商誉后续计量方法的选择:理论分析与实证检验

The Selection of Subsequent Measurement Methods of Goodwill:Theoretical Analysis and Empirical Test

商誉后续计量方法的选择在理论界和实务界都存在较大争议。本文从收入与费用(成本)相配比、主观不确定性、超额盈利能力等维度在理论层面分析商誉后续计量方法的选择,并采用事件研究法及实证模型检验直接减值测试法的合理性。研究发现,市场对于发布现行商誉后续计量方法相关政策呈显著的消极反应,且有商誉组和高商誉组的市场反应更为明显;实证模型显示企业计提商誉减值与“洗大澡”的盈余管理动机显著正相关,而与反映其经济实质的超额盈利能力变动额不存在相关关系,表明上市公司存在利用直接减值测试法随意计提商誉减值的可能性,现行的商誉后续计量方法有待完善。本文的研究为商誉后续计量方法的选择提供了一定的理论依据和经验证据。

There is a great dispute in theory and practice about the choice of the subsequent measurement method of goodwill.In view of this,this paper theoretically analyzes the selection of subsequent measurement methods for goodwill from the aspects of the matching ratio of revenue and expense(cost),subjective uncertainty and excess profitability,etc.The rationality of direct impairment test method is tested by event study method and empirical model.It is found that the market has a significant negative reaction to the release of relevant policies of the current goodwill measurement method,and the market reaction is more obvious in the goodwill group and the high goodwill group.In addition,the empirical model shows that there is no correlation between the impairment of goodwill and the change of excess profitability reflecting the economic essence of an enterprise,but there is a significant positive correlation with the earnings management motivation of“taking the big bath”,which indicates that the listed companies are likely to use the direct impairment test method to calculate and withdraw the impairment of goodwill optionally,so the existing subsequent measurement method of goodwill needs to be improved.This study provides certain theoretical basis and empirical evidence for the selection of subsequent measurement methods of goodwill.