本文選題：并購商譽(yù) + 財(cái)務(wù)業(yè)績�。� 參考：《北京交通大學(xué)》2017年碩士論文

【摘要】：近年來,隨著我國企業(yè)間并購重組交易活動(dòng)的頻繁發(fā)生,并購商譽(yù)在企業(yè)總資產(chǎn)中的比重越來越大,在企業(yè)中的地位也越來越重要。作為一個(gè)能傳遞相關(guān)信息的指標(biāo),無論是對(duì)于企業(yè)還是對(duì)于利益相關(guān)者來說,商譽(yù)的成本及可能的價(jià)值內(nèi)涵都至關(guān)重要。因此,商譽(yù)問題引發(fā)了理論界和實(shí)務(wù)界的極大關(guān)注和激烈討論。根據(jù)IASC對(duì)于“核心商譽(yù)”與“非核心商譽(yù)”的區(qū)分,自創(chuàng)商譽(yù)與協(xié)同效應(yīng)屬于“核心商譽(yù)”,是能為企業(yè)帶來超額收益的來源,而過高支付及評(píng)估誤差則屬于“非核心商譽(yù)”,與超額收益關(guān)系不大。那么我國上市公司所確認(rèn)的并購商譽(yù)可否能為企業(yè)帶來相應(yīng)的經(jīng)濟(jì)利益呢?商譽(yù)發(fā)生減值的情況下,對(duì)公司經(jīng)營業(yè)績的影響是否有所改變呢?不同性質(zhì)的企業(yè)所確認(rèn)的并購商譽(yù)與企業(yè)經(jīng)營業(yè)績的關(guān)系又有何差異呢?針對(duì)以上問題,本文首先對(duì)商譽(yù)的定義與性質(zhì)、確認(rèn)與計(jì)量以及其確認(rèn)的經(jīng)濟(jì)后果等方面的研究進(jìn)行了回顧,發(fā)現(xiàn)現(xiàn)有文獻(xiàn)對(duì)商譽(yù)價(jià)值相關(guān)性的研究較多并得到較為一致的結(jié)論,但基于會(huì)計(jì)視角下的并購商譽(yù)以及計(jì)提減值準(zhǔn)備、不同股權(quán)性質(zhì)下的商譽(yù)與財(cái)務(wù)績效之間關(guān)系的研究還較少,且尚未達(dá)成一致的結(jié)論,因此本文將對(duì)此展開研究;在實(shí)證研究部分,本文以2007-2015年滬、深兩市商譽(yù)發(fā)生金額不為零的A股上市公司為研究對(duì)象,首先分別對(duì)全樣本、計(jì)提商譽(yù)減值準(zhǔn)備與未計(jì)提商譽(yù)減值準(zhǔn)備的子樣本、國有控股與非國有控股性質(zhì)的子樣本進(jìn)行描述性統(tǒng)計(jì),初步觀察商譽(yù)與財(cái)務(wù)業(yè)績的變化。然后,本文對(duì)并購商譽(yù)與企業(yè)當(dāng)期、滯后一期及滯后兩期的財(cái)務(wù)績效間的相關(guān)關(guān)系進(jìn)行檢驗(yàn)。通過設(shè)置交叉變量,本文還分別對(duì)不同后續(xù)計(jì)量情況、不同股權(quán)性質(zhì)下并購商譽(yù)與財(cái)務(wù)業(yè)績的相關(guān)性進(jìn)行檢驗(yàn);最后,本文分別運(yùn)用“凈資產(chǎn)報(bào)酬率”以及“托賓Q”代替“總資產(chǎn)報(bào)酬率”作為解釋變量進(jìn)行穩(wěn)健性檢驗(yàn),得到的結(jié)論與原結(jié)論基本一致。經(jīng)過理論與實(shí)證研究綜合研究發(fā)現(xiàn):并購商譽(yù)與企業(yè)當(dāng)期的財(cái)務(wù)業(yè)績正相關(guān),且這種正相關(guān)關(guān)系具有延續(xù)性;與計(jì)提商譽(yù)減值準(zhǔn)備的公司相比,未計(jì)提商譽(yù)減值準(zhǔn)備的公司確認(rèn)的商譽(yù)與財(cái)務(wù)業(yè)績更具有正相關(guān)性;相對(duì)于非國有企業(yè),國有企業(yè)確認(rèn)的并購商譽(yù)與財(cái)務(wù)業(yè)績更具有正相關(guān)性。最后,本文根據(jù)理論與實(shí)證研究的結(jié)果,從財(cái)務(wù)報(bào)表改進(jìn)、資產(chǎn)評(píng)估及商譽(yù)的披露與監(jiān)督三方面提出了相關(guān)建議,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.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F271

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