并购特征对商誉减值的影响——基于创业板及中小板上市公司的并购数据  

Impact of M&A Characteristics on Goodwill Impairment

作　　者：张春美[1] 刘妍妍 周慧琴 周涵洋 Zhang Chunmei;Liu Yanyan;Zhou Huiqin;Zhou Hanyang

机构地区：[1]江西农业大学经济管理学院,江西南昌330044 [2]中国民生信托有限公司稽核管理总部,北京100005 [3]江西省九江市审计局,江西九江332000

出　　处：《企业经济》2023年第8期72-82,共11页Enterprise Economy

基　　金：江西省社会科学“十四五”(2021年)基金项目“基于创业板视角下并购特征对商誉减值的影响研究”(项目编号:21GL13);江西农业大学金融与会计研究中心项目“上市公司并购行为与商誉减值关系的研究”(项目编号:2019JNGH001)。

摘　　要：本文以深交所创业板及中小板上市公司在2013—2019年间已完成控制权转移的并购事件为研究对象,剖析并购特征对公司2015—2021年间商誉减值的影响及其机理。研究发现:相较于相关性并购,多元化并购对商誉减值的正向作用更明显,多元化并购下的商誉减值程度也更高;相较于市场法和资产基础法等估值方法,收益法估值对商誉减值有显著的正向影响,收益法下的评估增值率更高,巨额商誉背后的商誉减值程度也更高;与单一支付方式相比,混合支付方式对商誉减值有显著的正向影响。因此,为防范商誉减值风险:一是监管层要健全制度,加强事后监管;二是并购方要谨慎决策,警惕过度自信;三是投资者要理性投资,重视并购特征。This paper takes the M&A events of listed companies on GEM and SME Board of Shenzhen Stock Exchange that have completed the transfer of control rights during 2013-2019 as the research object,and analyzes the impact and mechanism of M&A characteristics on the goodwill impairment of companies from 2015 to 2021.It is found that compared with correlation M&A,diversified M&A have a more obvious positive effect on goodwill impairment,and the degree of goodwill impairment under diversified M&A is also higher;compared with the valuation methods such as market method and asset-based method,the income valuation has a significant positive effect on goodwill impairment,the value added rate under the income method is higher,and the degree of goodwill impairment behind the huge goodwill is also higher;compared with the single payment method,the mixed payment method has a significant positive impact on the goodwill impairment.Therefore,in order to prevent the risk of goodwill impairment,firstly,the regulator should improve the system and strengthen post-supervision;secondly,M&A parties should make prudent decisions and be alert to overconfidence;thirdly,investors should invest rationally and attach importance to the characteristics of M&A.

关 键 词：并购特征 商誉减值 支付方式 并购类型 估值方法 

分 类 号：F275[经济管理—企业管理]