企业合并的会计方法、税收特性与合并绩效
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摘要
由美国次贷危机引发的金融风暴曾席卷全球,严重阻碍世界经济的发展速度,但似乎并未阻挡全球企业合并高歌猛进的步伐,许多实力雄厚的企业纷纷抓住难得的低成本扩张机遇,通过企业合并实现发展战略的调整。尤其是中国的合并交易在2010年呈现井喷态势。根据清科研究中心的统计,2010年,我国共完成622起合并交易,其中有501起合并交易披露交易对价,总额达348.03亿美元,与2009年完成的294起合并交易相比,同比增长高达111.6%。即使受到欧债危机的冲击,我国的合并交易仍在2011年创下新高,共完成1157起合并交易,其中有985起合并交易披露交易对价,总额达669.18亿美元,与去年同期相比,合并案例数增长86.0%,合并交易总额增长高达92.3%。
企业合并的魅力究竟在哪里?马克思认为,资本不会放弃对剩余价值的追求,其本性是逐利的。企业合并是复杂的经济活动,其背后必定隐藏着诱人的物质利益(剩余价值),资本必然趋之若鹜。从理论上来说,合并交易可以重新排列各种资源的组合,优化资源配置,实现合并的协同效应,完成企业的战略发展目标。
从制度经济学的角度来讲,企业合并是企业间资本组合方式、经济制度相互博弈的制度演化,其根源在于制度处于非均衡状态,即现有的制度安排和结构的净收益小于另一种可替代的制度安排和结构,为捕捉这种新的盈利机会而通过企业合并交易来改变现有的制度安排和结构。同时,各利益集团又可通过契约形式完成公司控制权的重新组合,实现既定的战略发展目标。
从企业合并会计的角度来说,合并协同效应的实现及其持续性的评价最终都反映在同一个指标上——合并绩效。虽然会计、税收问题很难成为企业合并的主要动因,但在我国的社会主义市场经济的背景下,企业合并的会计方法与税收特性均从不同的侧面影响合并公司的绩效。
文中依据会计学、经济学、管理学等学科的相关理论,在总结、整理国内外合并绩效研究成果的基础上,以2004年1月1日-2008年12月31日期间发生的上市公司合并事件为研究样本,运用规范与实证相结合的研究方法,分析企业合并的会计方法、税收特性对合并绩效的影响,从定性的角度界定企业合并范围、合并会计方法、税收特性和合并绩效等相关概念,分析并解释我国上市公司企业合并会计方法、税收特性对合并绩效可能造成的影响,并基于动态、静态的角度构建合并会计方法、税收特性对合并绩效的影响分析框架,丰富合并绩效的研究内容,并得到以下研究结论：
总体来说,实证分析结果证实,企业合并会计方法、税收特性均不同程度地影响合并绩效。其中,对资本市场的影响程度远大于对合并公司的短期托宾Q值、长期财务指标的影响程度；对合并公司的短期托宾Q值的影响程度也远大于对合并公司长期财务指标的影响程度。
其一,资本市场的累积异常收益率(CAR)随着事件窗口的扩大而明显增加,且权益结合法可引起累积异常收益率(CAR)更显著的波动,表明资本市场对运用权益结合法合并公司的未来发展前景有更积极的预期,可能迫使实施股票期权薪酬计划的合并公司管理层更偏好权益结合法,从而构造权益结合法的合并交易；对于目标公司可结转净经营损失(NOLs)来说,未承继可结转净经营损失(NOLs)的合并公司累积异常收益(CAR)较高,该结果可能与政府强行介入合并交易有关；而递升的目标资产税基(SUTB)的研究结论则与国外研究结论相符,拥有递升的目标资产税基(SUTB)的合并公司累积异常收益(CAR)有较大幅度的波动,表明资本市场可能更期望合并公司能通过拥有递升的目标资产税基(SUTB)来获得以后年度较高的、稳定的税前抵扣额,从而间接地增加股利分配额。
其二,合并公司在合并后首个资产负债表日托宾Q值则受到合并会计方法、税收特性的显著影响,但依不同的合并形式、支付方式而有所差异。其中,控股合并下的合并会计方法、税收特性对托宾Q值的影响最显著；现金支付下的合并会计方法、可结转净经营损失(NOLs)对托宾Q值的影响最显著,而托宾Q值则与递升的目标资产税基(SUTB)无关。
其三,合并会计方法、税收特性对合并公司在合并前后经营业绩影响的分析中发现,无论是否区分各种子样本,合并公司的经营业绩均未实现协同效应。
总之,理论和实证分析均证明,虽然合并公司的合并绩效在事件研究的短期动态分析中、经营业绩对比的长期动态分析中的结果完全不相同,但都证实合并公司的合并绩效依企业合并会计方法、税收特性的不同而有较大的差异,而且静态分析也表明合并会计方法、税收特性显著影响合并公司的合并绩效,为国家财税等监管机构提供可靠的理论与经验依据,促进相关法规、制度的完善。
The financial storm caused by U.S.A. subprime lending crisis that has swept the globe, seriously hindered the development of world economy. But there was no evidence that dramatically increasing global enterprises'consolidations obstructed by it, and many companies possesses strong ability was catching rare low-cost expansion opportunities through the consolidations to accomplish the development strategy, especially Chinese consolidations in2010. According to the statistics, our country has accomplished since622merger deal in2010, including501transactions disclosing trading price to34.803billion dollars. Compared with294transactions completed in2009, trading price was up to111.6%. Even if China's consolidations had been impacted by Europe debt crisis, there were record highs of merger deals in2011, which has accomplished1157consolidation deals, including985transactions disclosing trading to66.918billion dollars, compared with the same period last year, the average growth of86.0%in the consolidation cases, and transaction volume as high as93.2%.
What is the charm of enterprise consolidation on earth? Karl Marx thought that capital can not give up to the pursuit of surplus value, and its nature is the profit. Enterprise consolidation is a complex economic activity, the tempting material interests must be hidden behind it. That makes capital inevitably pursue. Theoretically, consolidation trades can rearrange the combination of various resources, optimize the allocation of resources and realize the synergistic effect of consolidation, to complete the enterprise's strategic development target.
From institutional economics perspective, enterprise consolidation is the institutional evolution of combination of capital, gaming about economic institutions between enterprises, which root is institutions in a non-equilibrium state, that is, the net income of the existing institutional arrangement and structure are less than alternative one. To capture this new profit opportunities, the existing institutional arrangement and structure must be altered through enterprise's consolidations. At the same time, various interest groups can finish the new combination of companies'control through the form of contracts to achieve the established strategic development target.
From the view of enterprise consolidation's accounting, the assessing of realization and persistence of synergistic effect finally focuses on the same index-consolidated performance. Although accounting and tax issues are difficult to be the main motivations of consolidations. under our socialist market economy circumstances, accounting methods and tax attributes of enterprise consolidations exactly influence the combined performances from different aspects.
This paper based on accounting, economics, management and other related theory, summarizes and combs the domestic and foreign research achievement about consolidation performance, chooses the listed companies' consolidation case as the study samples happened from2004to2008, and uses standard and empirical research methods to analysis accounting methods and tax attributes of enterprise consolidations how to influence the enterprise consolidation's achievements, to establish the analysis frames about consolidation's accounting methods, the tax attributes of target company and consolidated performance based on the dynamic and static points, to from the point of view of the enterprise merger qualitative define the scope, merger accounting method, the target company tax characteristics and merger of performance the related concept, analysis and explanation of the listed companies in China enterprise accounting method, the target company merger tax of merger performance characteristics may affect, and to rich the research on consolidated performance. Finally, it gets the following conclusions:
In general, the empirical analysis results confirm that accounting methods and tax attributes of consolidations could influence consolidated performance in different degree. Among them, the influence degree to the capital market was more intensive than to the Tobin's Q in the short time and the financial indexes in the long times, to the Tobin's Q in short time was stronger than to the financial indexes in the long time.
First, with the stretching event window, CAR of Capital market significantly increased, and the pooling of interest method can cause more significant fluctuations of CAR than the purchase method, which shows that the capital market estimated more positive about future development of acquiring companies using the pooling of interest method than those using purchase method, and which may compel acquiring managers related to compensation planning with stock option to make preference the pooling of interest method and to structure the consolidated trade using the pooling of interest method; As to NOLs, the acquiring companies dissucceeded to NOLs had higher CAR, which might relate to the government compulsive intervention into the consolidation; And the conclusion of SUTB is consistent with foreign research conclusion, that is, CAR of the acquiring companies possessing SUTB was substantial fluctuations, which shows that capital market may hope combined company can obtain higher and more stable annual tax deduction, and indirectly increase dividend distribution.
Second, Tobin's Q of combined companies in the first date of balance sheet after merger was significantly affected by the consolidated accounting methods and tax attributes, but there was difference based on different consolidated types and payment forms. Among them, under the controlling consolidations, the consolidated accounting methods and tax attributes of target company influenced most significantly to Tobin's Q; under the cash payment, the consolidated accounting methods and NOLs affected most notably, but Tobin's Q uncorrelated to SUTB.
Third, Compared with financial performance before and after consolidation, the research found whether sort the sample as the consolidated accounting methods and tax attributes of the target company, the combined business performance or financial performance did not accomplish the synergistic effect.
In sum, both theory and empirical analysis proof although there were different conclusions between short-term dynamic event research and long-term dynamic business comparing study, these conclusions can confirm that great differences in combined performance changed with the consolidated accounting methods and tax attributes. At the same time, static analysis also means that the combined accounting methods and tax attributes can significantly change consolidated performance, to supply regulators with credible theories and experience witness, to improve the perfection of related laws and institutions.
企业合并的魅力究竟在哪里?马克思认为,资本不会放弃对剩余价值的追求,其本性是逐利的。企业合并是复杂的经济活动,其背后必定隐藏着诱人的物质利益(剩余价值),资本必然趋之若鹜。从理论上来说,合并交易可以重新排列各种资源的组合,优化资源配置,实现合并的协同效应,完成企业的战略发展目标。
从制度经济学的角度来讲,企业合并是企业间资本组合方式、经济制度相互博弈的制度演化,其根源在于制度处于非均衡状态,即现有的制度安排和结构的净收益小于另一种可替代的制度安排和结构,为捕捉这种新的盈利机会而通过企业合并交易来改变现有的制度安排和结构。同时,各利益集团又可通过契约形式完成公司控制权的重新组合,实现既定的战略发展目标。
从企业合并会计的角度来说,合并协同效应的实现及其持续性的评价最终都反映在同一个指标上——合并绩效。虽然会计、税收问题很难成为企业合并的主要动因,但在我国的社会主义市场经济的背景下,企业合并的会计方法与税收特性均从不同的侧面影响合并公司的绩效。
文中依据会计学、经济学、管理学等学科的相关理论,在总结、整理国内外合并绩效研究成果的基础上,以2004年1月1日-2008年12月31日期间发生的上市公司合并事件为研究样本,运用规范与实证相结合的研究方法,分析企业合并的会计方法、税收特性对合并绩效的影响,从定性的角度界定企业合并范围、合并会计方法、税收特性和合并绩效等相关概念,分析并解释我国上市公司企业合并会计方法、税收特性对合并绩效可能造成的影响,并基于动态、静态的角度构建合并会计方法、税收特性对合并绩效的影响分析框架,丰富合并绩效的研究内容,并得到以下研究结论：
总体来说,实证分析结果证实,企业合并会计方法、税收特性均不同程度地影响合并绩效。其中,对资本市场的影响程度远大于对合并公司的短期托宾Q值、长期财务指标的影响程度；对合并公司的短期托宾Q值的影响程度也远大于对合并公司长期财务指标的影响程度。
其一,资本市场的累积异常收益率(CAR)随着事件窗口的扩大而明显增加,且权益结合法可引起累积异常收益率(CAR)更显著的波动,表明资本市场对运用权益结合法合并公司的未来发展前景有更积极的预期,可能迫使实施股票期权薪酬计划的合并公司管理层更偏好权益结合法,从而构造权益结合法的合并交易；对于目标公司可结转净经营损失(NOLs)来说,未承继可结转净经营损失(NOLs)的合并公司累积异常收益(CAR)较高,该结果可能与政府强行介入合并交易有关；而递升的目标资产税基(SUTB)的研究结论则与国外研究结论相符,拥有递升的目标资产税基(SUTB)的合并公司累积异常收益(CAR)有较大幅度的波动,表明资本市场可能更期望合并公司能通过拥有递升的目标资产税基(SUTB)来获得以后年度较高的、稳定的税前抵扣额,从而间接地增加股利分配额。
其二,合并公司在合并后首个资产负债表日托宾Q值则受到合并会计方法、税收特性的显著影响,但依不同的合并形式、支付方式而有所差异。其中,控股合并下的合并会计方法、税收特性对托宾Q值的影响最显著；现金支付下的合并会计方法、可结转净经营损失(NOLs)对托宾Q值的影响最显著,而托宾Q值则与递升的目标资产税基(SUTB)无关。
其三,合并会计方法、税收特性对合并公司在合并前后经营业绩影响的分析中发现,无论是否区分各种子样本,合并公司的经营业绩均未实现协同效应。
总之,理论和实证分析均证明,虽然合并公司的合并绩效在事件研究的短期动态分析中、经营业绩对比的长期动态分析中的结果完全不相同,但都证实合并公司的合并绩效依企业合并会计方法、税收特性的不同而有较大的差异,而且静态分析也表明合并会计方法、税收特性显著影响合并公司的合并绩效,为国家财税等监管机构提供可靠的理论与经验依据,促进相关法规、制度的完善。
The financial storm caused by U.S.A. subprime lending crisis that has swept the globe, seriously hindered the development of world economy. But there was no evidence that dramatically increasing global enterprises'consolidations obstructed by it, and many companies possesses strong ability was catching rare low-cost expansion opportunities through the consolidations to accomplish the development strategy, especially Chinese consolidations in2010. According to the statistics, our country has accomplished since622merger deal in2010, including501transactions disclosing trading price to34.803billion dollars. Compared with294transactions completed in2009, trading price was up to111.6%. Even if China's consolidations had been impacted by Europe debt crisis, there were record highs of merger deals in2011, which has accomplished1157consolidation deals, including985transactions disclosing trading to66.918billion dollars, compared with the same period last year, the average growth of86.0%in the consolidation cases, and transaction volume as high as93.2%.
What is the charm of enterprise consolidation on earth? Karl Marx thought that capital can not give up to the pursuit of surplus value, and its nature is the profit. Enterprise consolidation is a complex economic activity, the tempting material interests must be hidden behind it. That makes capital inevitably pursue. Theoretically, consolidation trades can rearrange the combination of various resources, optimize the allocation of resources and realize the synergistic effect of consolidation, to complete the enterprise's strategic development target.
From institutional economics perspective, enterprise consolidation is the institutional evolution of combination of capital, gaming about economic institutions between enterprises, which root is institutions in a non-equilibrium state, that is, the net income of the existing institutional arrangement and structure are less than alternative one. To capture this new profit opportunities, the existing institutional arrangement and structure must be altered through enterprise's consolidations. At the same time, various interest groups can finish the new combination of companies'control through the form of contracts to achieve the established strategic development target.
From the view of enterprise consolidation's accounting, the assessing of realization and persistence of synergistic effect finally focuses on the same index-consolidated performance. Although accounting and tax issues are difficult to be the main motivations of consolidations. under our socialist market economy circumstances, accounting methods and tax attributes of enterprise consolidations exactly influence the combined performances from different aspects.
This paper based on accounting, economics, management and other related theory, summarizes and combs the domestic and foreign research achievement about consolidation performance, chooses the listed companies' consolidation case as the study samples happened from2004to2008, and uses standard and empirical research methods to analysis accounting methods and tax attributes of enterprise consolidations how to influence the enterprise consolidation's achievements, to establish the analysis frames about consolidation's accounting methods, the tax attributes of target company and consolidated performance based on the dynamic and static points, to from the point of view of the enterprise merger qualitative define the scope, merger accounting method, the target company tax characteristics and merger of performance the related concept, analysis and explanation of the listed companies in China enterprise accounting method, the target company merger tax of merger performance characteristics may affect, and to rich the research on consolidated performance. Finally, it gets the following conclusions:
In general, the empirical analysis results confirm that accounting methods and tax attributes of consolidations could influence consolidated performance in different degree. Among them, the influence degree to the capital market was more intensive than to the Tobin's Q in the short time and the financial indexes in the long times, to the Tobin's Q in short time was stronger than to the financial indexes in the long time.
First, with the stretching event window, CAR of Capital market significantly increased, and the pooling of interest method can cause more significant fluctuations of CAR than the purchase method, which shows that the capital market estimated more positive about future development of acquiring companies using the pooling of interest method than those using purchase method, and which may compel acquiring managers related to compensation planning with stock option to make preference the pooling of interest method and to structure the consolidated trade using the pooling of interest method; As to NOLs, the acquiring companies dissucceeded to NOLs had higher CAR, which might relate to the government compulsive intervention into the consolidation; And the conclusion of SUTB is consistent with foreign research conclusion, that is, CAR of the acquiring companies possessing SUTB was substantial fluctuations, which shows that capital market may hope combined company can obtain higher and more stable annual tax deduction, and indirectly increase dividend distribution.
Second, Tobin's Q of combined companies in the first date of balance sheet after merger was significantly affected by the consolidated accounting methods and tax attributes, but there was difference based on different consolidated types and payment forms. Among them, under the controlling consolidations, the consolidated accounting methods and tax attributes of target company influenced most significantly to Tobin's Q; under the cash payment, the consolidated accounting methods and NOLs affected most notably, but Tobin's Q uncorrelated to SUTB.
Third, Compared with financial performance before and after consolidation, the research found whether sort the sample as the consolidated accounting methods and tax attributes of the target company, the combined business performance or financial performance did not accomplish the synergistic effect.
In sum, both theory and empirical analysis proof although there were different conclusions between short-term dynamic event research and long-term dynamic business comparing study, these conclusions can confirm that great differences in combined performance changed with the consolidated accounting methods and tax attributes. At the same time, static analysis also means that the combined accounting methods and tax attributes can significantly change consolidated performance, to supply regulators with credible theories and experience witness, to improve the perfection of related laws and institutions.
引文
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