【作者】 朱丹；

【导师】 龚光明；

【作者基本信息】 湖南大学 ， 会计学， 2021， 硕士

【摘要】 在促进国家产业政策发展和加快市场化进程的新时代,并购已成为公司进行战略性发展和增强竞争优势的重要方式。国内资本处于较为活跃时期,特别是在与“互联网+”,大数据和人工智能相关的领域。并购活动的持续推进催生出了巨额的商誉,由此引发的商誉泡沫和一次性的巨额减值已成为当前经济形势面临的严重风险,甚至可能严重损害资本市场的稳定性。作为优化公司内部环境和加强公司内部治理的重要手段,内部控制与并购重组的战略安排、风险防范和流程管控密切相关,可以在一定程度上实现对商誉减值行为的有效抑制。本文以委托代理理论、信号传递理论、信息不对称理论、协同效应理论、内部控制基本理论为基础,结合已有研究,提出了关于内部控制对商誉减值具有抑制效应影响的基本假设。本研究基于并购重组这一特定场景,从内部控制角度关注企业并购所引发的商誉减值现象,从商誉减值风险的根源出发,反向追溯企业在并购过程中存在的不合理问题。本文选取2009-2018年中国A股上市公司的有关数据作为初始研究样本,以商誉减值作为被解释变量,内部控制作为解释变量,同时对企业规模、盈利能力、发展状况、审计质量等变量进行控制,基于企业内部控制在并购前后的不同影响机制,采用实证研究方法检验内部控制质量对商誉减值的抑制效应,进而深入分析内部控制对商誉减值的具体影响路径。并在此基础上,探讨不同产权性质下,内部控制对商誉减值的抑制效应是否会发生改变。研究表明:高质量内部控制能够在一定程度上有效降低上市公司未来面临的商誉减值损失。具体表现为:在并购前,内部控制可以优化目标选择,提高价格评估准确性,有效抑制高额溢价的产生;在并购后,内部控制可以有效提高企业整合能力,降低破产风险。进一步,相对于国有产权,非国有产权的企业更加能够发挥内部控制的抑制效应。本文的研究将为企业内部控制举措提出相应的改进建议,使内部控制更好的发挥治理效应,对巨额商誉泡沫的产生起到有效的防范与抑制作用,从而保障资本市场的长期稳定发展。更多还原

【Abstract】 In the new era of promoting the development of national industrial policy and accelerating the process of marketization,mergers and acquisitions have become an important way for companies to develop strategically and enhance their competitive advantage.Domestic capital is in a period of relative activity,especially in areas related to "Internet Plus",big data and artificial intelligence.The continuous promotion of merger and acquisition activities has given birth to a huge amount of goodwill,resulting in a goodwill bubble and a large one-time impairment has become a serious risk to the current economic situation,and may even seriously damage the stability of the capital market.As an importa nt means to optimize the internal environment and strengthen the internal governance,internal control is closely related to the strategic arrangement,risk prevention and process control of merger and reorganization,and can realize the effective suppress ion of goodwill impairment behavior to a certain extent.Based on the principal-agent theory,signal transmission theory,information asymmetry theory,synergy theory and the basic theory of internal control,this paper puts forward the basic hypothesis that internal control has an inhibitory effect on goodwill impairment.Based on the specific scenario of merger and reorganization,this study focuses on the phenomenon of goodwill impairment caused by merger and acquisition from the perspective of interna l control,and from the root cause of the risk of goodwill impairment,the unreasonable problems existing in the process of merger and acquisition are reversed.This paper selects the relevant data of China’s A-share listed companies from 2009 to 2018 as t he initial research sample,using impairment of goodwill as the explained variable,internal control as the explanatory variable,and at the same time assessing the company’s scale,profitability,development status,audit quality and other variables Take control.Then uses empirical research methods to examine the inhibitory effect of internal control quality on goodwill impairment,and then analyzes the specific impact path of internal control on goodwill impairment.On this basis,it discusses whether the inhibitory effect of internal control on goodwill impairment will change under different property rights.The research shows that high-quality internal control can effectively reduce the loss of goodwill impairment faced by listed companies in the futur e to some extent.The concrete performance is as follows: before the merger,internal control can optimize the target selection,improve the accuracy of price evaluation,effectively inhibit the production of high premium,after the merger,internal contro l can effectively improve the enterprise integration ability and reduce the risk of bankruptcy.Further,compared with state-owned property rights,non-state-owned property enterprises are more able to exert the inhibitory effect of internal control.The r esearch of this paper will put forward corresponding suggestions for improving the internal control measures of enterprises,make the internal control play a better governance effect,and play an effective preventive and inhibitory role in the emergence of the huge goodwill bubble,so as to ensure the long-term stable development of the capital market.更多还原