Earnings Management Motivations and Economic Consequences of Goodwill Impairment: Empirical Evidence from Chinese A-share Market

2006年2月，我国财政部颁布了《企业会计准则》，对商誉的后续处理采用与国际财务报告准则接轨的减值测试方法。商誉减值方法的运用，引起了理论界、实务界以及监管机构关于商誉会计处理方法优缺点的激烈争论。随着权益结合法的取消以及企业并购活动的日益活跃，商誉的经济意义凸显，商誉减值方法下的会计信息质量问题受到广泛关注，有必要厘清商誉减值的影响因素，探讨商誉减值的经济后果。本文基于中国制度背景，以2007-2013年A股上市公司为样本，实证检验了商誉减值的盈余管理动机，并基于投资者、分析师两类信息使用者视角，实证检验了商誉减值的价值相关性以及商誉减值对分析师盈余预测的影响。 本文的研究主要有如下发现：...In February 2006, China's Ministry of Finance issued the new Accounting Standards for Business Enterprises, which adopted the impairment test as the only method for goodwill remeasurement and converged to International Finantial Reporting Standards. The use of goodwill impairment method has drawn the attention of practitioners, academics, policymakers, and regulators, fueling an extensive controve...学位：管理学博士院系专业：财务管理与会计研究院_会计学学号：2782012015332

Earnings Management Motivations of Goodwill Impairment——The Empirical Evidencefrom Chinese A- Share Market

以2007-2013年中国A股"上市公司"为样本,对商誉减值的盈余管理动机进行研究。研究发现,商誉减值存在盈余管理动机,具体表现为盈余平滑动机和洗大澡动机,并且受到一系列其他因素影响,包括公司业绩、CEO特征、债务与薪酬契约以及监督机制。进一步的研究结果显示,审计质量与股权集中度对商誉减值的盈余管理动机有抑制作用。此外,商誉减值的确认存在不及时的问题,且平均滞后一到两年。Based on the data of listed A- share Chinese companies from 2007 to 2013,this paper examines the earnings management motivations of goodwill impairment.The empirical results indicate that earnings management motivations exist in goodwill impairment decisions,and it is influenced by firms' performance indicators,CEO characters,debt and compensation contracts and monitoring mechanisms as well.Furthermore,cur research shows that the firms' opportunistic behaviors induced by goodwill impairment decisions are mitigated by higher audit quality and ownership concentration.Moreover,the recognition of goodwill impairment is not very timely and the lagging period is usually one or two years.国家社会科学基金重点项目(13AJY005);; 教育部人文社会科学重点研究基地重大项目(14JJD790008

Goodwill Impairments and Analysts' Earnings Forecasts——From the Perspective of Earnings Management

以2007至2013年的沪深两市A股上市公司为样本,研究了上市公司计提商誉减值损失行为对分析师盈余预测的影响。研究发现,上市公司计提商誉减值损失的行为降低了分析师盈余预测的准确度,提高了分析师盈余预测的分歧度。进一步的研究显示,商誉减值对分析师盈余预测的不利影响仅存在于出现负向盈余管理行为的公司中,即其源自基于盈余管理动机的商誉减值行为。此外,高质量的外部审计可以显著降低商誉减值对分析师盈余预测的不利影响。Based on the data of listed A-share Chinese companies from 2007 to 2013, this paper examines the association between goodwill impairments and analysts' earnings forecasts. The empirical results indicate that the likelihood and magnitude of goodwill impairments are negatively associated with forecast accuracy and positively associated with forecast dispersion. Furthermore, our research reveals that the effect is concentrated in firms with negative earnings management behaviours, i.e. the firms with opportunistic motivation of managers' goodwill impairment decisions. Moreover, the study shows that high-quality audit reduces the adverse effect of goodwill impairments on analysts' earnings forecast.国家社会科学基金重点项目(13AJY005);; 教育部人文社会科学重点研究基地重大项目(14JJD790008);; 安徽省高校人文社科研究重点项目(SK2015A576);; 安徽财经大学2016年度校级科研重点项目(ACKY1607ZDB

股权激励导致过度投资吗?来自中小板制造业上市公司的经验证据

本文以257家中小板上市的制造业公司2005—2011年数据为样本,检验实行股权激励计划对投资效率及代理成本的影响。结果表明,实行股权激励计划的中小板上市公司更容易出现过度投资行为,其过度投资比例与自由现金流正相关。并且,实行股权激励计划的上市公司并没有使代理成本水平降低。上市公司实施股权激励制度的初衷是为了解决代理问题,但本文的证据表明,股权激励制度在我国中小企业板上市公司中实施效果不明显,

杆状病毒对不同哺乳动物细胞基因转移及表达效率的研究

研究已证实杆状病毒可进入某些哺乳动物细胞 ,这提示了可将重组杆状病毒作为一种对哺乳动物细胞的新型基因转移载体。利用已构建的重组杆状病毒BacV CMV EGFPA ,以含病毒的Sf9细胞培养上清同时孵育多种哺乳动物细胞 ,利用流式细胞术检测报告基因在不同细胞株中的转移效率及表达效率。共使用了 2 0种哺乳动物细胞株 ,其中有 12种人类组织细胞 ,7种小鼠组织细胞 ,1种猴组织细胞。实验结果显示携带CMV启动子的重组杆状病毒可有效进入多数哺乳动物细胞 ,其中对人、猴来源细胞的基因转移效率显著高于对鼠源细胞 ,对贴壁细胞的基因转移效率显著高于对悬浮细胞。同时 ,通过脂质体LipofectAMINE将携带有CMV启动子和EGFP基因的哺乳动物细胞表达质粒pCDNA3 1 EGFP分别转染部分特别是被认为杆状病毒进入能力较低的细胞株 ,结果显示CMV启动子在这些细胞中均可有效引导EGFP基因的表达 ,因此认为携带了CMV启动子的重组杆状病毒对不同哺乳动物细胞基因转移效率能基本反映出杆状病毒对不同种哺乳动物细胞的进入能力。通过综合比较携带CMV启动子的杆状病毒对不同种属及组织来源细胞的基因转移及表达效率 ,可看出杆状病毒对灵长类动物贴壁细胞的基因转移及表达效果是较好的 ,而对小鼠来源的细胞及悬浮培养细胞却并不十分

男性穿越小说的历史风情 ：以《官居一品为例》 = The historical charisma of male 'Time Travelling' fictional writing : using Guan Ju Yi Pin as an example

自从《宫锁心玉》和《步步惊心》两大穿越电视剧席卷中华大地之后，与穿越创作相关的研究也如雨后春笋般大量涌现，由于两部电视剧的网络原著皆出自女性作者之手，不免使穿越研究主要局限于女性的视角。时下的男性穿越作品不断有优秀作品问世，俨然已经形成了一种截然不同于女性穿越的风格，可是学术界目前尚未将男性穿越从女性所主导的穿越研究中区分出来并进行独立的深入研究。 After the publication of the two popular TV series Gong Suo Xin Yu and Bu Bu Jing Xin in China, a large number of researches related to the key word „time travelling‟ had sprung up. However, the outputs are almost restricted in female‟s perspective since the scripts of these two shows were adapted based on network female fictional writings. Nowadays, male authors have also produced a lot of good „time travelling‟ fictions. It has formed a totally different style of literature compared to those from female authors. However, male „time travelling‟ fictional writings have not been academically separated from the common definition which was defined according to the researches on mainly female fictional writings. Thus male „time travelling‟ fictional writings have not yet been reviewed independently. This thesis describes the phylogeny of „time travelling‟ fictions and its current situation of both male and female products. Guan Ju Yi Pin is then chosen as the representative to explore the characteristics of male „time travelling‟ fictional writings. Hence to come out with a conclusion that the hypostatic difference between male and female fictional writings is the difference between historical fiction and romantic fiction. In this way, this thesis aims to give male fictional writings an equal and independent status in future academic researches on ‟time travelling‟.Bachelor of Art

Does Stock Option Plan Induce Over-Investment? Evidence from Listed Companies of Manufacturing on SME Board Market in China

以257家中小板制造业上市公司2005—2011年财务数据为样本,检验实行股权激励计划能否减少上市公司过度投资行为以及能否显著地降低经理人代理成本。研究发现,实行股权激励计划的中小板制造业上市公司相对来说更容易出现过度投资行为,其过度投资比例与自由现金流正相关;研究还发现,实行股权激励计划后并没有显著降低中小板上市公司的代理成本。Based on the sample of 257 listed companies of manufacturing industry on small-and-medium enterprise(SME) board market from 2005 to 2011,we examine whether implementing stock option plan will reduce the chance of over-investment and magnitude of executives' agency cost.We prove that the SME listed companies with a stock option plan are more likely to over-invest and the proportion of over-investment will result in a positive collection with free cash flows,at the same time,we also find that no evidence proves SME listed companies with stock option plan reduce the agency cost significantly.教育部人文社会科学重点研究基地2012年重大项目(12JJD790030); 安徽省教育厅人文社会科学研究一般项目(SK2012B023); 安徽省高校省级自然科学研究项目(KJ2012Z012

Value Relevance of Goodwill Impairments: Empirical Evidence from Chinese A-Share Market

本文以2007—2014年中国A股上市公司为样本,研究商誉减值的价值相关性,并从盈余管理、内外部监督角度探究市场对商誉减值信息的价值判断。研究发现,商誉减值与股价和股票收益负相关,说明投资者对发生商誉减值的公司给予负面评价。进一步的研究显示,亏损公司的商誉减值信息的价值相关性较低,内部控制质量和审计质量高的公司商誉减值信息的价值相关性较高。上述发现表明,商誉减值信息具有价值相关性,且其价值相关性的高低受到盈余管理动机和内外部监督机制的影响。Based on the data of listed A-share Chinese companies from 2007 to 2014, this paper examines the value relevance of goodwill impairments from the perspective of earnings management and the monitoring mechanism. The empirical results indicate that goodwill impairments are negatively associated with stock price and stock return, which proves that investors make negative judgments about goodwill impairments. Furthermore, the research reveals that value relevance of goodwill impairments is reduced in loss firms, and is enhanced in firms with higher internal control quality and higher audit quality. In conclusion, this study shows that goodwill impairments information has value relevance, influenced by earnings management incentives and monitoring mechanisms.国家社会科学基金重点项目“公允价值信息采集及指数构建研究”(13AJY005)；教育部人文社会科学重点研究基地重大项目“国际趋同的公允价值计量模型及效果检验”(14JJD790008)

Goodwill Impairment and Management Compensation: Empirical Evidence from Chinese A-Share Market

【中文摘要】本文以2007～2014年中国A股上市公司为样本，将商誉减值作为并购绩效的考查指标，检验商誉减值与高管薪酬之间的关系。研究发现，唯有民营上市公司的商誉减值与高管薪酬显著负相关。进一步的研究发现，管理层权力显著降低了商誉减值与高管薪酬之间的负相关关系。由此得出结论，民营上市司董事会在制定高管薪酬时会将商誉减值纳入业绩评价指标体系，据以调整高管薪酬，而管理层权力会对其产生抑制作用，即具有负向公司治理作用。 【Abstract】Based on a sample of listed A-share Chinese companies from 2007 to 2014, this paper uses goodwill impairment as an indicator of M&A performance to examine the association between goodwill impairment and management compensation. The empirical results show that the magnitude of goodwill impairment is negatively associated with management compensation. However, the effect is concentrated in listed private firms in China. Furthermore, our results reveal that the negative association between goodwill impairment and management compensation is attenuated in firms with higher management power. In conclusion, our study suggests that the board of listed private firms in China will take goodwill impairment into consideration in designing management compensation plans. Nevertheless,management power reduces the effect of goodwill impairment on management compensation,i.e., it has a negative corporate governance effect.国家社会科学基金重点项目“公允价值信息采集及指数构建研究”（13AJY005）和教育部人文社会科学重点研究基地重大项目“国际趋同的公允价值计量模型及效果检验”（14JJD790008）的阶段性成果