股份支付、交易制度与商誉高估——基于中小板公司并购的数据分析

发布时间：2018-04-19 20:22

本文选题：股份支付 + 交易制度　；参考：《会计研究》2013年12期

【摘要】：本文研究我国上市公司以发行股份为对价的交易制度及其对商誉的影响。我们以2007~2012年A股中小板公司非同一控制下并购为样本,定量分析股份支付与现金支付两种情形的标的评估增值差异、标的可辨认净资产评估增值差异及其与商誉的关系,发现股份支付比现金支付的标的评估增值率显著更高、但标的可辨认净资产评估增值率差异不显著,进一步统计发现,收益法评估依据的预测收益明显高于实际收益,由此推断股份支付的标的定价虚高,导致商誉高估。本文分析认为,问题根源在于股份支付的交易制度,该制度产生的流动性受限等股份折价因素驱使了标的定价虚高,从而使得商誉高估。本文研究结论表明,在商誉会计信息的使用中,应注意股份支付和现金支付的商誉会计信息质量差异。最后,本文建议改进我国上市公司股份支付的交易制度,以提高商誉会计信息质量。
[Abstract]:This paper studies the trading system of China's listed companies in consideration of issuing shares and its influence on goodwill. From 2007 to 2012, we take the M & A of A shares small and medium board companies as samples, and quantitatively analyze the difference in the evaluation value added of stock payment and cash payment, the appreciation difference of identifiable net assets and its relationship with goodwill. It is found that the value added rate of stock payment is significantly higher than that of cash payment, but there is no significant difference in the value added rate of target identifiable net assets. Therefore, it is inferred that the underlying price of share payment is false, which leads to overvaluation of goodwill. This paper argues that the root of the problem lies in the trading system of share payment, which leads to the overvaluation of goodwill because of the limitation of liquidity and other share discount factors. The conclusion of this paper shows that in the use of goodwill accounting information, attention should be paid to the difference in the quality of goodwill accounting information between stock payment and cash payment. Finally, this paper proposes to improve the trading system of stock payment of listed companies in China, in order to improve the quality of goodwill accounting information.
【作者单位】：北京交通大学经济管理学院/中国企业兼并重组研究中心;
【基金】：财政部会计司“新兴市场经济国家企业合并对价的公允价值研究”项目研究成果
【分类号】：F832.51;F224

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