摘要
通过手工收集公司年报新冠疫情信息披露数据和并购项目层面的商誉数据,基于新冠疫情这一突发公共危机事件,研究了企业在环境不确定性下的并购商誉减值问题。研究表明新冠疫情显著提升了商誉减值的概率和减值程度,且随着疫情影响程度增加而增加。相比在疫情影响更为严重地区和行业的上市公司,新冠疫情对其他上市公司商誉减值概率和减值程度的增强效果更显著。进一步研究发现,新冠疫情会降低公司收入增长预期和盈余预期,从而影响公司估值,进而加剧商誉减值,而上市公司是民营企业时,新冠疫情对商誉减值的影响更显著。从信息披露视角丰富了环境不确定性对企业估值的影响研究,同时为企业如何应对环境不确定性提供了经验证据,也为重大公共危机下的投资者保护提供了政策参考。
This paper investigates the impairment of M&A goodwill under environmental uncertainty by manually collecting information on Covid in companies’annual reports and goodwill data at the M&A project level.The study shows that the probability of goodwill impairment and the degree of impairment is significantly increased by Covid,and increase with the degree of impact of Covid.The impact of information on the Covid on goodwill impairment was not significant due to the extremely negative sentiment of investors during the Covid outbreak and distrust of information on companies in the Hubei region or industries significantly affected by the epidemic.In the mechanism study,it was found that Covid would lower the company’s revenue growth expectations and surplus expectations,lowering the company’s valuation,which in turn would exacerbate goodwill impairment.Further research found that the impact of Covid on goodwill impairment is more significant when the listed company is a private company and implements digital technology.This study enriches the research on the impact of Covid on corporate valuation from the perspective of information disclosure,as well as the impact research on goodwill impairment at the level of M&A projects,and the findings help to improve corporate governance in special times and response strategies to unexpected public events.
作者
蒋苏蓉
雨田木子
倪志兴
JANG Su-rong;YU TIAN Mu-zi;NI Zhi-xing(School of Accounting,Yunnan University of Finance and Economics,Kunming 650221,China;School of Business,Yunnan University of Finance and Economics,Kunming 650221,China)
出处
《昭通学院学报》
2022年第6期73-84,共12页
Journal of Zhaotong University
基金
云南省教育厅科学研究基金项目“云南省国有企业集团内部债务融资有效性研究”(2022J0455)
关键词
环境不确定性
新冠疫情
商誉减值
信息披露
environmental uncertainty
Covid
goodwill impairment
information disclosure
