摘要
本文选取2013-2019年全部A股上市公司非同一控制下企业合并事件共筛选2890个研究样本,构建计量模型并使用OLS回归方法证明了并购标的属于上市公司资产、第一大股东持股比例高、实际控制人增持、机构投资者持股比例较大、董事会和高管成员变更等因素显著减少上市公司并购产生的商誉和商誉减值。并购重组过程中如何降低商誉金额,商誉入账后如何控制商誉减值则是整个并购过程都涉及到的问题,本文认为从战略选择到筛选标的、估值定价、支付工具,再到并购后的整合尤其是完善公司治理每一个环节都应该规范化、精细化、智能化运作。
Among all the business combinations not under common control by A-share listed companies from 2013 to 2019,this article selects a total of 2,890 as the research objects and uses the Ordinary Least Squares(OLS)Regression Method to demonstrate that the goodwill and goodwill impairment arising from M&A activities by listed companies can be significantly reduced by several factors.For example,the subject matters of M&A activities are the assets of the listed companies;the shareholding ratio of the largest shareholder is too high;the actual controllers increase their shareholding ratio;the shareholding ratio of institutional investors is too high;and whether members of the board of directors or senior management change.How to reduce the amount of goodwill and how to control the impairment in the subsequent measurement of goodwill are involved in the whole process of M&A activities.This article finds that,from strategy selection to target selection,valuation and pricing,payment methods,and through to the integration after M&A activities,especially the improvement of corporate governance,each link must be standardized,refined and intelligently implemented.
出处
《中国注册会计师》
北大核心
2021年第11期38-45,3,共9页
The Chinese Certified Public Accountant
