上市公司并购商誉与财务业绩的相关性研究

发布时间：2018-12-26 18:43

【摘要】：自2007年我国实施现行会计准则以来,我国上市公司财务报表中每年均披露了巨额并购商誉,且披露金额每年均有大幅度的增长,未来预计将呈现继续增长的趋势。据统计,截止到2015年12月31日,上市公司财务报表中披露的并购商誉金额占总资产金额超过30%,随着我国对并购重组的继续推进,并购商誉金额占总资产的比例将呈现逐步增长的趋势。对于企业来说,商誉的成本及可能的价值内涵对企业的财务业绩有着重要的影响,而其对于利益相关者来说,商誉作为财务报表中的一项资产是一个能够传递相关信息的指标。因此,公司以及利益相关者都需要重点关注并购商誉与财务业绩的关系。本文在对国内外学者理论研究成果梳理的基础上,结合我国上市公司并购商誉与财务业绩的信息披露现状分析,以2007年至2015年间主板A股非同一控制下的控股合并中披露并购商誉的上市公司为研究样本,并考虑并购商誉协同效应的滞后性以当期、滞后一期、滞后两期和滞后三期的财务业绩为被解释变量,从并购商誉与财务业绩关系、市场集中度下的并购商誉与财务业绩关系、并购商誉对财务业绩的影响途径、市场集中度下并购商誉对财务业绩的影响途径四个方面,对上市公司并购商誉与财务业绩的相关性进行了实证研究。进而可以更好理解我国上市公司披露的并购商誉的实质,可以帮助企业自身认识到所拥有的商誉对其带来的经济后果的影响,并为其今后制定更加有效的并购方案以及如何斟酌和评估并购商誉提供帮助。进行实证研究,结果表明:若不考虑市场集中度的影响,上市公司中较高的并购商誉能够提高当期财务业绩,但是显著降低了未来两期财务业绩,并购商誉对财务业绩的负面影响存在滞后性;在市场集中度较高的行业,较高的并购商誉能够提高公司当期及未来两期财务业绩;并购商誉对财务业绩的影响不具有持久性。具体表现如下:上市公司中较高的并购商誉提高了当期财务业绩且是通过提高销售净利率实现的,降低了滞后一期、滞后两期的财务业绩且主要是通过降低总资产周转率实现的,与滞后三期财务业绩不存在相关性;市场集中度较高的行业中,上市公司较高的并购商誉提高了当期财务业绩且主要是通过提高销售净利率来实现的,提高了滞后一期、滞后两期的财务业绩且主要是通过提高总资产周转率来实现的,与滞后三期财务业绩存在不显著的正相关性。此外上市公司财务业绩还受公司成长性、公司规模、资产负债率、股权集中度、国有控股比例的综合影响。最后本文从上市公司并购、价值评估、商誉信息披露三个方面提出了相关建议。
[Abstract]:Since the implementation of the current accounting standards in China in 2007, huge goodwill of M & A has been disclosed in the financial statements of listed companies in China every year, and the disclosed amount has increased by a large margin every year, which is expected to continue to increase in the future. According to statistics, as of December 31, 2015, the amount of goodwill disclosed in the financial statements of listed companies accounted for more than 30 percent of the total assets. The proportion of goodwill to total assets will gradually increase. For an enterprise, the cost and possible value of goodwill have an important impact on the financial performance of the enterprise, but for the stakeholders, goodwill as an asset in the financial statements is an index that can transfer relevant information. Therefore, companies and stakeholders need to focus on the relationship between goodwill and financial performance. On the basis of combing the theoretical research results of domestic and foreign scholars, this paper analyzes the current situation of information disclosure of mergence goodwill and financial performance of listed companies in China. From 2007 to 2015, the listed companies that disclose the goodwill of M & A in the holding merger of A shares in the main board from 2007 to 2015 are taken as the research samples, and the lag of the synergistic effect of the goodwill of M & A is considered to be in the current period and the lag period. The financial performance of two and three periods behind is explained, from the relationship between goodwill of M & A and financial performance, the relationship between goodwill of M & A and financial performance under market concentration, and the influence of goodwill of M & A on financial performance. This paper makes an empirical study on the correlation between M & A goodwill and financial performance of listed companies from four aspects: the influence of goodwill on financial performance under the market concentration. Furthermore, it can better understand the essence of the goodwill of M & A disclosed by listed companies in our country, and can help the enterprises themselves to realize the impact of the goodwill they have on their economic consequences. It also provides help for its future development of more effective M & A programs and how to consider and evaluate M & A goodwill. The empirical results show that, without considering the influence of market concentration, the high goodwill of M & A in listed companies can improve the current financial performance, but significantly reduce the financial performance in the next two periods. The negative impact of M & A goodwill on financial performance is lagging; In the industry with high market concentration, the higher M & A goodwill can improve the current and future financial performance of the company, and the impact of M & A goodwill on the financial performance is not persistent. The specific performance is as follows: the higher M & A goodwill of the listed companies improves the current financial performance and is realized by raising the net interest rate of sales, and reduces the lag period. The financial performance of the two periods is mainly achieved by reducing the turnover rate of the total assets, and there is no correlation between the financial performance of the two periods and the financial performance of the three periods. In industries with higher market concentration, the high goodwill of M & A of listed companies improves the current financial performance and is mainly achieved by raising the net interest rate of sales, thus raising the lag period. The financial performance of the two periods is mainly achieved by increasing the turnover rate of the total assets, which has no significant positive correlation with the financial performance of the three periods. In addition, the financial performance of listed companies is also affected by the company growth, company size, asset-liability ratio, equity concentration, and the proportion of state-owned holding. Finally, this paper puts forward some suggestions from three aspects: M & A, value evaluation and goodwill information disclosure.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F271

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