我国企业并购中的商誉会计问题研究
摘要
我国加入WTO后受全球经济一体化的影响,企业间的并购活动日益增加,如何规范企业并购时产生的商誉就显得愈发重要。商誉作为企业的一项无形资产,对企业的发展和收益均产生巨大影响。研究规范商誉会计有助于各方会计信息使用者了解企业的资产状况及特征,认识商誉在企业中所起的作用。商誉会计的形成虽然有一个相当长的历史,但迄今为止商誉的某些问题还尚未形成一个普遍认同的理论,如商誉的本质,并购商誉的确认和计量等等,2006年我国颁布的会计准则体系中对商誉会计的相关处理做了一系列规定和重大调整,但是国内许多学者对新准则中商誉的有关规定仍有争议,我国企业并购中的商誉本质究竟该如何定位?商誉会计的调整对企业利润会有怎样的影响?都是值得我们研究和关心的问题。
本文在对国内外并购商誉的基本理论和体系分析的基础上,以沪深两市共109家上市公司2003年至2008年的财务报表数据为样本,对企业并购后产生的商誉与企业收益的关系进行实证研究。验证了商誉确实可以给企业带来未来的超额收益。并根据实证结果对我国企业并购中产生的商誉进行恰当定位。认为我国企业并购商誉的本质应为“超额盈利观”。但是企业的超额利润和商誉的规模之间并没有明显的相关性。笔者对此详尽地分析了原因。
在对我国企业并购商誉本质判定为“超额盈利观”的基础上,对商誉每年由摊销改为减值测试对企业收入和利润的影响做了样本统计分析,并根据国内经济发展现状和统计分析的数据结果,对商誉的计量提出了减值测试与定期价值重估相结合的会计处理办法。减值测试与定期价值重估相结合的方法为:对商誉价值聘请外部机构定期对其进行重新评估,用建立在“超额盈利观”理论基础上的超额收益折现法来重新确定商誉的价值。即用超额收益折现法对企业商誉每5年进行一次价值评估。其余非重估的年度中则按照企业会计准则对商誉价值进行减值测试,计提相应的减值准备。这种会计处理方法较单纯使用减值测试法更为客观和合理,使商誉价值的变动能在不确定的经济环境中及时地反映,而且外部客观的评估能使企业商誉的价值更加真实,减值测试与定期价值重估相结合的方法提高了会计信息的质量。
Since China have taked part in to the WTO. The economic have rapid development. In the influence of global economic integration, The company mergers and acquisitions increase every day. How to regulate the goodwill in the mergers and acquisitions become more and more important. As an intangible asset, Goodwill have a significant impact on the enterprise development and income. Research the goodwill accounting standards will help the accounting information users to understand the true assets of the enterprises and the role. The form of the goodwill accounting have a long history. So far some problems of goodwill can not form a generally accepted theory, such as the definition of the goodwill, the recognition of the goodwill etc. 2006 China promulgated a series of regulations standards for goodwill accounting system. Many proffessors dispute the goodwill accounting in the new standards. What the nature of the goodwill in mergers and acquisitions activity? How Goodwill accounting adjustments react on the corporate profits? It all worthy our study and concern.
On the analysis of theory and system of domestic and foreign mergers and acquisitions, This paper use 109 Shanghai and Shenzhen joint stock companis data from 2003 to 2008 for samples. Research the relationship between the goodwill in mergers and acquisitions and corporate earnings. Verify the goodwill can really bring excess returns in the future. the paper properly position the goodwill. The essence of China's goodwill should be "excess profits concept." But the company's excess profits and the scale of goodwill has no obvious correlation. The author analyzes in detail the reasons.
Believe that the essence of the goodwill should be“excess profits concept”. Finally did a statistical analysis of the sample of the change. On the basic of the nature of our country goodwill should be "excess profits concept", according to the national economic development and statistical analysis result, advise the measurement of goodwill to use regular value assessment combined with the impairment test. Impairment testing and periodic revaluation of combining methods are: Employ an external agency periodically re-evaluate the value of goodwill. Apply the discounted excess earnings based on the "excess profits concept" theory to re-determine the goodwill value. The discounted excess evaluate the goodwill of the business every 5 years. The rest non-revaluation years according to the Accounting Standards do the value of the goodwill impairment test. Then Accrue the corresponding provision for impairment. This accounting treatment is more objective and reasonable. The movement of the value of goodwill can be reflected timely in the uncertainty economic environment. The external objective assessment of the enterprise make the value of goodwill more real. Improve the quality of the accounting information.
本文在对国内外并购商誉的基本理论和体系分析的基础上,以沪深两市共109家上市公司2003年至2008年的财务报表数据为样本,对企业并购后产生的商誉与企业收益的关系进行实证研究。验证了商誉确实可以给企业带来未来的超额收益。并根据实证结果对我国企业并购中产生的商誉进行恰当定位。认为我国企业并购商誉的本质应为“超额盈利观”。但是企业的超额利润和商誉的规模之间并没有明显的相关性。笔者对此详尽地分析了原因。
在对我国企业并购商誉本质判定为“超额盈利观”的基础上,对商誉每年由摊销改为减值测试对企业收入和利润的影响做了样本统计分析,并根据国内经济发展现状和统计分析的数据结果,对商誉的计量提出了减值测试与定期价值重估相结合的会计处理办法。减值测试与定期价值重估相结合的方法为:对商誉价值聘请外部机构定期对其进行重新评估,用建立在“超额盈利观”理论基础上的超额收益折现法来重新确定商誉的价值。即用超额收益折现法对企业商誉每5年进行一次价值评估。其余非重估的年度中则按照企业会计准则对商誉价值进行减值测试,计提相应的减值准备。这种会计处理方法较单纯使用减值测试法更为客观和合理,使商誉价值的变动能在不确定的经济环境中及时地反映,而且外部客观的评估能使企业商誉的价值更加真实,减值测试与定期价值重估相结合的方法提高了会计信息的质量。
Since China have taked part in to the WTO. The economic have rapid development. In the influence of global economic integration, The company mergers and acquisitions increase every day. How to regulate the goodwill in the mergers and acquisitions become more and more important. As an intangible asset, Goodwill have a significant impact on the enterprise development and income. Research the goodwill accounting standards will help the accounting information users to understand the true assets of the enterprises and the role. The form of the goodwill accounting have a long history. So far some problems of goodwill can not form a generally accepted theory, such as the definition of the goodwill, the recognition of the goodwill etc. 2006 China promulgated a series of regulations standards for goodwill accounting system. Many proffessors dispute the goodwill accounting in the new standards. What the nature of the goodwill in mergers and acquisitions activity? How Goodwill accounting adjustments react on the corporate profits? It all worthy our study and concern.
On the analysis of theory and system of domestic and foreign mergers and acquisitions, This paper use 109 Shanghai and Shenzhen joint stock companis data from 2003 to 2008 for samples. Research the relationship between the goodwill in mergers and acquisitions and corporate earnings. Verify the goodwill can really bring excess returns in the future. the paper properly position the goodwill. The essence of China's goodwill should be "excess profits concept." But the company's excess profits and the scale of goodwill has no obvious correlation. The author analyzes in detail the reasons.
Believe that the essence of the goodwill should be“excess profits concept”. Finally did a statistical analysis of the sample of the change. On the basic of the nature of our country goodwill should be "excess profits concept", according to the national economic development and statistical analysis result, advise the measurement of goodwill to use regular value assessment combined with the impairment test. Impairment testing and periodic revaluation of combining methods are: Employ an external agency periodically re-evaluate the value of goodwill. Apply the discounted excess earnings based on the "excess profits concept" theory to re-determine the goodwill value. The discounted excess evaluate the goodwill of the business every 5 years. The rest non-revaluation years according to the Accounting Standards do the value of the goodwill impairment test. Then Accrue the corresponding provision for impairment. This accounting treatment is more objective and reasonable. The movement of the value of goodwill can be reflected timely in the uncertainty economic environment. The external objective assessment of the enterprise make the value of goodwill more real. Improve the quality of the accounting information.
引文
[1] E.S. Hendriksen. AccountingT heory, Richard Irwin Inc. Homewood Illinios, 1982
[2] J. R Grinyer, A. RusselI, M. Walker. The Rationale for Accounting for Goodwill. British Accounting Review, 1990(9)
[3] Gerhard G. Mueller, Helen Gernon, Gary K. Meek. Accounting, Richard D. Irwin, Inc.1994
[4] Mary Barth, Greg Clinch. International Accounting Differences and Their Relation to Share Prices: Evidence from U. K, Australian and Canadian Firms. Contemporary Accounting Research, Spring 1996
[5] WilliamR. Scott. Financial Accounting Theory. Prentice-Hall, 1997
[6] Chung-HoKim. Short- Term Leases, Long Term lnvestments, and Tradable goodwill. Journal of Housing Economics, 2001(10)
[7] L.Todd Johnson, Kimberley R.Petrone. Is Goodwill an asset. Accounting Horizons, l998(9)
[8] FASB. Proposed statement of Finanical Accounting standards. Business Combinantions and Iangible Assets, 1999(9)
[9] IAS No. 36: Impairment of Assets, International Accounting Standards Committee
[10] David Henry. A Goodwill Gesture from FASB Business Week. New York: 2001(5)
[11] Steve Lawrence. The historical development of accounting standards. 2000(8)
[12] JohnB Cannin. The Economic of Accountancy. The Ronald Press Company, 2005(8)
[13] Falk, Haim, L.A. Gordon. Imperfect Market and the Nature of Goodwill. Journal of Business Finance and Accounting. 2004(4)
[14] Catlett, Olson. Accounting for Goodwill. 1968(7)
[15] AICPA. Improving Business Reports, 1994
[16]郑庆华,赵耀,齐兆振,陈培霖.新旧会计准则差异比较与分析[M].北京:经济科学出版社,2006
[17]吴娜,杨秋波.对负商誉会计问题的思考[J].经济研究参考,2007(4)
[18]刘哓华.浅议商誉的属性与计量[J].商业时代,2005(21)
[19]张来斌,陈宗强.对负商誉的有关问题及其会计处理的探讨[J].会计之友,2006(9)
[20]刘海双,杨扬.负商誉及其会计处理[J].企业经济,2005(7)
[21]梁月,王毓萱.对我国新会计准则中合并商誉处理问题的探讨[J].黑龙江对外经贸,2007(2)
[22]丁一琳.新准则视角中的商誉会计[J].会计之友,2008(2)
[23]王振猛.关于负商誉若干问题的思考[J].商业现代化,2006(3)
[24]韦伟愿,冯宁.对企业合并会计方法及商誉问题的探讨[J].中小企业科技,2007(5)
[25]岳殿名.商誉本质及会计实务探讨[J].现代会计,2006(4)
[26]刘海峰.浅谈新企业会计准则下对购并商誉的会计处理[J].审计月刊,2006(4)
[27]张翠荷.论控股合并中公允价值及商誉的确认与摊销[J].现代会计,2006(1)
[28]国际会计准则委员会发布.国际会计准则(2002)[M].财政部会计准则委员会译,中国财政经济出版社(2003)
[29]美国财务会计准则委员会发布.美国财务会计准则(141-42号)[M].经济管理出版社,2005.
[30]黄松平.自创商誉、负商誉确认与计量之我见[J].财会月刊,2007(9)
[31]仇莹.我国商誉确认和计量新旧会计准则之比较[J].审计与经济研究,2007(3)
[32]刘德发.合并商誉会计处理的国际比较及建议[J].财务与会计2006,(7)
[33]耿明明,尉京红.企业合并商誉极其会计处理的国内外比较[J].会计之友,2007(10)
[34]张琴.合并商誉会计处理的探讨[J].会计之友,2007(9)
[35]白云霞.商誉会计理论的重构[J].财务与会计,2000(2):34-35
[36]汤湘希.论组合无形资产——商誉价值的确认与分割[J].财务与会计,2000(11)
[37]阎红玉.商誉会计[M].北京:中国经济出版社,1999
[38]周晓苏,黄殿英.合并商誉的本质及其经济后果的研究[J].当代财经,2008(2)
[39]王晓娟.对商誉会计理论的探析[J].会计之友,2008(6)
[40]乔敏,申进军.新准则下商誉的会计处理[J].会计之友,2007(10)
[41]李洪仪.对商誉会计处理的浅见[J].财务与会计,2007(7)
[42]洪荭,周勤.新准则下商誉减值确认及计量刍议[J].财会通讯,2007(7)
[43]张翠青,议商誉资产的后续确认与计量[J].中国管理信息化,2007(7)
[44]徐文丽,张敏.商誉会计研究与探讨[J].财会通讯,2008(5)
[45]董必荣,商誉本质研究综述[J].中南财经政法大学学报,2008(3)
[2] J. R Grinyer, A. RusselI, M. Walker. The Rationale for Accounting for Goodwill. British Accounting Review, 1990(9)
[3] Gerhard G. Mueller, Helen Gernon, Gary K. Meek. Accounting, Richard D. Irwin, Inc.1994
[4] Mary Barth, Greg Clinch. International Accounting Differences and Their Relation to Share Prices: Evidence from U. K, Australian and Canadian Firms. Contemporary Accounting Research, Spring 1996
[5] WilliamR. Scott. Financial Accounting Theory. Prentice-Hall, 1997
[6] Chung-HoKim. Short- Term Leases, Long Term lnvestments, and Tradable goodwill. Journal of Housing Economics, 2001(10)
[7] L.Todd Johnson, Kimberley R.Petrone. Is Goodwill an asset. Accounting Horizons, l998(9)
[8] FASB. Proposed statement of Finanical Accounting standards. Business Combinantions and Iangible Assets, 1999(9)
[9] IAS No. 36: Impairment of Assets, International Accounting Standards Committee
[10] David Henry. A Goodwill Gesture from FASB Business Week. New York: 2001(5)
[11] Steve Lawrence. The historical development of accounting standards. 2000(8)
[12] JohnB Cannin. The Economic of Accountancy. The Ronald Press Company, 2005(8)
[13] Falk, Haim, L.A. Gordon. Imperfect Market and the Nature of Goodwill. Journal of Business Finance and Accounting. 2004(4)
[14] Catlett, Olson. Accounting for Goodwill. 1968(7)
[15] AICPA. Improving Business Reports, 1994
[16]郑庆华,赵耀,齐兆振,陈培霖.新旧会计准则差异比较与分析[M].北京:经济科学出版社,2006
[17]吴娜,杨秋波.对负商誉会计问题的思考[J].经济研究参考,2007(4)
[18]刘哓华.浅议商誉的属性与计量[J].商业时代,2005(21)
[19]张来斌,陈宗强.对负商誉的有关问题及其会计处理的探讨[J].会计之友,2006(9)
[20]刘海双,杨扬.负商誉及其会计处理[J].企业经济,2005(7)
[21]梁月,王毓萱.对我国新会计准则中合并商誉处理问题的探讨[J].黑龙江对外经贸,2007(2)
[22]丁一琳.新准则视角中的商誉会计[J].会计之友,2008(2)
[23]王振猛.关于负商誉若干问题的思考[J].商业现代化,2006(3)
[24]韦伟愿,冯宁.对企业合并会计方法及商誉问题的探讨[J].中小企业科技,2007(5)
[25]岳殿名.商誉本质及会计实务探讨[J].现代会计,2006(4)
[26]刘海峰.浅谈新企业会计准则下对购并商誉的会计处理[J].审计月刊,2006(4)
[27]张翠荷.论控股合并中公允价值及商誉的确认与摊销[J].现代会计,2006(1)
[28]国际会计准则委员会发布.国际会计准则(2002)[M].财政部会计准则委员会译,中国财政经济出版社(2003)
[29]美国财务会计准则委员会发布.美国财务会计准则(141-42号)[M].经济管理出版社,2005.
[30]黄松平.自创商誉、负商誉确认与计量之我见[J].财会月刊,2007(9)
[31]仇莹.我国商誉确认和计量新旧会计准则之比较[J].审计与经济研究,2007(3)
[32]刘德发.合并商誉会计处理的国际比较及建议[J].财务与会计2006,(7)
[33]耿明明,尉京红.企业合并商誉极其会计处理的国内外比较[J].会计之友,2007(10)
[34]张琴.合并商誉会计处理的探讨[J].会计之友,2007(9)
[35]白云霞.商誉会计理论的重构[J].财务与会计,2000(2):34-35
[36]汤湘希.论组合无形资产——商誉价值的确认与分割[J].财务与会计,2000(11)
[37]阎红玉.商誉会计[M].北京:中国经济出版社,1999
[38]周晓苏,黄殿英.合并商誉的本质及其经济后果的研究[J].当代财经,2008(2)
[39]王晓娟.对商誉会计理论的探析[J].会计之友,2008(6)
[40]乔敏,申进军.新准则下商誉的会计处理[J].会计之友,2007(10)
[41]李洪仪.对商誉会计处理的浅见[J].财务与会计,2007(7)
[42]洪荭,周勤.新准则下商誉减值确认及计量刍议[J].财会通讯,2007(7)
[43]张翠青,议商誉资产的后续确认与计量[J].中国管理信息化,2007(7)
[44]徐文丽,张敏.商誉会计研究与探讨[J].财会通讯,2008(5)
[45]董必荣,商誉本质研究综述[J].中南财经政法大学学报,2008(3)