会计学院知识库

摘  要
在文化产业快速发展的背景下，影视企业并购活动日益频繁。签署并购对赌协议作为并购业务中常用的投资风险管理手段，旨在通过业绩承诺降低收购方的投资风险。然而不少影视企业为完成对赌协议中的业绩承诺而进行财务造假，利用并购过程进行资本运作，严重损害了投资者权益破坏了资本市场良性发展。这些围绕着对赌协议展开的违规运作为审计工作带来新的风险和挑战。本研究以北京文化公司为案例，聚焦对赌协议下影视企业并购的审计风险，提出风险控制建议完善审计流程策略。
研究从宏观层面入手，分析影视行业特性，探究影视行业在扩张期并购过程中签署对赌协议的动机。围绕着行业的经营困境与风险，探讨对赌协议本身如何催化风险形成，总结签署对赌协议的企业存在的审计风险特征与形成机制。在微观层面，研究选取北京文化股份有限公司业绩造假案进行梳理研究，回顾北京文化在业绩对赌协议期间，虚增收入和商誉、发布虚假信息及资本减持套利等行为。通过结合信号传递理论与舞弊三角理论，对该案例中的舞弊行为进行还原。依托审计风险模型，从报表层面、认定层面及审计检查层面，对北京文化公司的审计风险形成机制及特点进行了详细解读。基于以上分析，提出了针对性应对措施，旨在降低此类审计风险，保障财务报告的真实性和可靠性。
基于理论分析及案例研究，本文认为面对影视传媒行业上市公司签署并购对赌协议的情况时，被收购方为了完成对收购方的业绩承诺，可能存在粉饰商誉、虚增业绩等舞弊行为，收购方为维持股价同样存在包庇被收购方财务舞弊行为动机。应对此类业务时，注册会计师需应从行业特性、对赌协议内容、融资及收入来源，股价与绩优财报的背离程度、营收与业绩承诺拟合几大方面识别潜在风险。同时需关注资产存在的完整性以及应收账款的回款风险，从多方面提高审计工作的质量和效率。

Abstract
In the rapidly evolving cultural industry, film and television company M&As have increased, using VAM agreements to mitigate acquirer investment risks via performance promises. Yet, many such companies resort to performance fraud to meet these commitments, employing M&A for capital maneuvers and harming investor rights and market health. This scenario introduces new audit risks, particularly evident in the case study of Beijing Culture Co., Ltd.
Starting from the characteristics of the Media and F&T Entertainment industry，this research explores the content and motivation behind signing VAM agreements during expansionary M&A periods from a macro perspective, analyzing the operational difficulties and audit risks in the Media and F&T Entertainment industry, summarizing the characteristics and mechanisms of audit risks in companies signing VAM agreements. Surrounding the difficulties faced by companies, it discusses the motivations behind signing VAM agreements and how the agreements themselves catalyze risk formation. From a micro perspective, the case of performance fraud by Beijing Culture Co., Ltd. is specifically analyzed, reviewing its behavior of inflating income and goodwill, and disclosing false information during the VAM agreement period. The study integrates modern , signaling theory, and the fraud triangle theory to analyze the case's fraud process. Based on the audit risk model, it analyzes Beijing Culture's audit risks from the levels of significant misstatement risk in financial statements, recognition level, and inspection risk, revealing the formation mechanisms and characteristics of audit risks in film and television companies under VAM agreements.
Based on theoretical analysis and case study, this paper argues that in the context of listed companies in the Media and F&T Entertainment industry signing M&A VAM agreements, the acquired party may engage in fraudulent behaviors such as beautifying goodwill and inflating performance to fulfill commitments to the acquirer, while the acquirer may also have motives to conceal the financial fraud of the acquired party to maintain stock prices. When dealing with such business, certified public accountants should identify potential risks from aspects such as industry characteristics, VAM agreement details, financing and income sources, the divergence between stock prices and excellent financial reports, and the fit between revenue and performance commitments. Attention should also be paid to the integrity of asset existence and the risk of receivable collection. Efforts should be made to improve the quality and efficiency of audit work from multiple aspects.