摘要
是否只有劣质公司才会滥用商誉确认和后续计量的会计准则,引发商誉"暴雷"大幅计提减值,在会计界一直颇存争议。本文从优质上市公司的视角,分析了商誉在形成、确认和后续计量中的关键冲突问题,发现优质公司并不愿意及时计提商誉减值,且商誉减值信息披露的价值相关性较低。在"倒挤式"商誉及商誉减值确认准则下,资本市场可能在商誉减值信息披露前已经吸收了部分商誉减值信息,主要表现为商誉减值信息披露前公司的市净率(MTB)已持续走低。通过案例研究,本文发现上市公司可能会滥用商誉及商誉减值准则,延迟商誉减值的确认和披露,这会导致公司未来业绩急剧下滑。案例分析表明,当并购中使用大量的股份支付时,有可能会导致被收购方所有者成为上市公司的控股股东,为了达到并购中业绩承诺规定的承诺期业绩目标,控股股东(被收购公司所有者)会与管理层合谋,延迟确认公司的业绩下滑和商誉减值,这会引发上市公司的第二类代理问题。总体而言,本文旨在现行会计准则框架下为如何完善商誉确认和后续计量提供决策支持信息,并在减值测试、并购交易、表外信息披露和公司治理方面提出相关改革建议。
From the perspective of high-quality acquirers(with generated goodwill),this study analyses the conflicting issues in the formation,recognition and subsequent measurement of goodwill and finds that good enterprises are not willing to make a timely provision for goodwill impairment,and the reaction of investors implies a low value relevance of goodwill impairment disclosure.Further,trends in the market-to-book ratio indicate that the market has absorbed goodwill impairment information before its disclosure.This paper finds that listed companies may abuse goodwill and goodwill impairment standards by delaying the recognition and disclosure of goodwill impairment,which could lead to a sharp decline in the companies’future performance.The case study shows that when a large number of stock payments are used in a merger or acquisition,it may result in the owner of the acquired party becoming the controlling shareholder of the listed company.In order to meet the performance targets during the commitment period after the merger or acquisition,the controlling shareholder(the owner of the acquired company)is likely to conspire with the management to delay the recognition of the company’s performance decline and goodwill impairment,which triggers the Type II agency problem for the listed company.Overall,this study tends to provide some useful suggestions about how to disclose and refine goodwill impairment information under the current goodwill framework and offer suggestions to improve impairment testing,mergers and acquisitions(M&A)transactions,off-balance sheet information disclosure and corporate governance.
出处
《会计研究》
CSSCI
北大核心
2021年第11期44-59,共16页
Accounting Research
基金
国家社科基金重大项目“深化混合所有制改革的机制创新和实践路径研究”(21ZDA039)的阶段性研究成果
关键词
商誉
商誉减值
自创商誉
并购交易
第二类代理问题
Goodwill
Goodwill impairment
Self-generated goodwill
M&A transactions
Type II agency problem
