经营资产结构影响高商誉企业的市场价值吗——基于A股上市公司的实证研究

Does Operating Asset Structure Affect the Value of High Goodwill Firm? Evidence from A-Share Listed Companies

本文基于2007-2016年A股上市公司数据,实证检验了高商誉对于企业价值的影响以及不同经营资产结构企业的差异。本文发现:(1)商誉的账面价值与商誉公允价值之比(市场价值调整的商誉)越高,企业的市场价值越低,而且上述效应在轻资产企业中体现得更为明显。(2)当商誉占期初总资产的比重较高时,市场价值调整的商誉与企业市场价值的负相关关系更显著;相比国有企业,在民营企业中市场价值调整的商誉与企业市场价值的负相关关系更显著,以上两种效应也都在轻资产企业中表现得更为明显。(3)商誉影响企业价值的机制分析表明,高商誉降低了轻资产企业的资产周转率和总资产收益率,但在重资产企业中,企业的有形资产能较好地与商誉结合,高商誉能提高企业的毛利率。本文的研究结论有助于资本市场各参与方判断并购适当性和并购商誉的市场价值,对于监管部门从严监管、会计准则的进一步修改和完善以及投资者利益保护具有积极的意义。

High goodwill and related goodwill impairment provisioned by A-share listed companies have aroused extensive concern both in academic research and in practice during recent years.Based on the data of A-share listed companies over the period of 2007 to 2016,this paper analyzes the impact of high goodwill on firm value,and discusses the difference of impact among firms by categorizing them into light-asset firms and heavy-asset firms based on their operating asset structures.This article finds that,the higher the ratio of book value of goodwill to fair value of goodwill(market value adjusted goodwill),the lower the market value of the firm.Moreover,the above effect is more obviously reflected in the light-asset firms.The paper also finds that the negative impact of market value adjusted goodwill on firm value is greater in firms with higher ratio of goodwill to initial total assets,and in non-state-owned firms relative to state-owned firms.Furthermore,the negative impacts described in the above two situations are both greater in light-asset firms.The analysis of the mechanism on how goodwill affects firm value shows that high goodwill reduces asset turnover and future accounting performance of light-asset firms,but in heavy-asset firms,the physical assets of the enterprises can be better combined with goodwill and thus high goodwill can increase the gross profit margin of the firms.Further analysis about goodwill impairment finds that,firms with high market value adjusted goodwill charge less instead of more goodwill impairment,but this motivation to charge less goodwill impairment is relatively weaker in heavy-asset firms.The findings of this paper will help participants in the capital market to judge the suitability of mergers and acquisitions and the market value of the goodwill.The conclusion of the paper will also be helpful in strengthening capital market supervision,improving accounting standards and protecting investors.