【摘要】：自2007年我國實施現(xiàn)行會計準(zhǔn)則以來,我國上市公司財務(wù)報表中每年均披露了巨額并購商譽(yù),且披露金額每年均有大幅度的增長,未來預(yù)計將呈現(xiàn)繼續(xù)增長的趨勢。據(jù)統(tǒng)計,截止到2015年12月31日,上市公司財務(wù)報表中披露的并購商譽(yù)金額占總資產(chǎn)金額超過30%,隨著我國對并購重組的繼續(xù)推進(jìn),并購商譽(yù)金額占總資產(chǎn)的比例將呈現(xiàn)逐步增長的趨勢。對于企業(yè)來說,商譽(yù)的成本及可能的價值內(nèi)涵對企業(yè)的財務(wù)業(yè)績有著重要的影響,而其對于利益相關(guān)者來說,商譽(yù)作為財務(wù)報表中的一項資產(chǎn)是一個能夠傳遞相關(guān)信息的指標(biāo)。因此,公司以及利益相關(guān)者都需要重點關(guān)注并購商譽(yù)與財務(wù)業(yè)績的關(guān)系。本文在對國內(nèi)外學(xué)者理論研究成果梳理的基礎(chǔ)上,結(jié)合我國上市公司并購商譽(yù)與財務(wù)業(yè)績的信息披露現(xiàn)狀分析,以2007年至2015年間主板A股非同一控制下的控股合并中披露并購商譽(yù)的上市公司為研究樣本,并考慮并購商譽(yù)協(xié)同效應(yīng)的滯后性以當(dāng)期、滯后一期、滯后兩期和滯后三期的財務(wù)業(yè)績?yōu)楸唤忉屪兞?從并購商譽(yù)與財務(wù)業(yè)績關(guān)系、市場集中度下的并購商譽(yù)與財務(wù)業(yè)績關(guān)系、并購商譽(yù)對財務(wù)業(yè)績的影響途徑、市場集中度下并購商譽(yù)對財務(wù)業(yè)績的影響途徑四個方面,對上市公司并購商譽(yù)與財務(wù)業(yè)績的相關(guān)性進(jìn)行了實證研究。進(jìn)而可以更好理解我國上市公司披露的并購商譽(yù)的實質(zhì),可以幫助企業(yè)自身認(rèn)識到所擁有的商譽(yù)對其帶來的經(jīng)濟(jì)后果的影響,并為其今后制定更加有效的并購方案以及如何斟酌和評估并購商譽(yù)提供幫助。進(jìn)行實證研究,結(jié)果表明:若不考慮市場集中度的影響,上市公司中較高的并購商譽(yù)能夠提高當(dāng)期財務(wù)業(yè)績,但是顯著降低了未來兩期財務(wù)業(yè)績,并購商譽(yù)對財務(wù)業(yè)績的負(fù)面影響存在滯后性;在市場集中度較高的行業(yè),較高的并購商譽(yù)能夠提高公司當(dāng)期及未來兩期財務(wù)業(yè)績;并購商譽(yù)對財務(wù)業(yè)績的影響不具有持久性。具體表現(xiàn)如下:上市公司中較高的并購商譽(yù)提高了當(dāng)期財務(wù)業(yè)績且是通過提高銷售凈利率實現(xiàn)的,降低了滯后一期、滯后兩期的財務(wù)業(yè)績且主要是通過降低總資產(chǎn)周轉(zhuǎn)率實現(xiàn)的,與滯后三期財務(wù)業(yè)績不存在相關(guān)性;市場集中度較高的行業(yè)中,上市公司較高的并購商譽(yù)提高了當(dāng)期財務(wù)業(yè)績且主要是通過提高銷售凈利率來實現(xiàn)的,提高了滯后一期、滯后兩期的財務(wù)業(yè)績且主要是通過提高總資產(chǎn)周轉(zhuǎn)率來實現(xiàn)的,與滯后三期財務(wù)業(yè)績存在不顯著的正相關(guān)性。此外上市公司財務(wù)業(yè)績還受公司成長性、公司規(guī)模、資產(chǎn)負(fù)債率、股權(quán)集中度、國有控股比例的綜合影響。最后本文從上市公司并購、價值評估、商譽(yù)信息披露三個方面提出了相關(guān)建議。
[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.
【學(xué)位授予單位】：華北電力大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51;F271

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本文編號：2392531