收购方商誉估值中的成本效益权衡

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE
Lisa Koonce, Sara Toynbee, Brian J. White
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引用次数: 0

摘要

学术和轶事证据表明,收购方更愿意在企业合并中记录更高的商誉价值,以便在商誉只进行减值测试时,从更高的收购后收益中获益。我们进行了多个实验来验证这一假设,即这种观点忽略了收购方可能也会考虑的两个成本。具体而言,商誉通常带有负面的市场认知,并与未来昂贵的减值损失风险相关。我们的研究结果表明,这两种成本的考虑抵消了收购方对商誉上行偏置带来的收益收益的偏好。我们还发现,当更高的商誉估值没有带来收益时——也就是说,在商誉摊销为费用的情况下——我们观察到收购方会向下偏向商誉价值。总的来说,我们的发现增加了我们对企业合并背景下管理自由裁量权的理解的细微差别。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Cost-benefit trade-offs in acquirers' goodwill valuations

Academic and anecdotal evidence suggests that acquirers prefer to record higher goodwill values in business combinations so they can benefit from higher post-acquisition earnings when goodwill is only tested for impairment. We conduct multiple experiments to test the hypothesis that this perspective ignores two costs that acquirers may also consider. Specifically, goodwill generally carries negative market perceptions and is associated with a risk of costly future impairment losses. Our results indicate that consideration of these two costs offsets acquirers' preferences for the earnings benefit of upwardly biasing goodwill. We also document that when there is no earnings benefit from higher goodwill valuations—namely, in a setting where goodwill is amortized to expense—we observe acquirers downwardly biasing goodwill values. Overall, our findings add nuance to our understanding of managerial discretion in the context of business combinations.

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来源期刊
CiteScore
6.20
自引率
11.10%
发文量
97
期刊介绍: Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.
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