【作者】 宋健；

【导师】 赵息；

【作者基本信息】 天津大学 ， 工商管理， 2019， 硕士

【摘要】 证监会在2018年11月发布了与上市公司商誉减值相关的会计监管风险提示第8号文件,对上市公司巨额商誉及其减值风险进行紧急提示。近年来,随着并购交易数量的爆发式增长,企业整体商誉规模也随之扩大,如果商誉减值在短期内被集中大额计提,资本市场很可能受到较大冲击,因此如何防范化解商誉风险,规范商誉的会计处理及信息披露,成为监管机构、上市公司及投资者关注的重点。管理层作为企业经营、投资活动的资源控制者,其本身的才能、经验和水平也是内部控制环境的重要组成要素,管理层能力是否会对合并商誉产生影响,内部控制在其中发挥何种作用,是非常值得探讨的问题。本文在以往研究的基础上,选取2013-2017年沪、深交易所发生非同一控制下企业合并的收购方上市公司为样本进行实证分析,运用DEA-Tobit两阶段模型测算管理层能力指标,通过多元回归模型研究管理层能力对超额商誉及商誉减值的影响,并检验内部控制在两者间发挥的作用。实证结果表明,管理层能力与超额商誉及商誉减值都显著负相关,内部控制在其中发挥部分中介作用。管理层能力一方面抑制了超额商誉和商誉减值的发生,另一方面通过提高内部控制质量,降低超额商誉及商誉减值的比例。按产权性质进一步分组检验,发现管理层能力和内部控制对合并商誉的影响在国有企业中都不显著,而民营企业的回归结果与全样本基本相同,这说明国有企业肩负更多的政府使命,管理层对其并购决策及合并商誉影响较小。基于以上研究结论,论文从监管机构、上市公司和投资者三方面提出了防范化解商誉风险的政策建议,并对后续可行的拓展研究进行阐述。更多还原

【Abstract】 In November 2018,China Securities Regulatory Commission issued the accounting regulatory risk reminder No.8 document on the impairment of goodwill,which gave an urgent warning on the huge goodwill and its impairment risk of listed companies.In recent years,with the explosive growth of the number of M & A transactions,the scale of goodwill of listed companies is also expanding.Concentrated and large amount of impairment of goodwill will have a huge impact on the capital market in the short term.Therefore,how to prevent and resolve the risk of goodwill,standardize the accounting treatment and information disclosure of goodwill,has become the focus of regulators,listed companies and investors.As the resource controller of business operation and investment activities,the management’s own ability,experience and level are also important elements of the internal control environment.Whether the managerial ability will have an impact on the goodwill,and what role the internal control plays in it,are very worthy of discussion.On the basis of previous research,this thesis selects listed companies in Shanghai and Shenzhen stock exchanges from 2013 to 2017 as samples for empirical analysis.The DEA-Tobit two-stage model is used to measure the managerial ability.The multiple regression model is used to study the influence of managerial ability on excess goodwill and goodwill impairment,and to test the role of internal control in the two.The empirical results show that the managerial ability is negatively correlated with excess goodwill and goodwill impairment,in which internal control plays a partial mediating role.On the one hand,the managerial ability restrains the occurrence of excess goodwill and goodwill impairment,on the other hand,it reduces the proportion of excess goodwill and goodwill impairment by improving the quality of internal control.According to the grouping test of property right nature,it is found that the influence of managerial ability and internal control on goodwill is not significant in state-owned enterprises,while the regression results of private enterprises are basically the same as the whole sample.This shows that the state-owned enterprises shoulder more government missions,and the managerial ability has little influence on their merger decision-making and merger goodwill.Based on the above conclusions,the thesis puts forward suggestions and describes the follow-up feasible expansion.更多还原