商譽減損規範與企業併購績效：以財務會計準則第142號公報為例

Goodwill Impairment and Acquisition Performance: Evidence from SFAS No. 142

林廷宣(Ting Hsuan Lin)

指導教授 ： 許文馨

共同指導教授 ： 劉心才(Hsin Tsai Liu)

國立臺灣大學/管理學院/會計學研究所/碩士(2021年)

https://doi.org/10.6342/NTU202101521

摘要

本研究透過美國財務會計準則142號公報「商譽與其他無形資產」對於商譽減損之規範和併購者併購績效間的關聯性，探討外部會計準則規範是否能夠提升公司內部資訊環境和消弭代理人成本，進而提升公司管理層之投資決策績效。本研究以美國1999至2006年併購案件為樣本，發現在財務會計準則第142號公報實施後，市場整體併購績效提升，且資產負債表上存有商譽而受該號公報規範之併購公司以及經理人屬於過度自信之併購公司其提升幅度更為顯著。顯示該公報確實有助於提升併購公司內部資訊環境和消弭代理人成本並反映在其併購績效。此外，本研究亦發現，因過去併購績效不佳而導致有大額商譽減損之併購公司，市場對其在公報實施後之併購更不信任。

關鍵字

財務會計準則 ； 商譽減損 ； 企業併購 ； 市場反應 ； 經理人過度自信

並列摘要

Using the adoption of SFAS 142 as an exogenous shock, we examine the effect of changes in financial reporting on the reliability of firm’s financial information and its internal information environment, thereby, firms’ acquisition efficiency. In line with the agency cost theory and the information hypothesis, we argue that complying with SFAS 142 induces managers to perform more rigorous impairment test and to acquire additional information, and therefore improves quality and quantity of information sets. With lower agency cost and improved information sets, mangers are able to make better acquiring decision. Using a difference-in-differences design, we find that firms affected by SFAS 142 experience an improvement in acquisition efficiency in the post-SFAS 142 period. We further find that the positive effect of SFAS 142 on acquisition efficiency is more pronounced for those acquiring firms with overconfident CEOs. In our additional analysis, we, nevertheless, find that the positive impact of SFAS 142 could be overturned for firms that experienced a large amount of goodwill impairment. Overall, our evidence from acquisition performance setting indicates that changes in external financial reporting can lead to better corporate investment decisions via facilitating the internal information environment and mitigating agency cost.

並列關鍵字

SFAS 142 ； Goodwill impairment ； Mergers and acquisitions ； Market reaction ； Manager's overconfidence

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