并购商誉能提升公司业绩吗？--来自A股上市公司的经验证据  

Can Merger and Acquisition Goodwill Promote Company Performance?——Empirical Evidence from Chinese A-shares Listed Companies

作　　者：郑海英[1] 刘正阳[2] 冯卫东[3] 

机构地区：[1] 中央财经大学会计学院,100081 [2] 财政部会计资格评价中心 100045 [3] 北京交通大学经济管理学院,100044

出　　处：《会计研究》2014年第3期11-17,95,共7页Accounting Research

基　　金：北京市教育委员会共建项目;北京市会计类专业群(改革试点)建设项目专项资助

摘　　要：本文研究了按照我国会计准则确认计量的并购商誉对公司业绩的影响,并进一步分析了市场集中度对并购商誉与公司业绩关系的影响。基于我国A股非金融类上市公司2007年至2012年并购活动财务报告数据,研究发现:上市公司支付较高商誉成本提升了公司当期业绩,但降低了公司未来期间的业绩。进一步研究发现,除市场集中度较高的行业外,上市公司支付较高的商誉成本显著降低了公司业绩。本文的结论补充和拓展了关于会计准则执行产生的经济后果的研究,也为准则制定部门、监管机构和开展并购活动的企业提供了依据和参考。This article analyzes the influence of merger and acquisition goodwill recognized and measured on company's business performance. Based on the data of financial report on Chinese A-shares listed companies' merger and acquisition from 2007 to 2012,the research reveals that listed companies pay relative high goodwill improve company's current performance,however,they reduce the future performance. The further research discovers that listed companies pay relative goodwill significantly reduce company's performance except the highly market concentrated business. The conclusion of this article supplements and develops the research on the economic results of accounting standard. It also provides basis and reference for the department formulating accounting standards,supervision institution and the related companies.

关 键 词：并购商誉 公司业绩 市场集中度 

分 类 号：F832.51[经济管理—金融学] F233F224