负商誉的价值相关性研究——基于新企业会计准则的实证研究  

The Value Relevance of Negative Goodwill:An Empirical Study Based on the New Enterprise Accounting Standards

作　　者：王思维[1] 程小可[1] 

机构地区：[1]北京交通大学经济管理学院,北京100044

出　　处：《上海立信会计学院学报》2012年第2期54-61,共8页Journal of Shanghai Lixin University of Commerce

基　　金：国家自然科学基金项目(70802006);教育部人文社会科学规划项目(08JA630009)

摘　　要：基于新企业会计准则下负商誉的会计政策,运用剩余收益估值模型和回报模型,本文系统探讨了负商誉对股票价值和超额回报的影响效应。研究发现:(1)扣除负商誉后的剩余收益对股价有显著正的解释力,而负商誉与股价负相关;(2)扣除负商誉后的未预期盈余对超额回报有显著正的解释力,负商誉与超额回报负相关。实证结论说明,市场不仅能够辨别盈余结构,而且市场投资者能够辨别负商誉的价值含义。Based on the regulations on negative goodwill under new enterprise accounting standards,this paper explores the effects of negative goodwill on stock price and abnormal return using Residual Income Valuation Model and Return Model.The main conclusions are the following three aspects： First,residual income after deduction of negative goodwill has statistically significant positive explanatory power for stock price,while negative goodwill is negatively related with stock price;Second,unexpected earnings after deduction of negative goodwill has statistically significant positive explanatory power for abnormal return whereas negative goodwill is negatively related with abnormal return;Third,related robust tests also show that negative goodwill has no significant explanatory power for value.The above-mentioned empirical conclusions illustrate that not only the market can distinguish the earnings structure,but also the market investors can distinguish the value characteristics of negative goodwill.

关 键 词：负商誉 价值相关性 股价 回报 

分 类 号：F23[经济管理—会计学]