合并商誉的价值相关性研究

发布时间：2018-03-09 06:22

本文选题：合并商誉　切入点：价值相关性　出处：《安徽大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着世界经济的发展,越来越多的企业选择并购作为企业扩张的主要战略,伴随着并购案例的不断增多,资本市场对会计信息披露的要求也越来越高。与会计信息价值含量相关的研究也随之增多,合并商誉这一具有特殊性质的资产,其本质是什么?应该如何进行确认和计量?以及应该如何在财务报告中进行披露?它是否具有价值相关性?这些问题也逐渐被大家所关注。我国的资本市场日趋成熟,对合并商誉这种能够使企业获得长期超额收益的资产,因为其不可辨认性与协同效益性,也越来越受到投资者的关注。了解合并商誉与公司价值的关系,不仅有助于企业管理者更好地了解和掌控手中的资源,更有利于投资者了解企业,提高投资效率。本文结合我国上市公司的会计制度环境与产权性质,运用规范研究和实证研究相结合的方法考察合并商誉的价值相关性,通过分析新会计制度下合并商誉价值对公司市值和股票市场回报率的影响、企业最终控制人性质对合并商誉价值相关性的影响,获取具有一定理论意义和实践价值的研究结论,并提出相应的政策建议。本文共分为五部分。第一部分是绪论,介绍本文的研究背景及意义、国内外研究综述、研究思路和方法、创新与特色等。第二部分为相关理论基础,该部分界定了研究对象的相关概念,对价值相关性理论、合并商誉的协同效用论等理论基础进行了阐述。第三部分为理论分析,该部分对我国上市公司合并商誉信息披露情况进行了较全面的梳理,对企业产权制度对合并商誉价值相关性作用机理进行了深入分析。第四部分是实证研究部分,本文选取2007-2012年6年间我国上市公司数据作为样本,应用价格模型与盈余回归模型检验合并商誉价值对公司市值和股票市场回报率的影响。第五部分是研究结论与建议。研究发现：(1)新会计制度下披露的合并商誉具有价值相关性,即合并商誉越大的企业其市值也越高；(2)非国有控股企业的合并商誉相对于国有控股企业的合并商誉,更具价值相关性。
[Abstract]:With the development of the world economy, more and more enterprises choose M & A as the main strategy of enterprise expansion, with the increasing number of M & A cases. The requirement of capital market for accounting information disclosure is higher and higher, and the research related to the value content of accounting information also increases. What is the essence of merging goodwill as a special asset? How should recognition and measurement be carried out? And how should it be disclosed in the financial statements? Is it of value relevance? The capital market of our country is maturing day by day, which can make the enterprise obtain long-term excess income because of its illegibility and synergetic benefit. Understanding the relationship between the combined goodwill and the value of the company will not only help business managers better understand and control the resources in their hands, but also help investors understand the enterprises. Based on the accounting system environment and property right nature of listed companies in China, this paper uses the methods of normative research and empirical research to investigate the value relevance of combined goodwill. By analyzing the influence of the combined goodwill value on market value and the stock market rate of return under the new accounting system, and the influence of the nature of the enterprise ultimate controller on the value correlation of the combined goodwill value, the research conclusions with certain theoretical and practical value are obtained. And put forward the corresponding policy recommendations. This paper is divided into five parts. The first part is the introduction, which introduces the research background and significance, domestic and foreign research overview, research ideas and methods, innovation and characteristics, etc. This part defines the related concepts of the object of study, expounds the theoretical basis of the theory of value correlation, the theory of synergistic utility of combined goodwill, etc. The third part is the theoretical analysis. This part makes a comprehensive analysis of the information disclosure of mergence goodwill of listed companies in China, and analyzes the mechanism of the correlation between the property right system and the value of mergence goodwill. Part 4th is the empirical research part. This paper selects the data of Chinese listed companies from 2007 to 2012 as a sample. This paper uses price model and earnings regression model to test the influence of combined goodwill value on market value and stock market return. 5th is the conclusion and suggestion. The study finds that the combined goodwill disclosed under the new accounting system has value relevance. That is, the greater the combined goodwill, the higher the value of market value.) compared with the combined goodwill of the state-owned holding enterprises, the combined goodwill of the non-state-owned holding enterprises has more value relevance.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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