商誉减值的决策有用性困境--基于净空高度和盈余操纵视角  

The Decision Usefulness Dilemma of Goodwill Impairment Based on the Perspective of Headroom and Earnings Management

作　　者：苏洋 张俊瑞[1] 余思佳 程子健[3] Su Yang;Zhang Junrui;YU Sijia;Cheng Zijian(School of Management,Xi'an Jiaotong Unviversity;Business School,Xi'an International Studies University;School of Business,Shandong University)

机构地区：[1]西安交通大学管理学院 [2]西安外国语大学商学院 [3]山东大学商学院

出　　处：《南开管理评论》2023年第4期111-121,I0022,I0023,共13页Nankai Business Review

基　　金：国家社会科学基金项目(20FGLA005);国家自然科学基金项目(72072143、72102124)资助。

摘　　要：为研究商誉后续计量决策有用性欠佳的现状与成因,本文以沪深A股2014-2017年上市公司为样本,实证分析商誉减值披露的市场反应与经济含义。研究发现,商誉减值披露会引发投资者负向市场反应,但披露商誉减值的企业在未来两年内的经营业绩并不会显著下滑,这一反常现象主要与管理层“洗大澡”行为有关,与未确认净空高度的存在关系不大,特别是在管理层任期较长、持股比例较高的企业中,这一现象尤为明显。经验证据表明,我国当前商誉减值的会计反映背离其经济含义,投资者难以有效甄别商誉减值的信息质量,如何限制管理层的盈余操纵是优化商誉后续计量的主要矛盾。研究结论支持商誉“双重计量确认模型”的提出,对会计准则制定与资本市场监管具有一定启示意义。Goodwill represents an enterprise’s ability to obtain excess earnings in the future and equals the present value of excess earnings in the future.However,only the purchased goodwill can be recognized and measured by the difference between the combination cost and the share of fair value of identifiable net assets of the acquiree,and there is also a possibility of inflation in combination cost.As a consequence,the initial measurement of goodwill often deviates from its intrinsic value,and the overestimation of goodwill is a common problem in the market.To faithfully present the value of goodwill,the subsequent measurement becomes very important.However,the application effect of goodwill impairment is not good for twofold reasons.On the one hand,the unrecognized headroom constituted by the off-balance sheet economic resources and the measurement bias in the statement hinders the efficiency of goodwill impairment.On the other hand,subject to the complex procedures and management discretion in goodwill impairment testing,the verifiability of goodwill impairment is low,and earnings manipulation is quite common.However,if the unrecognized headroom is considered in the goodwill impairment test,it will inevitably further increase the complexity of the impairment test and the discretion of the management,and hence increase the possibility of earnings manipulation.Therefore,it is necessary to balance the unrecognized headroom and earnings manipulation first as to optimize the subsequent measurement of goodwill.Based on the reality background of the high proportion of goodwill and large-scale goodwill impairment in China’s capital market,this paper com-pares the impact of unrecognized headroom and earnings manipulation on the usefulness of goodwill impairment,so as to clarify the target for optimizing the subsequent measurement of goodwill.This paper takes Shanghai and Shenzhen A-share listed companies from 2014 to 2017 as samples to empirically analyse the market reaction and economic implications of goodwill impairmen

关 键 词：商誉 后续计量 决策有用 净空高度 盈余管理 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]