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.