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论文编号：	10207
作者编号：	2120152484
上传时间：	2018/6/11 17:37:06
中文题目：	并购商誉、行业集中度与公司财务绩效————来自A股上市2007年-2016年的经验数据
英文题目：	M&A Goodwill, Industry Concentration and Corporate Financial PerformanceEmpirical data from A-share listing in 2007-2016
指导老师：	李莉
中文关键字：	并购商誉；行业集中度；财务绩效
英文关键字：	M&A goodwill; industry concentration; financial performance
中文摘要：	当前中国经济正处于供给侧结构化调整的关键时期，新旧动能转化是整个经济发展的主旋律。大批上市公司正在完成从过去所依赖的旧动能驱动转向新近培育的新动能。正在此背景下，资本市场掀起了以“新技术、新模式、新业态、新产业”为主要并购对象的并购浪潮，大批传统行业的上市公司以现金+股票的方式并购新兴产业内的优质标的。而这样的并购浪潮深度改变了并购市场的供需关系，推动市场从供大于求向的买方市场迅速转向供不应求的卖方市场，并购价格也迅速从以净资产为参考转向以未来承诺业绩折现为依据，从而创造出超过1.3万亿的并购商誉资产池。然而商誉的内涵及会计处理方式在国内外一直饱受争议。并购商誉是否有利于公司财务绩效提升，是否会为企业短期和长期业绩的实现带来正面效应，始终是学术界和业界持续探讨的问题。目前相关研究主要集中在并购商誉计量、减值测试和后续确认等会计学研究范畴内，大部分研究成果都是针对会计准则完善。而本文另辟蹊径，试图通过实证研究，揭示并购商誉的经济后果，回归分析新会计准则发布10年以来，A股上市并购商誉与公司财务绩效的关联关系；同时引入行业集中度作为调节变量，分析并购带来行业集中度变化的约束条件下，二者关联关系的强弱。本文通过对10年以来的A股上市公司财务数据回归分析，发现并购商誉与上市公司短期财务绩效呈现较强的正关联性，但对长期财务绩效无关联性；同时发现，在行业集中度较高的领域中，并购商誉与上市公司财务绩效的关联关系较为显著，行业集中度较低的领域中，二者关联关系较微弱。由此，本文提出上市公司并购商誉对公司财务绩效呈现较强的短期效应，是否利于长期财务绩效提升依赖于并购前后多方面的决策和整合因素。因而，本文建议监管部门加强对上市公司并购重组活动的有效监管，打击“忽悠式”、“炒作式”并购，同时进一步完善会计准则中商誉核算方式，共同推动并购重组脱虚就实。
英文摘要：	Today China’s economy has entered the key stage of supply-side structural adjustment. The transformation of new drivers taking place of old ones has become the main theme of the total economic development. Numerous listed companies are taking steps to replace the old drivers with new ones. In this context, a large wave of mergers and acquisitions （M&A）, which targeted on “new technology, new mode, new format and new industry”, emerged in the capital markets, with a number of traditional listed companies merging and acquiring high-quality targets of emerging industries in the way of “cash-and-stock”. This wave of M&As largely changed the supply and demand relationship in the M&A market, and promoted the transition from a buyer’s market where supply exceeds demand to a seller’s market where demand exceeds supply. Meanwhile, M&A prices also started to rely on future discounting commitments instead of referring to net assets, creating a M&A goodwill asset pool of more than 1300 billion yuan. However, the connotation and accounting treatment of goodwill has always been controversial at home and abroad, and whether goodwill is conducive to a company’s financial performance or has positive effect on their short-term and long-term performance is still heatedly debated in the academia and the industry. Currently, relevant researches mainly focused on the accounting aspects as M&A goodwill measurement, impairment test and subsequent recognition, and most of the outcomes are designed to perfect accounting standards. This paper conducted the research in a different way, which attempted to reveal the economic consequences of M&A goodwill through empirical study, and made a regression analysis on the correlation between M&A goodwill and financial performance of A-share listed companies in the ten years since the release of new accounting standards; meanwhile, with industry concentration as the moderating variable, it analyzed the connection degree of the two aspects under the constraints of the changes M&A brought to the industry concentration. Through the regression analysis on the financial data of A-share listed companies in the past ten years, this paper found a strong positive correlation between M&A goodwill and company’s short-term financial performance, while no correlation was found for the long-term financial performance; meanwhile, the correlation between M&A goodwill and company’s financial performance is significant in the field with high industry concentration and not significant in the field with low industry concentration. Thus, this paper concluded that whether the strong short-term effect of M&A goodwill on company’s financial performance is conducive to their long-term financial performance depends on various decisive and integrating factors before and after the M&A. Therefore, this paper suggested supervision departments strengthen the effective supervision on M&A activities of listed companies, crack down “deceptive” and “hyping” M&A activities, further improve the goodwill accounting method in the accounting standards, and jointly promote the actual advancement of M&As.
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