商誉“黑箱”:推导、解构与还原

商誉是一个古老的会计命题,但它至今仍未得到一致的理论解释。商誉是现代财务会计的一个"黑箱",我们分析了商誉解构与纯化的必要性与可行性,指出商誉的纯化是商誉解构的第一步,揭示商誉的来源只能是企业家和管理团队的高效整合,最后在扩展现有资产负债表的基础上对"纯商誉"进行尝试性的还原。     

Did the goodwill accounting standard impose material economic consequences on Australian acquirers?

This research explores the empirical association between takeover bid premium and acquired (purchased) goodwill, and tests whether the strength of the association changes after the passage of approved accounting standard AASB 1013 in Australia in 1988. AASB 1013 mandated capitalization and amortization of acquired goodwill to the income statement over a maximum period of 20 years. We use regressions to assess how the association between bid premium and acquired goodwill varies in the pre‐AASB and post‐AASB 1013 periods after controlling for confounding factors. Our results show that reducing the variety of accounting policy options available to bidder management after an acquisition results in a systematic reduction in the strength of the association between premium and goodwill.     

谈股东商誉出资的几个法律问题

法律上的商誉是指商主体拥有的，以营业之整体为载体，能够为其带来超额利润收益的不可确指的无形财产。在资本经营观与公司契约观下，商誉作为股东的一种出资形式具有充足的正当性，其在适格性上的某些缺失只能成为立法上对其予以补足的根据而非禁止的根据。同时，也必须考虑到商誉出资的特殊性及其风险，并从为公司契约提供合同范本与漏洞弥补的立场出发，寻求对其风险的法律控制。     

Push-based brand awareness: the role of product availability and in-store merchandising

This study introduces a new brand awareness conceptualization; ‘push-based brand awareness’ in the light of available retailing, distribution, and branding literature. Previously, push-based awareness merely defined brand/product availability. This study extends that definition by including available brand awareness created by in-store merchandising. While out-of-stock (OOS) literature extensively interprets product availability and consumers' responses to OOS brands, a brand's effect on consumer awareness remains unexamined. Because such brand awareness may be one of the major reasons behind frequently purchased product success, such consumer awareness deserves closer attention. This study introduces the push-based brand awareness concept with a proposed model including possible managerial implications.     

商誉交易价值的实证分析

本文通过建立商誉的交易价值模型，采用实证研究方法分析了企业价格（价值）与可控变量，即企业规模、股票流通速度、企业市场占有率以及商誉的交易价值的相关性，对商誉的交易价值五项假定进行了检验。其中商誉的交易价值大小表现为股票的流通股价格和产品交易价格超过它们各自符合假定市场公正平均价格的差额。研究中以公允价格替代有效市场的公正价格做近似处理。     

Fixed Asset Revaluation and Equity Depletion in the UK

UK GAAP has traditionally allowed the write-off of purchased goodwill directly to reserves, resulting in the widespread depletion of book equity. Companies have also been permitted to revalue fixed assets at management's discretion. This study examines whether upward revaluations have been associated with the depletion of book equity and with other costly contracting explanations identified in prior research. Our results provide strong support for the equity depletion hypothesis, both with regard to the decision to revalue and the timing of the revaluations. Indebtedness, liquidity, size and fixed asset intensity are also consistently associated with upward revaluation.     

The Investment Opportunity Set and Acquired Goodwill*

This paper examines how managers in New Zealand allocate the cost of firms' investments in subsidiaries between net tangible assets and acquired goodwill. We find a negative relation between acquired goodwill and leverage. This could be interpreted as the result of managers of highly leveraged acquiring firms opportunistically allocating a lower portion of the acquisition price to acquired goodwill. However, this analysis, like much of the research on accounting choice, suffers from an omitted variables problem. We present evidence that the observed negative relation between acquired goodwill and leverage may stem from each variable's relation to the investment opportunity set. Further, we find no evidence that acquired goodwill is related to the existence of debt covenants. Together, these results suggest an endogenous relation between the firm's asset structure, its financing policy, and the allocation of acquisition price to acquired goodwill.     

企业的环境业绩与环境信息披露：一个日渐重要的商誉构成要素

随着环境污染问题成为世界各地的一个日益突出的经济、社会和政治问题，企业的环境业绩与环境信息披露与社会越来越息息相关，成为公众评价企业的一个重要因素，从而也成为构成企业商誉的一个重要因素。本文通遇分析认为，企业的环境业绩主要通遇影响企业的公共形象和产品形象退而影响企业获取超额利润；企业的环境信息披露则主要通遍影响利益关系人对企业的认知度退而影响企业的超额获利能力。     

商誉治理与商圈融资：济宁案例

济宁金宇商圈针对商圈快速发展中商誉治理的难题和商户的融资担保困境,依托管委会的管理职能和信息优势,通过管委会参与贷款信用评价和信用推荐的融资模式,建立了特定的融资激励机制,既实现了商圈商誉的有效治理,又缓解了商户融资困境,提高了整个商圈的持续竞争力,实现了各方共赢。     

高溢价并购特征与商誉减值及时性——基于并购时管理层过度自信的视角

本文跟踪了并购事件层次商誉从形成到首次减值的过程,并将商誉减值时间和减值风险分为合理减值和延迟减值两部分,通过使用生存分析模型的半参数模型,在一定程度上解决了合理减值时间和风险无法衡量的问题,实证检验了并购特征中的管理层过度自信程度与商誉减值及时性的关系。研究发现,相比于非过度自信的管理层,并购时过度自信的管理层会高估并购溢价,对后续期间的商誉减值风险认知不足,进而延长商誉减值延迟时间、降低商誉减值及时性。本文的研究结果对商誉减值及时性领域做出了有益补充,为有关部门完善商誉减值相关准则和制定商誉减值风险管控政策提供了经验证据。