新准则的经济后果研究：企业合并准则

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浙江财经学院硕士学位论文

企业合并会计问题,长期以来一直是国内外备受关注的课题之一,其最主要的

原因是其会计政策的选择具有经济后果。本世纪初，FASB 和 IASB 相继废除了权益

结合法,明确规定企业合并只使用购买法一种会计处理方法。面对会计准则国际趋

同的趋势，我国在承认购买法的同时，还基于自己特有经济环境的考虑，把权益

结合法纳入新企业合并会计准则，这不仅是新准则变化的一个亮点，而且与国际

趋势形成了鲜明的对照。权益结合法在一些国家经历了由被广泛采用逐渐到取消

的过程，说明它的应用需要一定的经济环境作为支撑，我国实际经济环境是否适

合这一方法的应用，还需要一定的实证检验。因此，以此为切入点，研究企业合

并会计政策选择的经济后果便成为论文的主要目的。

此研究内容共分为两个大的部分。第一大部分为相关的理论阐述，包括前言、

企业合并会计相关内容、经济后果理论以及企业合并的经济后果理论；第二大部

分为企业合并经济后果的实证检验及其检验结果的解释。其中前者运用规范会计

研究方法，主要包含比较法、分析法和演绎法，后者主要运用实证会计研究方法。

前言阐述了全文的研究背景和意义、相关研究成果综述、研究内容和方法以

及可能的创新。关于这一研究内容，国外相关的研究结论可以分为企业合并会计

政策选择对企业价值不存在差别性影响和企业合并会计政策的选择对企业价值存

在差别性影响两种，而我国的研究文献普遍认为企业合并会计政策的选择企业价

值存在差别性影响。

企业合并会计部分首先介绍了企业合并的概念以及两种合并会计方法——购

买法和权益结合法，然后回顾了 FASB 和 IASB 企业合并会计方法的历史演进，并

且解释了权益结合法最终被 FASB 和 IASB 废除而在我国却继续存在的原因。FASB

和 IASB 之所以取消权益结合法，是因为这一方法的滥用给美国及其它相关国家带

来了负面经济后果；而我国允许采用权益结合法的原因是因为保留此方法是基于

现实经济环境的选择。

经济后果理论从经济学、管理学和会计学的角度，运用代理人理论以及瓦茨

和齐默尔曼提出的三大假说（分红计划假说、债务契约假说和政治成本假说）进

行了阐述。

企业合并会计方法经济后果理论是在经济后果和企业合并两部分的理论分析

基础上，从国外和国内两方面进行了阐述，国外是从企业管理层和投资者两方面

进行分析的，我国是从其特殊的融资环境、监管环境和政治环境进行分析的。

实证研究部分运用了事件研究法，对 2007 年至 2009 年发生合并交易的上市

公司采用购买法或权益结合法的经济后果进行检验。事件研究法中选取了并购公

告前后各 5 天的时期为窗口期；衡量正常收益率时，考虑到我国特殊的证券市场

环境，而采用了比较简单的市场调整法。研究最后得出的结论是，我国现行经济

浙江财经学院硕士学位论文

环境下的企业合并会带来一定的经济后果，并且购买法和权益结合法的经济后果

不同，造成这种差异可能的原因一方面是权益结合法提供了一定的利润操纵空间，

另一方面是购买法下公允价值的确定还存在一定的难度。

论文最主要的贡献是结合我国特殊的经济环境，运用较新的样本数据，对企

业合并经济后果作出检验，这不仅是我国与国际会计准则趋同的重要内容，而且

还具有重大的现实意义。

关键词：企业合并；购买法；权益结合法；经济后果

浙江财经学院硕士学位论文

ABSTRACT

Accounting for business combination has been an issue concerned at home and

abroad, and the most important reason is that its accounting policy choices have

economic consequences. At the beginning of this century, FASB and IASB eliminated

the pooling of interests method one after another. With the trend of international

accounting standard convergence, China retained the pooling of interests method due to

the special economical environment, which has formed a sharp contrast with the

international tendency.

The Pooling of interest method has experienced from widely being used to being

eliminated in some countries, which explained that its application requires a certain

economic environment. Whether China's actual economic environment is suitable for

the application of this method will needs some empirical test. Consequently, the

research on economic consequences of accounting Policy Choice for business

combinations will be the main purpose of this paper.

The total of this paper is divided into two big parts. The first big part includes

introduction 、business combination accounting 、the economic consequences theory,

and the theory of economic consequences of combination accounting Policy. The

second big part is the empirical testing of economic consequences of combination

accounting methods as well as their interpretation on the test results. The first big part

uses normative accounting approach, mainly including comparison, analysis and

deductive method, while the second big part uses empirical accounting approach.

Introduction first introduces the subject significance and background along with

the approach and structure of this research, and then pointes out the innovation and of

this research.

Combination accounting firstly introduces the concept of business combination as

well as its two accounting methods, purchase method and pooling of interest method,

then reviews the history of accounting methods in FASB and IASB, and explains the

reason why the pooling of interest method was eventually be eliminated by FASB and

IASB while continues to exist in China.

Economic consequences theory explanted from economics, management and

accounting, using the agent theory and the three hypotheses, which are bonus plan

hypothesis, debt contracts hypothesis and political costs hypothesis.

The theory of economic consequences of combination accounting method is based

浙江财经学院硕士学位论文

on the theory of the first two parts, including the economic consequences overseas,

which analyzed from the enterprise management and investors, and the economic

consequences in china, which analyzed in our special financing environment and the

regulatory environment.

The empirical research part tests the economic consequences of business

combination took place from 2007 to 2009 using the purchase method or pooling of

interest method by event study, which selects 5 days before and after the announcement

for the window period, while the normal return is weighed by market adjusted approach

considering our special stock market environment. The conclusion of the test is that the

business combination will bring certain economic consequences under China's economy

environment, and the economic consequences of the purchase method is different from

the pooling of interest method’s, the possible reason of which is that on the one hand the

pooling of interest method provide some space of profit manipulation, on the other hand,

some difficulties of determining the fair value under the purchase method still exist.

The main contribution of this research is to test the economic consequences of

business combination under our special economic environment by using the newer

study samples, which is not only a important body of the convergence between Chinese

and international accounting standards, but also can produce significant meanings in the

case.

Keywords: business combination；purchase method；pooling of interests method ；

economic consequences

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摘要：

浙江财经学院硕士学位论文6企业合并会计问题,长期以来一直是国内外备受关注的课题之一,其最主要的原因是其会计政策的选择具有经济后果。本世纪初，FASB和IASB相继废除了权益结合法,明确规定企业合并只使用购买法一种会计处理方法。面对会计准则国际趋同的趋势，我国在承认购买法的同时，还基于自己特有经济环境的考虑，把权益结合法纳入新企业合并会计准则，这不仅是新准则变化的一个亮点，而且与国际趋势形成了鲜明的对照。权益结合法在一些国家经历了由被广泛采用逐渐到取消的过程，说明它的应用需要一定的经济环境作为支撑，我国实际经济环境是否适合这一方法的应用，还需要一定的实证检验。因此，以此为切入点，研究企业合并会计...

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