股份支付、交易制度与商誉高估——基于中小板公司并购的数据分析  

Share- based Payment,M&A Deal Mechanism,and Overvalued Goodwill ——Based on the Small and Medium-sized Listed Companies

作　　者：谢纪刚[1] 张秋生[1] 

机构地区：[1]北京交通大学经济管理学院/中国企业兼并重组研究中心,100044

出　　处：《会计研究》2013年第12期47-52,97,共6页Accounting Research

基　　金：财政部会计司"新兴市场经济国家企业合并对价的公允价值研究"项目研究成果

摘　　要：本文研究我国上市公司以发行股份为对价的交易制度及其对商誉的影响。我们以2007～2012年A股中小板公司非同一控制下并购为样本，定量分析股份支付与现金支付两种情形的标的评估增值差异、标的可辨认净资产评估增值差异及其与商誉的关系，发现股份支付比现金支付的标的评估增值率显著更高、但标的可辨认净资产评估增值率差异不显著，进一步统计发现，收益法评估依据的预测收益明显高于实际收益，由此推断股份支付的标的定价虚高，导致商誉高估。本文分析认为，问题根源在于股份支付的交易制度，该制度产生的流动性受限等股份折价因素驱使了标的定价虚高，从而使得商誉高估。本文研究结论表明，在商誉会计信息的使用中，应注意股份支付和现金支付的商誉会计信息质量差异。最后，本文建议改进我国上市公司股份支付的交易制度，以提高商誉会计信息质量。Based on the 2007- 2012 M&As of small and medium- sized listed companies,we compare the differences between asset premium of share- based payment M&As and that of cash- based payment M&As. The result shows that the former is significantly higher than the latter. In addition,we found that the prediction of earnings is significantly higher than the actual income,inferring that the bid asset is over- valued. That is,the share- based payment price is artificially higher than it should be,leading to an overestimated goodwill. We think that the root cause lies in the M&A deal mechanism. The results indicate that we should pay attention to the difference between goodwill of share- based payment M&As and that of cash- based payment M&As.

关 键 词：股份支付 交易制度 商誉 中小板 并购 

分 类 号：F832.51[经济管理—金融学] F224