根据无形资产的战略分配为并购交易的管理决策提供支持

Giuseppe Sorrentino, Mario Situm, Yuliia Serpeninova, M. Tumpach, Z. Juhászová
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引用次数: 0

摘要

在并购(M&A)的背景下,有关资产分配的管理决策在决定无形资产的战略价值方面发挥着关键作用。本研究调查了 2000 年至 2021 年全球 B2C 行业并购交易中资产负债表上与企业价值相关的资产分配情况,尤其是商誉。本研究利用 Markables 数据库(其中包括 543 项交易)中的数据,提出了稳健的量化回归分析,以有效解决非正态分布数据带来的挑战。研究结果强调了无形资产(尤其是商誉)的战略分配与企业价值之间的显著相关性,突出了无形资产在反映未来盈利潜力和增长前景方面的重要作用。此外,研究还揭示了影响这些资产配置决策的具体因素,包括交易类型(资产交易与股份交易)和时机(交易年份)。这些见解对于在并购过程中加强估值和战略财务规划方面的管理决策至关重要。通过阐明这些动态变化,本文对管理会计和公司财务方面的文献做出了重要贡献,提供了对企业合并中无形资产估值的细化理解。 鸣谢 本研究源于库夫施泰因应用科学大学(奥地利)与布拉迪斯拉发经济大学(斯洛伐克)的合作项目 2023-05-15-003 "提升长期商业价值,实现环境和社会可持续经济",该项目由奥地利-斯洛伐克行动倡议绩效委员会资助。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Supporting management decisions for M&A transactions based on the strategic allocation of intangible assets
In the context of mergers and acquisitions (M&A), management decisions regarding asset allocation play a key role in determining the strategic value of intangible assets. This study investigates the allocation of such assets, particularly goodwill, in relation to enterprise value on balance sheets across global M&A transactions within the B2C sector from 2000 to 2021. Utilizing data from the Markables database, which includes 543 transactions, this study presents robust and quantile regression analyses to effectively address challenges arising from non-normally distributed data. The findings underscore a significant correlation between the strategic allocation of intangible assets, especially goodwill, and enterprise value, highlighting their essential role in reflecting future earning potential and growth prospects. Additionally, the study reveals specific factors, including transaction type (asset vs. share deals) and timing (transaction year), that influence these asset allocation decisions. These insights are critical for enhancing management decisions in valuation and strategic financial planning during M&A. By elucidating these dynamics, this paper significantly contributes to the literature on management accounting and corporate finance, offering a granular understanding of the valuation of intangible assets in business combinations. Acknowledgment This study emerged from a cooperative project between the University of Applied Sciences Kufstein (Austria) and the University of Economics in Bratislava (Slovakia) 2023-05-15-003 “Enhancing long-term business value towards environmentally and socially sustainable economy,” which was funded by the performance committee of the Austria-Slovakia Action initiative.
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