商誉后续计量与企业内部信息水平——基于管理层讨论与分析信息含量的研究  

Goodwill Subsequent Measurement and Firm's Internal Information:Study on the Informative Content of MD&A

作　　者：文雅迪 逯东[1] YADI WEN;DONG LU

机构地区：[1]西南财经大学会计学院

出　　处：《中国会计评论》2023年第4期741-768,共28页China Accounting Review

基　　金：国家自然科学基金面上项目(71972157)的阶段性成果。

摘　　要：会计是一个信息系统,更是一种管理活动。除了外部报告的信息质量,审视会计准则的合理性或有效性还需要聚焦其管理效应。本文以商誉后续计量变动为准自然实验,运用文本分析法度量管理层讨论与分析的(MD&A)信息含量,检验商誉减值政策与企业内部信息水平的关系,揭示会计准则的管理效应,从企业内部管理角度验证商誉后续计量从摊销改为减值的合理性。本文发现,在商誉减值政策实施后,有商誉资产企业的MD&A信息含量显著增加;分样本研究发现,商誉减值政策对MD&A信息含量的提升作用在内部治理水平越高、机构持股水平越高的公司中越明显。进一步研究发现,商誉减值政策能够降低企业的债务融资成本、提高企业并购效率,带来积极的经济后果。研究结果表明,实施商誉减值政策的企业会重新评估商誉资产,推动管理层收集并整合更多的信息以改善公司治理,进而优化企业决策,提高企业的资源配置效率。Accounting is not only an information system,but also a management activity.In addition to the quality of external financial report,examining the rationality and effectiveness of accounting standards requires focusing on management effect.This paper takes the subsequent measurement changes of goodwill as a qusi-natural experiment,and applies textual analysis method to measure the informative content of management discussion and analysis(MD&A).This paper tests the relationship between goodwill impairment policies and the level of internal information in enterprises,reveals the management effect of accounting standards,and verifies the rationality of changing the subsequent measurement of goodwill from amortizative to impairment from the perspective of enterprise internal management.The results show that after the implementation of the goodwill impairment standard,the MD&A informative content of enterprises with goodwill assets increased significantly;the sub-sample study shows that the improvement effect of the goodwill impairment test on the MD&A informative content is more pronounced in companies with higher levels of the internal governance and higher levels of institutional ownership.In addition,further research finds that the goodwill impairment standard can reduce the debt financing cost,improve the efficiency of mergers and acquisitions,and bring positive economic consequences.Overall,companies that implement goodwill impairment testing activities will reevaluate their goodwill assets,requiring management collect and integrate more information,thereby optimizing corporate decision-making and improving resource allocation efficiency.

关 键 词：商誉后续计量 内部信息 管理层讨论与分析(MD&A) 文本 分析 

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