基于并购估值的合并商誉来源、经济性质与会计处理方法研究  

Sources and Economic Nature of the Acquisition Goodwill Based on the Valuation of Mergers and Acquisitions

作　　者：冯丽颖[1] 任世驰[1] FENG Liying;REN Shichi(School of Accounting,Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]西南财经大学会计学院.,四川成都611130

出　　处：《中国软科学》2021年第1期114-126,共13页China Soft Science

基　　金：国家社会科学基金项目(18XGL004)。

摘　　要：本文从合并商誉估值模型GW=NPV=n∑t=1NCFt/(1+i)^(t)-C出发,发现合并商誉来自被并企业预期未来各期净现金流,是购买方对被并方原股东分成预期净现金流的预付款项;合并商誉与被并企业超额收益无关,它决定于被并企业估值贴现率与被并企业预期内含报酬率之间的关系(IRR-i)。根据合并商誉的预付款项性质,恰当的会计处理方法是摊销法,摊销过程和合并商誉形成过程互为逆运算。从合并商誉产生过程来看,对合并商誉风险的治理要从并购合理估价着手。Based on the valuation model of purchased goodwill:GW=NPV=n∑t=1NCFt/(1+i)^(t)-C,this study shows that purchased goodwill is derived from the expected net cash flow of the merged enterprise in each future period,and is the prepayment of the acquirer to the original shareholders of the acquired party for the share expected net cash flow obtained by the acquired party.There is no relationship between purchased goodwill and the merged enterprise’s excess earnings,while purchased goodwill depends on the relationship between the valuation discount rate and the expected internal rate of return of the merged enterprise(i-IRR).According to the nature of purchased goodwill as prepayment,the appropriate accounting method to deal with it is amortization method.From the perspective of the production process of purchased goodwill,the governance of the risk of purchased goodwill should start from the reasonable evaluation of the merger and acquisition.

关 键 词：企业并购估值 合并商誉模型 合并商誉来源 合并商誉经济性质 

分 类 号：F812.0[经济管理—财政学]