盈余管理对商誉减值的影响研究--来自文化产业类上市公司的证据

Research on the Impact of Earnings Management to Goodwill Impairment:Evidence from Listed Cultural Industry Companies

文化产业类上市公司由于“轻资产”的特性往往估值过高,高溢价合并导致商誉规模庞大,而合并后被购买方无法完成对赌协议为日后商誉巨额减值埋下隐患。本文以2014—2019年文化产业类上市公司为样本,研究盈余管理对商誉减值的影响。实证显示,盈余管理与商誉减值呈负相关关系:向上的盈余管理水平越高,计提商誉减值就越少;向下的盈余管理水平越高,计提商誉减值就越多。与小规模的文化产业类上市公司相比,大规模文化产业类公司的盈余管理水平与商誉减值相关关系更加显著。此外,2018年财政部专家提出将商誉的后续计量方式由减值测试法改为摊销法,此政策预期增强了文化产业类上市公司商誉减值的向下盈余管理动机。

Listed cultural industry companies are often overvalued due to their“asset-light”characteristics.High-premium mergers have resulted in a large scale of goodwill,and the inability of the acquiree to complete the Valuation Adjustment Mechanism after the merger will be a hidden danger for huge goodwill impairment in the future.Based on the data of listed cultural industry companies from 2014 to 2019,this paper studies the impact of earnings management to goodwill impairment.Empirical evidence shows that there is a negative correlation between earnings management and goodwill impairment:the higher the upward earnings management level,the smaller the scale of goodwill impairment;the higher the downward earnings management level,the larger the scale of goodwill impairment.Compared with smallscale listed companies in the cultural industry,large-scale companies’earnings management level has a more significant correlation with goodwill impairment.In addition,in 2018,experts from the Ministry of Finance proposed to change the subsequent measurement method of goodwill from the impairment test method to the amortization method.This policy is expected to enhance the downward earnings management motivation for the goodwill impairment of listed companies in the cultural industry.