企业内部控制缺陷推高并购商誉减值幅度了吗?

Does Internal Control Deficiencies Push up Goodwill Impairment in Mergers and Acquisitions?

以2012—2018年A股上市公司的并购事件为样本,研究企业内部控制缺陷对并购商誉减值幅度的影响。研究表明,若企业并购前一年度或当年存在内部控制缺陷,并购当年确认的新增商誉在并购后年度会面临更高幅度的商誉减值。机制分析表明,内部控制缺陷导致确认超额并购商誉、降低业绩承诺完成率,从而导致大幅商誉减值。进一步分析后发现:首先,基于内部控制缺陷特征视角,公司层面的内部控制缺陷更容易导致并购后的大幅商誉减值,内部控制缺陷数量越多,并购后期面临的商誉减值幅度越大;内部控制缺陷认定标准越严格,内部控制完善意愿越强,商誉减值幅度越小;并购后的内部控制缺陷削弱了并购协同效应与整合效果,加剧了商誉减值。其次,基于外部治理机制视角,分析师以及并购重组中的金融中介能够缓解内部控制缺陷对商誉减值的不良影响。

Taking mergers and acquisitions of A-share listed companies from 2012 to 2018 as samples,this paper examines how internal control deficiencies affect goodwill impairment in mergers and acquisitions.The study shows that if there are internal control deficiencies in the year before or in the year of merger,the newly recognized goodwill in the year of merger will face higher goodwill impairment in the year after merger.Mechanism analysis shows that internal control deficiencies lead to excess goodwill recognition and reduction of performance commitment completion rate,resulting in substantial goodwill impairment.Further analysis shows that,firstly,from the internal control deficiencies,internal control deficiencies at the company level and account level are distinguished,and internal control deficiencies at the company level are more likely to lead to substantial goodwill impairment after M&A.The greater the number of internal control deficiencies,the greater the goodwill impairment in the later stage of M&A.The stricter the identification criteria of internal control deficiencies,the stronger the willingness to improve internal control,and the smaller the goodwill impairment range.The internal control deficiencies after M&A hamper the synergy effect and integration effect of M&A,and aggravate the goodwill impairment.Secondly,from the external governance mechanism,analysts and financial intermediaries in M&A can alleviate the adverse effect of internal control deficiencies on goodwill impairment.