摘要
2007年以来资本市场并购为中国上市公司带来巨额商誉,作为并购风险的"蓄水池"商誉是否能够客观真实地反映其资产价值,这不仅是一个会计信息质量问题,也直接关系到资本市场健康发展和对投资者的充分保护。基于中国A股非金融类上市公司2007-2013年财务报表数据,本文发现中国上市公司的并购商誉从总体上能带来超额收益,但是创业板上市公司除外,从超额收益的理论视角提供了创业板上市公司商誉会计信息质量存在问题的证据;进一步研究发现中国上市公司商誉的后续减值存在明显不充分的迹象,在创业板上市公司中尤为突出。本文建议监管方需加强对上市公司并购商誉会计信息披露的监管,并购方也要更加重视并购商誉的资产价值真实性。
This paper examines whether goodwill brings excess profits to the acquisition companies, and assesses the reliability of accounting goodwill numbers. Using a sample of A-share non-financial listed companies in China during the period of 2007-2013, we verify that goodwill in China＇s listed companies can bring excess profits to the acquisition companies in general, however the excess profits do not existin the GEM companies, providing evidence that the GEM companies＇ quality of goodwill accounting information is a matter of concern from the perspective of excess profits theory. Further research shows that the subsequent impairments of goodwill of China＇s listed companies are not sufficient, especially in the GEM companies. The conclusion reminds investors to pay close attention to the reliability of the goodwill and estimate the risk of goodwill impairments properly, meanwhile providing the department of formulating standard, regulators and companies with essential empirical evidence.
作者
傅超
王靖懿
傅代国
FU Chao WANG Jingyi FU Daiguo(Southwestern University of Finance and Economics, Chengdu Sichuan, 611130)
出处
《中国经济问题》
CSSCI
北大核心
2016年第6期109-123,共15页
China Economic Studies
基金
西南财经大学中央高校基本科研业务费专项资金项目(JBK1507K12)的资助
