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本文在考察了新准则下上市公司商誉减值政策的基本执行情况后,从商誉减值信息的价值相关性和及时性两方面对商誉减值会计经济后果进行了实证分析。研究发现,新准则时期披露商誉减值的公司数较旧准则时期出现了明显的增幅且新准则时期的商誉减值较旧准则时期的商誉摊销具有显著的增量价值相关性,商誉后续计量的会计政策变更有效地鼓励了上市公司主动披露其私有信息,降低了信息不对称。但是新准则时期上市公司每年计提的商誉减值额波动率非常高,通过处置子公司注销商誉减值准备的上市公司也越来越多,且商誉减值的计提时点要显著滞后于股票收益率降低的时点,延期计提的时点可能为两期。因此,建议准则应强化披露商誉减值信息的完整性和可靠性,同时应进一步压缩管理人员职业判断的空间。
Abstract：This paper carried out an empirical study on the economic consequences of goodwill impairment accounting from the perspective of value relevance and timeliness after summarizing the basic situation in which the goodwill impairment test is required annually.The results show an apparently growing number of companies offered to report write-offs of goodwill and goodwill impairment losses are more value relevant compared with amortization of goodwill after the new Chinese accounting principles came into force.The mandatory changes in goodwill accounting have dramatically encouraged companies to reveal their private information and mitigated information asymmetry.But the new principles also witnessed a great increase in the violent fluctuation of goodwill write-offs as well as the number of companies selling their subsidiaries as an effort to restore previously booked goodwill impairment.Besides,there is a negative and significant association between reported transitional goodwill-impairment losses and cumulative annual returns that lag two years behind.It is suggested that companies should be enforced to reveal full and reliable information about goodwill impairment and managerial discretion should be further limited.
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1本文所指商誉皆为外购商誉,不包括自创商誉。
1 SFAS 142:美国财务会计准则委员会(FASB)于2001年6月通过的第142号准则公告——《商誉和无形资产》。
1旧准则阶段商誉并入无形资产核算,其减值测试参照无形资产的减值测试方法。
1 Ramanna和Watts(2008)研究表明,如果t-1期MTB>1而t期MTB<1,则很有可能出现了商誉减值迹象。
1Mann-Whitney-U检验统计量z=4.103,Prob>|z|=0.0000。
2本文将2001-2006划为旧准则阶段,2007-2012划为新准则阶段,表1中新旧准则之间数据的不一致由会计政策变更进行的追溯调整导致。
3由于旧准则阶段用以规范企业合并实务的《合并会计报表暂行规定》中规定购买企业(或母公司)投资成本与被并企业(或子公司)净资产公允价值之间的差额,即商誉(负商誉)计入合并价差,用以备抵长期股权投资科目,故2001-2006年阶段的部分数据选取自合并价差。
4《资产减值》准则规定商誉减值准备一经计提在后续会计期间不允许转回,但仍有少数上市公司违反准则规定对商誉减值作转回处理,为了保证数据的连贯性,本文未作删除处理。
5当期转销商誉减值规模是指上市母公司处置子公司时相应注销的已计提商誉减值规模。
1披露商誉净值的上市公司至少并购过一家上市公司,其总资产规模整体上大于未披露商誉净值的上市公司;但在本文所选的披露商誉净值的配对全样本中,披露商誉减值上市公司的总资产规模均值并不显著高于未披露商誉减值的上市公司总资产规模,金额为188亿<304亿[Pr(T
1本文第三部分发现新准则时期的不同年度上市公司计提商誉减值的波动率很高,从侧面佐证了这一观点。
1之所以未将模型1-4中的所有变量都纳入同一个回归模型中是考虑到有些自变量相关程度比较高,甚至出现多重共线性,无法观测到正确结果。
1变量中的绝对数指标均除以同一时期发行在外的流通股股数转化为相对数,后文的回归结果也基于此。
基本信息:
DOI：10.19559/j.cnki.12-1387.2014.09.006
中图分类号:F275;F832.51
引用信息:
[1]吴虹雁,刘强.商誉减值会计经济后果分析[J].现代财经(天津财经大学学报),2014,34(09):53-65.DOI:10.19559/j.cnki.12-1387.2014.09.006.
基金信息:
教育部人文社会科学研究规划基金(13YJA630103);; 2014年南京农业大学财务管理重点课题(Y0201400294)
2014-09-01
2014-09-01
2014-09-01