商誉减值的盈余管理动机——基于中国A股上市公司的经验证据

Earnings Management Motivations of Goodwill Impairment——The Empirical Evidencefrom Chinese A- Share Market

以2007-2013年中国A股"上市公司"为样本,对商誉减值的盈余管理动机进行研究。研究发现,商誉减值存在盈余管理动机,具体表现为盈余平滑动机和洗大澡动机,并且受到一系列其他因素影响,包括公司业绩、CEO特征、债务与薪酬契约以及监督机制。进一步的研究结果显示,审计质量与股权集中度对商誉减值的盈余管理动机有抑制作用。此外,商誉减值的确认存在不及时的问题,且平均滞后一到两年。

Based on the data of listed A- share Chinese companies from 2007 to 2013,this paper examines the earnings management motivations of goodwill impairment.The empirical results indicate that earnings management motivations exist in goodwill impairment decisions,and it is influenced by firms＇ performance indicators,CEO characters,debt and compensation contracts and monitoring mechanisms as well.Furthermore,cur research shows that the firms＇ opportunistic behaviors induced by goodwill impairment decisions are mitigated by higher audit quality and ownership concentration.Moreover,the recognition of goodwill impairment is not very timely and the lagging period is usually one or two years.