会计信息质量对企业并购估值的影响研究  

Study of the Influence of the Quality of Accounting Information on Enterprise Merger and Acquisition valuation

作　　者：徐丽[1] 耿荣[1] 

机构地区：[1]新疆石河子职业技术学院,新疆石河子832000

出　　处：《北京财贸职业学院学报》2017年第2期17-23,共7页Journal of Beijing College of Finance and Commerce

基　　金：新疆石河子职业技术学院2015年基金项目:新疆天业集团资金集中管理研究(课题编号ZY2015-06)阶段性成果

摘　　要：本文利用1995年到2015年的公共企业收购公告的数据样本研究会计信息质量对企业并购估值的影响,提出在企业并购中高的会计信息质量更有利于企业收购方这一假设。通过数据分析验证假设的正确性。具体来说,当目标企业的会计信息质量较高时,收购方的回报会更高,目标公司的回报则表现稍低。这与收购人通过更少的收购付出而获得更大收益是相一致的。研究结果表明,高质量的会计信息促进更好的收购投标决策,并对于会计信息质量的不确定性和控制替代措施有很强的鲁棒性。The article studies the effects of the quality of the accounting information on enterprise acquisition evaluation,based on the acquisition announcement of public enterpr/ses during 1995-2015 as data samples. It proposes that in merger and acquisition （M ＆ A） transactions high quality of accounting information benefits the buyers. This hypothesis is verified through data analysis. Specifically, when the quality of target enterprise accounting information is higher, the return of the buyer will be higher. And the return of the target corporate is slightly lower. In such case the buyer gets better return with lower cost. The research results show that high quality accounting information can improve the bidding decision, and has strong robustness to the uncertainty of the quality of accounting information and the control of alternative measures.

关 键 词：企业并购 会计质量 预测评估 企业估值 

分 类 号：F275[经济管理—企业管理]