商誉减值决策与减值后市场反应

Goodwill Impairment Decisions and Market Reaction After Impairments

摘要:

为了研究企业计提商誉减值的市场反应，针对我国上市公司2018年计提的885笔商誉减值，采用事件研究法计算企业减值后的长短期市场绩效，并进一步研究商誉减值比例与企业市场绩效的关系。回归结果显示，企业计提商誉减值后的短期市场绩效与计提商誉减值占商誉余额的比例负相关，计提减值比例越大的企业短期内市场绩效越差。此外，商誉余额与企业长期市场绩效均存在负相关关系。表明商誉减值在短期内会造成企业股价下跌，下跌的幅度与计提商誉减值的比例相关，减值掉的商誉余额长期积极影响企业市场绩效。

Abstract:

To study the influence of goodwill impairment decisions on stock price， the equity market reaction of goodwill impairment decisions is examined based on a comprehensive sample of 885 goodwill impairment charges of Chinese listed companies in 2018. The event study method is adopted to calculate the short-term and long-term market performance while the multiple regression methodology is utilized to test influencing factors. The regression findings indicate that short-term market performance of a company is negatively associated to the proportion of goodwill impairment in the balance of goodwill. In addition， the goodwill balance negatively affects the long-term market performance of a company. The empirical evidences suggest that goodwill impairments will lead to the decline of stock prices in the short-term， and the decline rate depends on the proportion of goodwill impairment. The reduction of goodwill balance can positively affect the market performance of companies in the long-term.