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长期股权投资:企业经营的方向盘

2017-09-08 21:26:46   中国经济网

在长期股权投资项目后面,会有“成本法”或者“权益法”的备注。这两种方法有什么区别?

根据会计准则的要求,对被投资企业是否有控制权,决定了使用成本法核算还是权益法核算。

成本法,公司能够对被投资单位实施控制的长期股权投资,在本公司财务报表中采用成本法核算。控制,是指拥有对被投资方的权力,通过参与被投资方的相关活动而享有可变回报,并且有能力运用对被投资方的权力影响回报金额。一般情况下,控股50%-100%认为有控制权。成本法核算下,在被投资单位宣告分派的现金股利或利润时,确认为当期投资收益。

权益法,对被投资单位具有共同控制或重大影响的,长期股权投资采用权益法核算。一般认为,持股20%-50%间属于有重大影响,但低于20%也有可能属于重大影响,比如有派出人员、高管、行业影响,等等。采用权益法时,取得长期股权投资后,按照应享有或应分担的被投资单位实现的净损益和其他综合收益的份额,分别确认投资损益和其他综合收益并调整长期股权投资的账面价值。

对于普通投资者来说,无论使用哪种方法进行核算,对企业基本面的判断都没有太大影响。但是一旦企业出现了会计政策变更,比如同一笔长期股权投资,本来是成本法核算,却改为了权益法核算,那就要小心了。

随着许多上市公司经营亏损的扩大,这种会计政策的变化已经无力挽回亏损,所以更多的企业采取了简单暴力的方法:出售长期股权投资获取投资收益来弥补巨亏。

利用长期股权投资调节利润

根据A股年报数据,2016年,投资收益超出净利润的有231家企业,超出1倍以上的有123家。其中有相当一部分是近年来效益不佳,实际经营并无改善,而是靠巨额的投资收益挽救了净利润。

2015年以前,ST明科的长期股权投资里有做煤矿的泰山能源和做房地产丽江德润,一家自称科技公司的卖烧碱和电石(据2016年年报,该公司85%的营收来自烧碱和电石)的企业投资跨度这么大,为了什么?

ST明科2016年净利润1502万元,其经营利润却是亏损的,盈利主要是靠出售长期股权投资获取的收益5052万元,接盘企业是天天科技。ST明科为“明天系”旗下企业,而天天科技的重要股东是游久游戏,该游戏公司曾被曝与“明天系”关系深厚。有意思的是,同样的手法,ST明科在2015年也操作过一次,将丽江德润100%股权出售给海纳宏源。

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