年报审计师参与上市公司并购经历对商誉减值隐藏的影响  

Impact of the Involvement of Annual Report Auditors in Listed Companies M&As on the Concealment of Goodwill Impairment

作　　者：林志伟 彭羽 LIN Zhiwei;PENG Yu(Lingnan Univeristy,Hong Kong 999077;Inner Mongolia University of Finance and Economics,Hohhot 010070)

机构地区：[1]岭南大学研究生院,中国香港999077 [2]内蒙古财经大学财政税务学院,内蒙古呼和浩特010070

出　　处：《首都经济贸易大学学报》2024年第6期94-108,共15页Journal of Capital University of Economics and Business

摘　　要：商誉减值测试通常具有较强的主观性和复杂性,是审计师面临的技术挑战。从年报审计师参与上市公司并购经历视角,探讨年报审计师对商誉减值隐藏的影响。研究结果表明,年报审计师参与上市公司并购经历能够有效抑制商誉减值隐藏。进一步,具有参与上市公司并购经历的年报审计师的声誉和行业专长水平越高,对商誉减值隐藏的抑制作用越明显;客户重要性会削弱具有参与上市公司并购活动经历的年报审计师对商誉减值隐藏的抑制作用。年报审计师参与上市公司并购经历还能有效降低商誉减值隐藏所导致的股票崩盘风险。研究结论拓展了外部审计对于商誉后续计量影响的新视角,对防范和化解商誉减值风险具有一定的启示。Based on data from Chinese listed companies between 2008 and 2021,this paper investigates the impact of annual report auditors involvement in M&A transactions on the concealment of goodwill impairment.The results show that the involvement of annual report auditors in M&A transactions significantly reduces the likelihood of concealing goodwill impairment.Specifically,auditors with M&A experience can better understand the target company s business and financial conditions,allowing them to more accurately identify opportunistic behavior by management during the goodwill impairment test,thereby improving the accuracy and timeliness of the impairment process and mitigating the concealment of goodwill impairment.To ensure the robustness of the results,multiple tests are conducted,including propensity score matching(PSM)and instrumental variables(IV)regression.The results consistently support the above conclusion.Furthermore,this paper examines the effects of auditor reputation,industry expertise,and client importance on audit effectiveness.This study finds that the higher the reputation and industry expertise of annual report auditors involved in M&A transactions,the more pronounced their ability to suppress goodwill impairment concealment.However,client importance weakens the ability of these auditors to restrain the concealment of goodwill impairment.From an economic consequence perspective,the involvement of annual auditors in M&A transactions reduces the risk of stock price crashes caused by concealed goodwill impairment.This study not only enriches theoretical literature on the impact of auditors involvement in M&A transactions on goodwill impairment but also provides empirical evidence for regulators and companies.The possible contributions of this paper are as follows.First,focusing on the involvement of annual report auditors in M&A transactions,it explores the impact of external audits on the subsequent measurement of goodwill.Second,while existing studies often discuss the effectiveness of external governance

关 键 词：商誉减值 并购经历 年报审计师 商誉减值隐藏 股票崩盘风险 

分 类 号：F279.233.4[经济管理—企业管理]