越突出。
我国曾经在不同时期对于交叉持股制定过一些规定,但这些规定不属于严格意义上的法律规范,而大多数是政策性文件,不但具有很强的阶段性,而且主要针对的是国有企业的改革实践,且多是对交叉持股进行积极地倡导。我国理论界和实务界对交叉持股的正反两方面作用虽然有所认识,但由于交叉持股现象在我国出现较晚,其对公司和资本市场的影响还未引起人们足够的关注。目前,仍有不少人对交叉持股的功能和弊害的认识不够全面,过分夸大、推崇交叉持股在国企改革中的作用。然而,由于交叉持股可能造成公司治理结构理念紊乱,在中国目前这样的公司治理环境下,如果允许自由地交叉持股,只会使经营者控制问题更为复杂严重,加大潜在的风险。亚洲金融危机以后,日本经济的长期低迷和衰退,我国台湾股市上的“地雷”连串爆炸引发的危机,使人们对交叉持股在其中起到的影响给予了更多的重视,因此,对交叉持股进行深入研究已成为必要。
从会计角度来看,交叉持股衍生出来的会计确认与计量问题在实务中迫切需要得到解决,该问题已经成为合并报表编制中的一个难点。新发布的《企业会计准则第33号——合并财务报表》主要就合并范围、相关信息的披露做出规定,并进一步与国际会计准则接轨,同时新准则首次对企业集团成员之间交叉持股等问题提出了相应的解决方法。但是到目前为止,大部分的文献一方面对交叉持股条件下合并报表编制的研究仅停留在会计处理方法选择的理论层面,缺少以真实企业背景和数据做支撑的材料或案例；另一方面,,现有的数据或案例多集中讨论子公司持有母公司股份时投资收益的确定,很少站在整个企业集团的角度,系统全面的讨论交叉持股条件下的合并报表编制问题,尤其是在交叉持股涉及的企业数量大、层级多、持股关系复杂的情况下,如何确定合理的合并顺序便是财务工作者面对的首要难题。
本文的目的是通过对现实案例的深入分析,系统整合、应用、验证现有理论,从中发现不足、寻找原因并提出改进建议。本文分为五个部分：
第一部分,介绍该选题的研究背景及研究意义,并对国内外的研究文献进行回顾,并且描述了文章的研究内容和研究方法。
第二部分,介绍交叉持股的概念范畴及功能,并集中分析与交叉持股及合并财务报表相关的现有理论,首先讨论了交叉持股条件下编制合并财务报表的相关理论及思路,然后分类别讨论不同结构的交叉持股情况下,如何确定持股股份及投资收益。
第三部分,通过对某央企集团内部多层复杂式交叉持股案例的深入分析,系统整合、应用和验证第二部分理论分析,并对整个企业集团的合并报表编制过程加以列示。
第四部分：承接第三部分的案例分析做进一步的思考,寻找现有理论在实际应用中的不足之处,分析原因,提出改进建议。
In recent years, with the in-depth reform of management of state-owned property and strategic adjustment of the state-owned economy, the cross-holding of shares have become widespread in state-owned enterprises and state-holding enterprises. As a common method to operate company's capital, and a important part in the expansion and development of the companies, cross-shareholdings in listed companies or unlisted companies has become a more prominent issue.
China has established some rules with respect to cross-shareholdings in different periods. But these rules are not strictly the legal norms, most of them are policy documents. These rules not only constrained by the time, but also focus on the state-owned enterprise's practice of the reform and actively promote cross-shareholdings. In China, both the theoretical and practical fields have the understanding to the positive and negative effects of cross-shareholdings, but because of the issue appeared in china quite late, its effects on companies and capital market has not caused enough concern. For now, there is still a lot of people who have no overall understanding of the positive and negative effects of cross-shareholding. They overstated the role of cross-shareholding in the state-owned enterprises reforming. However, for the cross-shareholding could cause the disorder of corporate governance structure, unrestricted application of cross-shareholding under China's current environment of corporate governance only makes the problems of balancing operator behavior become more complicated, and increases the potential risk. After the Asian financial crisis, the long-term downturn of Japan's economy and the crisis sparked by series of "bomb" explosions in Taiwan stock market, have called attention about the role that cross-shareholding played. Thus, it is necessary to study deeply.
From the accounting point of view, the confirmation and counting problems derived based on cross-shareholding are urgent needs to be solved, this has already become a difficult issue during the preparation of consolidated statements. The new issued "Enterprise Accounting Standards NO.33-consolidated statements" make provisions for consolidation area and relevant information disclosure, at the same time, in order to get in line with international standards, problems of cross-shareholdings between members of enterprise group is proposed for the first time. For now, however, most of the relevent studies just stay at the level of the selection of accounting methods, lacking of material or cases supported by real company background and data. On the other hand, the available data or cases focus on
The goal of this thesis is to systemly integrate and practically apply the availablet theories by deeply analysis the real case, in order to find any deficiency and give advice. This thesis consists of five chapters:
Part I, introductionIt introduces the background, meaning, literature review, ways and content of the research.
Part II, introduction of the concept and functions of cross-shareholding, and concentrating on analyse the relevent available theories of cross-shareholding and consolidated statements. First, it discusses the relevent theories and thoughts of preparing consolidated statements under cross-shareholding. And then, it separatively discusses the way to confirm the stock proportion and investment income when different types of cross-shareholding structures are involved.
PartⅢ, by deeply analyse a intricately structured cross-shareholding case derived from a enterprise group adhere to China National Salt Industry Corporation, it systemly integrate and practically apply the availablet theories discussed in PartⅡ, and then, demonstrate the entire process of consolidated statements preparation.
Part IV, further thoughts. In this part, the writer try to find the shortcomings of theories'application, analysis the reason and propose improvement suggestion.
引文
①甘培忠, “论公司相互持股的法律问题”, 《法制与社会发展》,2002年第5期。
①《企业会计准则》,中华人民共和国财政部,2006年。
①《企业会计准则》,中华人民共和国财政部,2006年。
②朱为绎,陈凯凡,“交义持股公司股份的确定以及损益分配方法”,《华东交通大学学报》,2003年12月。
③常埙,《财务会计四大难题》,立信会计出版社,2008。
①E公司与2007年5月16日设立,享受免税优惠。
①D公司对C公司的投资
①未分配利润合并数计算过程=净利润合并数—少数股东损益合并数+年初未分配利润合并数—利润分配合并数=10,931,157.65—2,048,179.68+8,251,693.89-8,127,132.74=9,007,539.12
②C公司分给D公司的红利
①09年度,D公司实际分配给B公司的红利(2,970,397.50元),大于B公司按持股比例应享有的红利(5,777,700.00×51.41%=2,970,315.56),差额为81.94元。
②D公司合并报表上的所有者权益金额。
③D公司合并报表上“归属于母公司所有者的净利润”。
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