新会计准则下负商誉属性及会计处理探讨

本文对负商誉存在的客观性原因进行了分析,通过对商誉和负商誉的比较,就现行的负商誉理论提出了自己的看法.笔者认为企业并购过程中并购主体的购买成本低于被并购主体可辨认净资产公允价值的差额,不是"商誉"的对应概念,并提出应根据负商誉的本质及存在的不同原因进行相应账务处理的观点.     

关于商誉的几点思考与分析

随着经济全球化发展,全球企业并购逐渐增多,而商誉是企业合并中的难题,国内外对商誉的会计处理既不尽完善也不尽相同。因此,让企业正确认识商誉及其价值,解决商誉的会计处理问题意义重大。本文对商誉进行了分析,对商誉提出了新的认识,回顾了商誉的确认及计量问题,对我国商誉会计的发展提出了建议。     

对商誉会计理论的探讨

对于商誉来说,理想的计量属性应该是未来现金流量现值。在此基础上确认计量的商誉,不仅包括持续经营商誉,也包括企业合并商誉。在目前的情况下,计量的科学性不得不让位于计量的难易程度,只能按照商誉的取得成本计量商誉的价值。负商誉的本质是对企业各类经济资源的整体抵消,得到负商誉应该作为资产总额的备抵项目。在计算确认负商誉时需要排除受资企业潜在负债因素和投资企业用商誉投资因素的影响。     

企业合并商誉会计处理的探讨

随着经济的飞速发展和经济体制的改革,企业并购的规模越来越大,这使合并商誉的会计处理面临巨大的压力。随着我国新会计准则的颁发,企业合并商誉的会计处理也发生了巨大的变化。本文对新会计准则下的我国企业合并商誉会计处理问题进行探讨。     

论并购商誉若干会计问题

当前世界上企业并购热潮高涨，而企业并购热潮的兴起同时也推动了并购会计在我国的发展。在并购会计的诸多问题中并购商誉历来就是核心问题，同时也是会计理论界引起争议较多的一个问题。本文将就并购商誉的确认、后续处理和披露等有关并购商誉的会计问题进行探讨。     

对商誉会计的理解与探讨

本文就商誉的内涵及其会计处理进行了探讨,并就自创商誉的确认与计量、外购商誉的确认与计量、负商誉等问题进行了重点分析,从理论和实际两个方面揭示企业商誉的特殊性和复杂性,从而避免理论上传统意义的商誉内涵及会计处理对会计信息使用者的理解带来的干扰。     

关于商誉的确认与计量问题探讨

我国现行会计准则规定,商誉作为企业一项重要的无形资产只在企业并购时形成,而企业自创商誉不被确认.究其原因,主要是因为对自创商誉的计量没有可靠的依据.本文从分析商誉的本质入手,讨论自创商誉的确认与计量,进一步证明自创商誉和并购商誉本质是一致的,不应将两种形式割裂开来,从而为并购商誉正确计价及自创商誉确认提供参考.     

京东方负商誉并购案例探究

学术界对"负商誉"产生的原因及性质判定一直争论不休,而依据我国新版会计准则的规定,企业很容易利用"负商誉"进行利润操纵。本文通过对京东方科技集团2008-2012年并购事项进行研究,爬梳4次负商誉并购,浅析其对企业的影响,发现由于实际中操作困难,负商誉这一操纵手段并不受企业青睐。     

企业合并中商誉计量问题探讨

随着企业购并的频繁发生,有关企业合并的会计处理问题越来越引起人们的关注。在企业合并会计处理的相关问题中,商誉的计量问题成为当前会计学界研究的热点。本文主要对企业合并中商誉计量问题进行探讨。     

影视行业巨额商誉减值问题研究——以华谊兄弟为例

2013年至2015年我国掀起企业并购热潮,其中仅影视行业发生的并购交易就高达144起。然而在企业并购交易的背后,却隐藏着巨额商誉减值的问题。本文以华谊兄弟为例,对华谊兄弟形成巨额商誉减值的原因进行探究,分析巨额商誉减值所造成的危害,并就如何防范巨额商誉减值问题提出有关建议。     

商誉及其会计处理新探

商誉是企业的一项重要的无形资产,然而对在会计上如何反映商誉却一直存在着争论,尽管国际会计准则和各国家的会计准则大都对商誉的会计处理做出了明确的规定,但都存在着明显的缺陷。会计上怎样反映商誉才更合理?本文将就此加以探讨。文章首先论述了商誉的性质,而后指出了现行商誉会计处理中的诸多误区,并探讨了商誉会计的发展出路:以人力资源会计代替现行的商誉会计。     

供应链视角下的多方并购框架

以并购参与方所在供应链为研究视角,探讨了买方与多个供应商并购分析框架。首先,得出多种框架下并购前后各方所获利润,并数值模拟供应链环境变化对买方利润的影响;其次,在比较基础上给出供应链各方互动下的均衡。结果表明,并购交易的实施和供应链各方互动共同影响并购各方和其余各方所获利润,且互动削弱了并购产生的正向协同效应。本文给出了供应链各方互动下的并购分析框架,进一步完善了并购决策过程中的交易评估内容。     

Impairment or amortization of goodwill? An analysis of CFO perceptions of goodwill accounting

Given the ongoing controversy around the accounting treatment of goodwill and the search by the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) for improvements to goodwill accounting, this study surveys a global sample of 352 chief financial officers (CFOs) to understand their perceptions of adopting a goodwill impairment-only approach compared to an amortization model. More than half of the respondents agree that alternative accounting treatments of impairment testing might provide more useful information. However, almost two thirds still prefer goodwill impairment testing to the amortization process. Theoretically, the study shows that the impairment-only model preference is associated with characteristics on an individual, firm and country level. The results indicate that more expert CFOs and overall CFO perceptions of firms’ economic conditions and the role of external auditors affect preference for the goodwill accounting model. Further, there is evidence that dominant ownership structures and accounting culture affect CFO preferences. The study investigates several areas in which regulators and standard setters can intervene, thereby contributing to the debate on whether to reintroduce the amortization of goodwill.     

公司的多样化战略与资本结构关系的实证研究

本文在分散风险理论、交易成本理论和代理成本理论的基础上,深入探讨了公司多样化战略与资本结构之间的内在关系,并形成研究假设。本文采用熵值指数来度量公司的多样化程度。经分层和回归检验后发现。公司经营多样化程度与负债水平呈显著正相关关系;不相关多样化公司的负债水平显著高于相关多样化公司;对不相关多样化公司来说,多样化程度是决定资本结构的重要因素。总之,研究结果支持了基于分散风险理论和交易成本理论的假设,拒绝了基于代理成本理论的假设。     

Kapitalmarktreaktionen auf Personalabbauprogramme: Welchen Einfluss haben Motiv,Umfang und Freiwilligkeit?

This study examines the effects of layoff announcements on the market value of German listed companies. Analyzing 136 announcements being published between 2000 and 2009, the results show marginal abnormal returns but high variance indicating that the market reaction might depend on specific characteristics. As potential determinants we particularly discuss the reasons for layoff, the size of layoff and the voluntariness of layoff. We find that reactive reasons like plant closures have a negative impact on shareholder value whilst active reasons like cost improvements enhance shareholder value. The size of layoff tends to induce negative effects. A voluntary layoff announcement however increases the value of a firm. Furthermore, we find a positive relationship between abnormal returns and human capital intensity and a negative one with both the manufacturing industry membership and financial leverage. In addition, the regression model extends prior literature since its coefficient of determination exceeds those in Anglo-American studies.     

不完全契约、资产专用性与最优企业所有权安排

不完全契约和资产专用性引致了交易中的敲竹杠问题,带来生产成本和交易成本的上升。由于人力资本的产权特征,企业内也存在敲竹杠问题,因而最优的企业所有权安排必定是能使敲竹杠问题总成本最小化的结构。通过比较,本文认为,由非人力资本所有者和人力资本所有者共同拥有企业所有权是最优的。     

Costs of partner search and selection in strategic alliances

This study examines the costs associated with alliance partner search and selection as well as their antecedents. Based on transaction cost economics and the network perspective on inter-organizational relationships, the findings drawing on survey-based data from a sample of 83 firms in the German telecommunications industry reveal that partner search and selection costs are closely connected but differentially affected by task- and company-related factors. When firms must make alliance-specific investments, search and selection costs increase. A firm’s number of current alliances decreases search and selection costs, whereas neither alliance scope nor firm performance significantly affect them. Additional analyses show that alliance-specific investments especially increase search costs but do not affect selection costs, whereas a firm’s performance decreases search costs but does not reduce selection costs.     

Supply chain coordination through cooperative advertising with reference price effect

Cooperative advertising, which usually occurs in a vertical supply chain, is typically a cost sharing and promotion mechanism for the manufacturer to affect retail performance. Research in the literature, however, rarely considers the important phenomenon that advertising has a positive effect on the consumer's reference price. In fact, when a consumer makes a decision to buy a product or not, a reference price is usually in his mind and plays a determinant role. Taking into account the impact of advertising on the reference price, this paper proposes a dynamic cooperative advertising model for a manufacturer–retailer supply chain and analyzes how the reference price effect would influence the decisions of all the channel members. In our model, both the consumer's goodwill and reference price for the product are assumed to be influenced by the advertising and are modeled in differential dynamic equations. In addition, the advertising level, the consumer's goodwill and the reference price are all assumed to have positive effect on sales. Utilizing differential game theory, this paper formulates the optimal decisions of the manufacturer and the retailer in two different game scenarios: Stackelberg game and cooperative game. Also, this paper proposes a new mechanism to coordinate the supply chain in which both the manufacturer and the retailer share each other's advertising costs.     

内部资本市场跨期配置下最优分部相关性匹配研究——对多元化企业并购整合内在逻辑的诠释

内部资本市场跨期配置是研究多元化整合的新视角,分部相关性是平衡跨期配置成本和配置空间的关键因素。已有研究认为多元化企业存在最优分部相关性,但最优分部相关性的影响因素及其匹配规律尚未明确。借鉴实物期权的定价思路,基于动态规划方程的二叉树数值分析方法,研究了内部资本市场跨期配置下的最优分部相关性匹配问题。基于跨期配置的执行力和适应力,理论部分刻画了分部相关性的"双刃剑"效应：降低跨期配置成本和提高跨期配置空间,二者需要通过分部相关性进行取舍。模型部分通过交易成本和收益波动率两个维度进行研究,结果发现：风险越高、交易成本越低,最优分部相关性越小;收益波动率越高,交易成本对最优分部相关性的影响越弱;交易成本越低,收益波动率对最优分部相关性的影响越弱。实证部分针对中国上市公司的分部数据进行实证检验,发现中国多元化企业的最优分部相关性符合模型的推演结果。     

薪酬制度考虑外部监管了吗——来自中国上市公司的证据

本文以中国的上市公司为样本,考察了高管薪酬契约与外部监管的关系,结果发现,外部监管对高管薪酬有显著的影响,但与最优契约论不完全相符.研究发现,高管薪酬与第一大股东持股比例负相关;由于所有者虚位,国有企业的高管薪酬敏感性较高;由于远离管理者,外资控股的公司高管薪酬敏感性较高;独立董事占董事会总人数的比重与高管薪酬正相关而与薪酬敏感性负相关;较高的银行借款/总资产比率对高管薪酬有抑制作用;处于垄断地位的管制行业高管薪酬敏感性较高;高管持股对薪酬的敏感性不影响.最后,在控制了外部监管因素对薪酬敏感性的影响后,高管薪酬与公司下年度的业绩增长显著正相关,表明上市公司的高管薪酬制度基本上具备了激励机制.