商誉减值自由裁量权的决策与影响因素

Determinants of Exercising Discretion in Goodwill Impairment Decisions by Listed Companies

摘要:

采用双向固定效应Logit模型，对我国上市公司商誉减值决策的影响因素进行实证分析，研究企业在进行商誉减值决策时对自由裁量权的运用。回归结果显示，经营波动的企业计提商誉减值的可能性较低，长期盈利的企业更有可能计提商誉减值。此外，经营波动率和盈利稳定性在高商誉余额样本或非国有企业样本中对减值决策的影响更为显著；与《企业会计准则第8号——资产减值》实施后的前6年相比，后6年的商誉减值与企业经营波动率、盈利稳定性的相关性更高。证明企业在进行商誉减值决策时考虑了自身的经营、盈利状态，并在一定程度上运用自由裁量权进行了“趋利避害”的减值决策。

Abstract:

This study examines the determinants of goodwill impairment decisions， focusing on the exercising of discretion in goodwill impairment decisions by Chinese listed companies. Fixed-effect logistical regression findings indicate that incidence of goodwill impairment is negatively associated with a company’s operating cash-flow volatility， and the companies with stable profitability have higher incidence of goodwill impairment. In addition， goodwill impairment decisions in high goodwill balance companies or non-state-owned companies tend to be more responsive to operating cash-flow volatility and stability of profitability； Compared with the first 6 years after the adaption of the Accounting Standards for Enterprises No.8—Impairment of Assets， the incidences of goodwill impairment are more significantly associated with operating cash-flow volatility and stability of profitability in the second 6 years. These evidences suggest that discretion is exercised opportunistically by listed companies according to their operating and profitable status when making goodwill impairment decisions.