并购商誉与企业能力  

Consolidated Goodwill and Enterprise Capability

作　　者：李玉菊[1] 张明威 LI Yu-ju;ZHANG Ming-wei(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China)

机构地区：[1]北京交通大学经济管理学院,北京100044

出　　处：《北京交通大学学报（社会科学版）》2023年第3期94-107,共14页Journal of Beijing Jiaotong University(Social Sciences Edition)

基　　金：教育部人文社科规划项目“上市公司并购商誉的经济性质及其会计处理研究”(20YJA790073)。

摘　　要：以2007-2020年我国A股上市公司为样本,运用多元回归方法研究并购商誉对企业能力的影响及其作用机制。研究发现:并购商誉对企业能力具有显著的正向影响,且对综合运转效能、行业势能和发展潜能三个维度能力均有显著的正向影响。进一步分析发现,外部资源协同效应和内部资源协同效应是并购商誉影响企业能力的两条作用路径。管理层向上的盈余管理行为降低了并购商誉对企业能力的影响,而2018年证监会商誉会计监管行动对于企业利用商誉进行盈余管理的行为产生了有效约束作用,从而提高了并购商誉与企业能力的相关性。并购商誉对于企业能力的正向影响在民营企业、集中度较高的行业和创新环境较好的地区更显著。为解决“商誉会计乱象”,准则完善与加强监管应当“双管齐下”,准则制定机构应根据企业特征和并购目的制定差异化的披露规则。同时,会计监管机构应强化对商誉会计信息披露的监管。此外,企业在并购活动中也应关注企业能力,可将能力作为业绩承诺的补充。Based on the sample of A-share listed companies in China from 2007 to 2020,this paper examines the impact of consolidated goodwill on enterprise capabilities and its mechanism.It is found that consolidated goodwill has a significant positive impact on enterprise capability,as well as its three dimensions of comprehensive operating efficiency,industry potential and development potential.Further analysis find that internal resource synergy and external resource synergy are two paths for consolidated goodwill to influence enterprise capability.The company’s upward earnings management behavior reduces the impact of consolidated goodwill on enterprise capability.The goodwill regulatory actions of China Securities Regulatory Commission in 2018 have an effective restrict on enterprises’behavior of conducting earnings management by using goodwill,thus improving the correlation between consolidated goodwill and enterprise capabilities.The positive impact of consolidated goodwill on enterprise capability is more pronounced in private enterprises,industries with higher concentration and regions with better innovation environment.In order to solve the“Accounting Chaos of Goodwill”,the standards should be improved and the supervision should be strengthened.The standard-setting institutions should formulate differentiated disclosure rules according to the characteristics of enterprises and the purpose of mergers and acquisitions(M&A).At the same time,the accounting supervision institutions should strengthen the supervision of the disclosure of goodwill accounting information.In addition,enterprises should also pay attention to enterprise capabilities in the process of M&A,and may take enterprise capabilities as a supplement to performance commitment.

关 键 词：并购商誉 企业能力 商誉本质 盈余管理 会计监管 

分 类 号：F230[经济管理—会计学]