基于公司价值理论的我国企业合并会计准则实施的经济后果研究
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摘要
企业合并会计方法有购买法和权益结合法,不同的合并方法适用于不同交易实质的企业合并,不同的合并方法也会呈现出不同的会计盈利数字。这两种合并方法在合并市场的发展中都起到了重要的作用,但是鉴于两种企业合并会计方法带来的经济后果,美国企业合并会计准则(SFAS141)和国际企业合并会计准则(IFRS3)纷纷取消了权益结合法在企业合并会计处理方法中的运用。我国在2006年以前对企业合并会计方法的规范比较模糊,在《企业会计准则20号——企业合并》(CAS20)中规定,同一控制下企业合并采用权益结合法,非同一控制下企业合并采用购买法。在我国会计准则不断向国际会计准则趋同的大环境下,我国企业合并会计准则为什么允许权益结合法和购买法两种合并方法的同时存在,其实施效果如何,本文中经济后果的角度对此进行了研究。
经济后果是指不论会计政策的选择是否会影响公司的未来现金流量,会计政策的选择都会影响管理者和投资者的决策行为,从而对公司价值造成影响。也就是说,不论企业合并会计方法的选择是否会影响公司未来的现金流量,但是权益结合法与购买法相比,能给公司管理者带来更好的会计盈利数字,从而影响管理者的决策行为,使其更倾向于选择同一控制下的企业合并。那么,不同企业合并会计方法下的会计信息会对投资者造成怎样的影响,本文分别从企业合并的市场反应,股票价格与会计信息的价值相关性两个角度进行了实证研究。市场反应研究结果显示:虽然同一控制下的企业合并能够呈现较好的会计盈利数据,但企业合并发生时股票市场给予了负面的市场反应,而基于公允价值计量的非同一控制下的企业合并具有较好的正面反应。价值相关性研究结果显示:只拥有非同一控制下企业合并取得子公司的母公司,其股票价格与会计报告信息的相关性较高,而只拥有同一控制下企业合并取得子公司的母公司,其股票价格与会计报告信息的相关性较低。也就是说,与权益结合法相比,购买法提供的会计信息质量更高。
Combinations accounting methods include purchase method and pooling of interest method. Different methods fit for different combination transactions and present different accounting profit figures. The two methods played important roles in the market, but SFAS141 and IFRS3 have abolished the use of the pooling of interest method in business combinations, for the economic consequences of these two methods. The choose specifications of combinations accounting methods were very vague in our country before 2006. CAS20 stipulates that a business combination under a same control must use the pooling of interest method and a business combination under a different control must use the purchase method. Our accounting standards are continuing to convergence with international accounting standards, but CAS20 allows the existence of purchase method and pooling of interest method at the same time. So, this paper studied the economic consequences of combinations accounting standards.
Economic consequences are that regardless of whether the selection of accounting policies will affect the company's future cash flows, the accounting policy choices will affect the decision of managers and investors, so it will impact the firms’value. That is to say, the choice of combination accounting methods will affect the decision of managers. The managers are more likely to choose the pooling of interest method for a better accounting profit figures. This paper makes two empirical studies on the reaction of investors to different combinations methods and the value relevance between stock prices and accounting information. The results showed that the stock market make positive reactions to combinations which are under different controls, while the stock market make negative reactions to combinations which are under same controls; compare to companies whose subsidiary were all under same controls, companies whose subsidiary were all under different controls have higher correlation between their stocks price and accounting information. That means, the purchase method can provide higher quality accounting information than the pooling of interest method.
经济后果是指不论会计政策的选择是否会影响公司的未来现金流量,会计政策的选择都会影响管理者和投资者的决策行为,从而对公司价值造成影响。也就是说,不论企业合并会计方法的选择是否会影响公司未来的现金流量,但是权益结合法与购买法相比,能给公司管理者带来更好的会计盈利数字,从而影响管理者的决策行为,使其更倾向于选择同一控制下的企业合并。那么,不同企业合并会计方法下的会计信息会对投资者造成怎样的影响,本文分别从企业合并的市场反应,股票价格与会计信息的价值相关性两个角度进行了实证研究。市场反应研究结果显示:虽然同一控制下的企业合并能够呈现较好的会计盈利数据,但企业合并发生时股票市场给予了负面的市场反应,而基于公允价值计量的非同一控制下的企业合并具有较好的正面反应。价值相关性研究结果显示:只拥有非同一控制下企业合并取得子公司的母公司,其股票价格与会计报告信息的相关性较高,而只拥有同一控制下企业合并取得子公司的母公司,其股票价格与会计报告信息的相关性较低。也就是说,与权益结合法相比,购买法提供的会计信息质量更高。
Combinations accounting methods include purchase method and pooling of interest method. Different methods fit for different combination transactions and present different accounting profit figures. The two methods played important roles in the market, but SFAS141 and IFRS3 have abolished the use of the pooling of interest method in business combinations, for the economic consequences of these two methods. The choose specifications of combinations accounting methods were very vague in our country before 2006. CAS20 stipulates that a business combination under a same control must use the pooling of interest method and a business combination under a different control must use the purchase method. Our accounting standards are continuing to convergence with international accounting standards, but CAS20 allows the existence of purchase method and pooling of interest method at the same time. So, this paper studied the economic consequences of combinations accounting standards.
Economic consequences are that regardless of whether the selection of accounting policies will affect the company's future cash flows, the accounting policy choices will affect the decision of managers and investors, so it will impact the firms’value. That is to say, the choice of combination accounting methods will affect the decision of managers. The managers are more likely to choose the pooling of interest method for a better accounting profit figures. This paper makes two empirical studies on the reaction of investors to different combinations methods and the value relevance between stock prices and accounting information. The results showed that the stock market make positive reactions to combinations which are under different controls, while the stock market make negative reactions to combinations which are under same controls; compare to companies whose subsidiary were all under same controls, companies whose subsidiary were all under different controls have higher correlation between their stocks price and accounting information. That means, the purchase method can provide higher quality accounting information than the pooling of interest method.
引文
[1] Hong H,R S Kaplan,G Mandelker. Pooling vs. Purchase: The Effects of Accounting for Mergers on Stock Prices.The Accounting Review,1978.31-33
[2] Vincent,L.Equity Valuation implications of purchase versus pooling accounting.Journal of Financial Statement Analysis,1997
[3] Chatraphorn P.Accounting for Business Combinations: A Test for Long-Term Market Memory.acrobatplanet.com,2001
[4] Hemang D,Henning,Srinivasan,Krishnamurthy,Joseph Magliolo.Does the Choice of Accounting Method Matter in Mergers?.london.edu,2002
[5] Benjiamin C Ayers,Craig E Lefanowicz,John R Robinson.The Financial Statement Effects of Eliminatingthe Pooling-of-Interests Methods of Acquisition.Accounting Horizons,2000.1-19
[6] Bancorp Piper Jaffray.The Furor Over Purchase/Pooling. gotoanalysts.com,1999
[7] Ronnie Barnes, Henri Servaes.The Stock Market Response to Changes in Business Combinations Accounting.faculty.london.Edu,2002
[8] Hollis A,LaFond R.Per Olsson Value Creation and Accounting Choice. faculty.duke.edu,2002
[9] Hopkins P,Houston R,Peters M.Purchase,pooling,and equity analysts’valuation judgments.The Accounting Review.2000(75):257-281
[10]池巧珠,陈斌.经济后果视角下企业合并会计处理方法的选择.会计之友,2008.(12):109-110
[11]王小荣,刘丽娟.不同企业合并会计处理方法及其经济后果.财会月刊,2008.(1):77-78
[12]毕茜,彭珏.企业合并会计方法的选择——基于经济后果的分析.财会月刊,2008.(10):9-10
[13]蓝文永.企业合并会计方法选择的经济后果分析.财会通讯,2009.(11):14-16
[14]胡师奂.基于经济后果的企业合并会计方法选择.会计之,2010.(3):78-79
[15]孙聪.企业合并会计处理方法的经济后果分析.会计之友,2010.(2):87-89
[16]胡淑敏.新合并会计准则的市场反应研究.财会通讯,2008.(6):30-32
[17]张晗.我国企业合并会计方法的经济后果研究——资本市场检验.西南大学学报,2009.(3):115-122
[18]陈兴秀.现行会计准则下企业合并经济后果实证研究.财会月刊,2010.(7):5-8
[19] Eugene F Fama.Efficient capital markets: a review of theory and empirical work.Journal of Finance,1970(5):383-417
[20] Stephen A Zeff.The Rise of Economic Consequences.Journal of Accountancy,1978(12):56-63
[21] W R Scott,Prentice Hall.Financial Accounting Theory.business.uoguelph.ca,2003(3):
[22]张华,米传军.会计政策选择的博弈分析.商业时代,2007.(11):71-72
[23]赵爱桃.我国会计准则经济后果的现状与建议.企业导报,2009.(10):125-126
[24]瓦茨,齐默尔曼著.陈少华等译.实证会计理论.东北财经大学出版社,1999
[25]财政部会计司组织.国际财务报告准则.中国财政经济出版社,2008
[26]美国财务会计准则委员会编.李明等译.美国财务会计准则(141-142号)企业合并、商誉和无形资产.经济管理出版社,2005
[27]中华人民共和国财政部编.企业合并会计准则(2006).经济科学出版社,2006
[28]证监会.亏损上市公司暂停上市和终止上市实施办法.2001.
[29] Stephen J Brown,Jerold B Warner.Using Daily Stock Returns:The Case of Event Studies.Journal of Financial Economics,1985(14):3-31
[30]陈汉文,陈向民.证券价格的事件性反应——方法、背景和基于中国证券市场的应用.经济研究,2002.(1):40-47
[31]王鹏,陈武朝.合并财务报表的价值相关性研究.会计研究,2009.(5):46-52
[32]崔慕华.基于会计信息价值相关性角度的会计准则实施效果检验.财会月刊,2010.(3):93-94
[33]杨永涛.公允价值的市场反应及其价值相关性研究.西南财经大学硕士学位论文.2008
[34]张毅.企业合并会计方法研究.湖南大学硕士学位论文.2008
[35]彭慧.关于企业合并会计处理方法的经济后果研究.西南财经大学硕士学位论文.2007
[2] Vincent,L.Equity Valuation implications of purchase versus pooling accounting.Journal of Financial Statement Analysis,1997
[3] Chatraphorn P.Accounting for Business Combinations: A Test for Long-Term Market Memory.acrobatplanet.com,2001
[4] Hemang D,Henning,Srinivasan,Krishnamurthy,Joseph Magliolo.Does the Choice of Accounting Method Matter in Mergers?.london.edu,2002
[5] Benjiamin C Ayers,Craig E Lefanowicz,John R Robinson.The Financial Statement Effects of Eliminatingthe Pooling-of-Interests Methods of Acquisition.Accounting Horizons,2000.1-19
[6] Bancorp Piper Jaffray.The Furor Over Purchase/Pooling. gotoanalysts.com,1999
[7] Ronnie Barnes, Henri Servaes.The Stock Market Response to Changes in Business Combinations Accounting.faculty.london.Edu,2002
[8] Hollis A,LaFond R.Per Olsson Value Creation and Accounting Choice. faculty.duke.edu,2002
[9] Hopkins P,Houston R,Peters M.Purchase,pooling,and equity analysts’valuation judgments.The Accounting Review.2000(75):257-281
[10]池巧珠,陈斌.经济后果视角下企业合并会计处理方法的选择.会计之友,2008.(12):109-110
[11]王小荣,刘丽娟.不同企业合并会计处理方法及其经济后果.财会月刊,2008.(1):77-78
[12]毕茜,彭珏.企业合并会计方法的选择——基于经济后果的分析.财会月刊,2008.(10):9-10
[13]蓝文永.企业合并会计方法选择的经济后果分析.财会通讯,2009.(11):14-16
[14]胡师奂.基于经济后果的企业合并会计方法选择.会计之,2010.(3):78-79
[15]孙聪.企业合并会计处理方法的经济后果分析.会计之友,2010.(2):87-89
[16]胡淑敏.新合并会计准则的市场反应研究.财会通讯,2008.(6):30-32
[17]张晗.我国企业合并会计方法的经济后果研究——资本市场检验.西南大学学报,2009.(3):115-122
[18]陈兴秀.现行会计准则下企业合并经济后果实证研究.财会月刊,2010.(7):5-8
[19] Eugene F Fama.Efficient capital markets: a review of theory and empirical work.Journal of Finance,1970(5):383-417
[20] Stephen A Zeff.The Rise of Economic Consequences.Journal of Accountancy,1978(12):56-63
[21] W R Scott,Prentice Hall.Financial Accounting Theory.business.uoguelph.ca,2003(3):
[22]张华,米传军.会计政策选择的博弈分析.商业时代,2007.(11):71-72
[23]赵爱桃.我国会计准则经济后果的现状与建议.企业导报,2009.(10):125-126
[24]瓦茨,齐默尔曼著.陈少华等译.实证会计理论.东北财经大学出版社,1999
[25]财政部会计司组织.国际财务报告准则.中国财政经济出版社,2008
[26]美国财务会计准则委员会编.李明等译.美国财务会计准则(141-142号)企业合并、商誉和无形资产.经济管理出版社,2005
[27]中华人民共和国财政部编.企业合并会计准则(2006).经济科学出版社,2006
[28]证监会.亏损上市公司暂停上市和终止上市实施办法.2001.
[29] Stephen J Brown,Jerold B Warner.Using Daily Stock Returns:The Case of Event Studies.Journal of Financial Economics,1985(14):3-31
[30]陈汉文,陈向民.证券价格的事件性反应——方法、背景和基于中国证券市场的应用.经济研究,2002.(1):40-47
[31]王鹏,陈武朝.合并财务报表的价值相关性研究.会计研究,2009.(5):46-52
[32]崔慕华.基于会计信息价值相关性角度的会计准则实施效果检验.财会月刊,2010.(3):93-94
[33]杨永涛.公允价值的市场反应及其价值相关性研究.西南财经大学硕士学位论文.2008
[34]张毅.企业合并会计方法研究.湖南大学硕士学位论文.2008
[35]彭慧.关于企业合并会计处理方法的经济后果研究.西南财经大学硕士学位论文.2007