上市公司并购商誉与财务业绩相关性研究

发布时间：2018-04-16 01:14

本文选题：并购商誉 + 财务业绩　；参考：《北京交通大学》2017年硕士论文

【摘要】：近年来,随着我国企业间并购重组交易活动的频繁发生,并购商誉在企业总资产中的比重越来越大,在企业中的地位也越来越重要。作为一个能传递相关信息的指标,无论是对于企业还是对于利益相关者来说,商誉的成本及可能的价值内涵都至关重要。因此,商誉问题引发了理论界和实务界的极大关注和激烈讨论。根据IASC对于“核心商誉”与“非核心商誉”的区分,自创商誉与协同效应属于“核心商誉”,是能为企业带来超额收益的来源,而过高支付及评估误差则属于“非核心商誉”,与超额收益关系不大。那么我国上市公司所确认的并购商誉可否能为企业带来相应的经济利益呢?商誉发生减值的情况下,对公司经营业绩的影响是否有所改变呢?不同性质的企业所确认的并购商誉与企业经营业绩的关系又有何差异呢?针对以上问题,本文首先对商誉的定义与性质、确认与计量以及其确认的经济后果等方面的研究进行了回顾,发现现有文献对商誉价值相关性的研究较多并得到较为一致的结论,但基于会计视角下的并购商誉以及计提减值准备、不同股权性质下的商誉与财务绩效之间关系的研究还较少,且尚未达成一致的结论,因此本文将对此展开研究;在实证研究部分,本文以2007-2015年沪、深两市商誉发生金额不为零的A股上市公司为研究对象,首先分别对全样本、计提商誉减值准备与未计提商誉减值准备的子样本、国有控股与非国有控股性质的子样本进行描述性统计,初步观察商誉与财务业绩的变化。然后,本文对并购商誉与企业当期、滞后一期及滞后两期的财务绩效间的相关关系进行检验。通过设置交叉变量,本文还分别对不同后续计量情况、不同股权性质下并购商誉与财务业绩的相关性进行检验;最后,本文分别运用“净资产报酬率”以及“托宾Q”代替“总资产报酬率”作为解释变量进行稳健性检验,得到的结论与原结论基本一致。经过理论与实证研究综合研究发现:并购商誉与企业当期的财务业绩正相关,且这种正相关关系具有延续性;与计提商誉减值准备的公司相比,未计提商誉减值准备的公司确认的商誉与财务业绩更具有正相关性;相对于非国有企业,国有企业确认的并购商誉与财务业绩更具有正相关性。最后,本文根据理论与实证研究的结果,从财务报表改进、资产评估及商誉的披露与监督三方面提出了相关建议,并提出了研究不足和今后的研究展望。
[Abstract]:In recent years, with the frequent occurrence of M & A transactions among enterprises in China, the proportion of M & A goodwill in the total assets of enterprises is increasing, and the status of M & A goodwill in enterprises is becoming more and more important.As an indicator that can transmit relevant information, the cost and possible value connotation of goodwill are very important for both the enterprise and the stakeholders.Therefore, the issue of goodwill has aroused great concern and intense discussion in theoretical and practical circles.According to IASC's distinction between "core goodwill" and "non-core goodwill", self-created goodwill and synergistic effect belong to "core goodwill", which is the source of excess income for enterprises, while excessive payment and evaluation error belong to "non-core goodwill".It has little to do with excess returns.So can the mergence goodwill confirmed by the listed companies in our country bring the corresponding economic benefits to the enterprises?In the case of goodwill impairment, is there a change in the impact on the business performance of the company?What is the difference between the relationship between the goodwill of M & A and the business performance of different enterprises?In view of the above problems, this paper first reviews the definition and nature of goodwill, the recognition and measurement of goodwill, and the economic consequences of recognition.It is found that there are more researches on the correlation of goodwill value in the existing literature and a more consistent conclusion, but based on the accounting perspective of M & A goodwill and provision for impairment,There are few studies on the relationship between goodwill and financial performance under different equity nature, and there is no consensus conclusion, so this paper will study the relationship between goodwill and financial performance.The A-share listed companies with non-zero amount of goodwill occurring in Shenzhen and Shenzhen are the research objects. First of all, the sub-samples of the full sample, the preparation for the impairment of goodwill and the subsample for the preparation of non-impairment of goodwill,The subsamples of state holding and non-state holding are used for descriptive statistics, and the changes of goodwill and financial performance are preliminarily observed.Then, this paper examines the correlation between M & A goodwill and the financial performance of the firm in the current period, the lag period and the lag period.By setting cross variables, this paper also tests the correlation between goodwill and financial performance of M & A under different follow-up measurement and different equity nature.This paper uses "return on net assets" and "Tobin Q" instead of "return on total assets" as explanatory variables for robustness test, and the conclusion is basically consistent with the original conclusion.Through theoretical and empirical research, it is found that M & A goodwill is positively correlated with the current financial performance of enterprises, and this positive correlation relationship has continuity.There is a positive correlation between the confirmed goodwill and the financial performance of the company without reference to the impairment of goodwill, and the positive correlation between the goodwill confirmed by the state-owned enterprise and the financial performance compared with the non-state-owned enterprise.Finally, based on the results of theoretical and empirical studies, this paper puts forward some suggestions from the aspects of financial statement improvement, asset evaluation and goodwill disclosure and supervision, and puts forward the research deficiencies and future research prospects.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F271

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