并购商誉及其减值研究:准则演进与文献回顾  

Study on Goodwill on Mergers and Acquisitions and Its Impairment:Evolution of Standards and Review of Literature

作　　者：卿琛 张新民[2,3] QING Chen;ZHANG Xin-min

机构地区：[1]国网能源研究院有限公司 [2]对外经济贸易大学国际商学院 [3]北京企业国际化经营研究基地

出　　处：《财务研究》2023年第5期30-44,共15页Finance Research

基　　金：国家自然科学基金重大项目(71790604);国家电网有限公司管理咨询项目(SGNY0000CSWT2300029)。

摘　　要：文章结合商誉准则演进过程,分析了商誉的内涵,采用“财报信息的编制者(管理层)一—财报信息的鉴证者(审计师)一财报信息的使用者(投资者、政府、社会公众)”的分析框架,深入剖析了商誉产生的动因、影响因素及其经济后果。准则演进方面,美国商誉会计准则的演进背后主要是各个经济利益集团的博奔,国际商誉会计准则的演进动因主要在于平衡各个成员国的利益需求,我国会计准则的演进动因主要在于结合经济发展进程的同时与国际接轨;国内外有关商誉的研究主要从好感价值论、协同效应论、超额收益论等视角归纳了商誉产生的动因,从并购交易特征、管理层行为、外部市场环境等方面归纳了商誉及其减值的影响因素,从财务报告质量、股权投资者、债权投资者等角度归纳了商誉及其减值的经济后果。未来可以进一步以理论与实证结合,立足中国情境展开更加深入系统的商誉研究。The article analyses the connotation of goodwill in the light of the evolution of goodwill standards,and adopts the analytical framework of“the preparer of financial information(management)-the certifier of financial information(auditor)-the user of financial information(investor,government,public)”to deeply analyze the causes,influencing factors and economic consequences of goodwill.In terms of standard evolution,the evolution of goodwill accounting standards in the United States is mainly behind the game of various economic interest groups,the evolution of international goodwill accounting standards is mainly driven by the need to balance the interests of member states,the evolution of China's accounting standards is mainly driven by the combination of the economic development process and at the same time with the international standards;the study of domestic and foreign studies on goodwill is mainly from the perspective of the theory of the value of goodwill,the theory of synergy effect,the theory of excess earnings,and so on.It summarizes the motivation of goodwill,the influencing factors of goodwill and its impairment from the perspectives of M&A transaction characteristics,management behavior,external market environment,etc.,and the economic consequences of goodwill and their impairment from the perspectives of financial reporting quality,equity investors,and debt investors.In the future,more in-depth and systematic research on goodwill can be conducted based on the Chinese context by combining theory and empirical evidence.

关 键 词：商誉 商誉减值 商誉会计准则 

分 类 号：F275[经济管理—企业管理]