【摘要】：自2007年我國(guó)實(shí)施現(xiàn)行會(huì)計(jì)準(zhǔn)則以來(lái),我國(guó)上市公司財(cái)務(wù)報(bào)表中每年均披露了巨額并購(gòu)商譽(yù),且披露金額每年均有大幅度的增長(zhǎng),未來(lái)預(yù)計(jì)將呈現(xiàn)繼續(xù)增長(zhǎng)的趨勢(shì)。據(jù)統(tǒng)計(jì),截止到2015年12月31日,上市公司財(cái)務(wù)報(bào)表中披露的并購(gòu)商譽(yù)金額占總資產(chǎn)金額超過(guò)30%,隨著我國(guó)對(duì)并購(gòu)重組的繼續(xù)推進(jìn),并購(gòu)商譽(yù)金額占總資產(chǎn)的比例將呈現(xiàn)逐步增長(zhǎng)的趨勢(shì)。對(duì)于企業(yè)來(lái)說(shuō),商譽(yù)的成本及可能的價(jià)值內(nèi)涵對(duì)企業(yè)的財(cái)務(wù)業(yè)績(jī)有著重要的影響,而其對(duì)于利益相關(guān)者來(lái)說(shuō),商譽(yù)作為財(cái)務(wù)報(bào)表中的一項(xiàng)資產(chǎn)是一個(gè)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(diǎn)關(guān)注并購(gòu)商譽(yù)與財(cái)務(wù)業(yè)績(jī)的關(guān)系。本文在對(duì)國(guó)內(nèi)外學(xué)者理論研究成果梳理的基礎(chǔ)上,結(jié)合我國(guó)上市公司并購(gòu)商譽(yù)與財(cái)務(wù)業(yè)績(jī)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(gòu)商譽(yù)的上市公司為研究樣本,并考慮并購(gòu)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(cái)務(wù)業(yè)績(jī)?yōu)楸唤忉屪兞?從并購(gòu)商譽(yù)與財(cái)務(wù)業(yè)績(jī)關(guān)系、市場(chǎng)集中度下的并購(gòu)商譽(yù)與財(cái)務(wù)業(yè)績(jī)關(guān)系、并購(gòu)商譽(yù)對(duì)財(cái)務(wù)業(yè)績(jī)的影響途徑、市場(chǎng)集中度下并購(gòu)商譽(yù)對(duì)財(cái)務(wù)業(yè)績(jī)的影響途徑四個(gè)方面,對(duì)上市公司并購(gòu)商譽(yù)與財(cái)務(wù)業(yè)績(jī)的相關(guān)性進(jìn)行了實(shí)證研究。進(jìn)而可以更好理解我國(guó)上市公司披露的并購(gòu)商譽(yù)的實(shí)質(zhì),可以幫助企業(yè)自身認(rèn)識(shí)到所擁有的商譽(yù)對(duì)其帶來(lái)的經(jīng)濟(jì)后果的影響,并為其今后制定更加有效的并購(gòu)方案以及如何斟酌和評(píng)估并購(gòu)商譽(yù)提供幫助。進(jìn)行實(shí)證研究,結(jié)果表明:若不考慮市場(chǎng)集中度的影響,上市公司中較高的并購(gòu)商譽(yù)能夠提高當(dāng)期財(cái)務(wù)業(yè)績(jī),但是顯著降低了未來(lái)兩期財(cái)務(wù)業(yè)績(jī),并購(gòu)商譽(yù)對(duì)財(cái)務(wù)業(yè)績(jī)的負(fù)面影響存在滯后性;在市場(chǎng)集中度較高的行業(yè),較高的并購(gòu)商譽(yù)能夠提高公司當(dāng)期及未來(lái)兩期財(cái)務(wù)業(yè)績(jī);并購(gòu)商譽(yù)對(duì)財(cái)務(wù)業(yè)績(jī)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(gòu)商譽(yù)提高了當(dāng)期財(cái)務(wù)業(yè)績(jī)且是通過(guò)提高銷售凈利率實(shí)現(xiàn)的,降低了滯后一期、滯后兩期的財(cái)務(wù)業(yè)績(jī)且主要是通過(guò)降低總資產(chǎn)周轉(zhuǎn)率實(shí)現(xiàn)的,與滯后三期財(cái)務(wù)業(yè)績(jī)不存在相關(guān)性;市場(chǎng)集中度較高的行業(yè)中,上市公司較高的并購(gòu)商譽(yù)提高了當(dāng)期財(cái)務(wù)業(yè)績(jī)且主要是通過(guò)提高銷售凈利率來(lái)實(shí)現(xiàn)的,提高了滯后一期、滯后兩期的財(cái)務(wù)業(yè)績(jī)且主要是通過(guò)提高總資產(chǎn)周轉(zhuǎn)率來(lái)實(shí)現(xiàn)的,與滯后三期財(cái)務(wù)業(yè)績(jī)存在不顯著的正相關(guān)性。此外上市公司財(cái)務(wù)業(yè)績(jī)還受公司成長(zhǎng)性、公司規(guī)模、資產(chǎn)負(fù)債率、股權(quán)集中度、國(guó)有控股比例的綜合影響。最后本文從上市公司并購(gòu)、價(jià)值評(píng)估、商譽(yù)信息披露三個(gè)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(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51;F271

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本文編號(hào)：2392531