FREQUENCY OF AND REASONS FOR BARGAIN PURCHASES – EVIDENCE FROM GERMANY
FREQUENCY OF AND REASONS FOR BARGAIN PURCHASES – EVIDENCE FROM GERMANY
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讨价还价购买的频率和原因——来自德国的证据
DOI：
10.22495/cocv13i2clp1
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发表时间：
2016
期刊：
影响因子：
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通讯作者：
Henning Zülch
中科院分区：
文献类型：
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作者：
J. Boehm;Torben Teuteberg;Henning Zülch
本研究调查了《国际财务报告准则》第3号企业合并下导致负商誉的交易的普遍性。对于2005年至2013年德国上市公司的1，440个公司年度观察样本，我们发现96个负商誉交易引起收购方确认的即时收益。除了“廉价购买”并不像准则制定者在制定当前指南时所假设的那样罕见之外，我们还记录了负商誉发生的原因。我们的研究结果表明，“廉价购买”确实是我们样本中披露最多的原因。然而，其他原因，如未来重组活动或市场状况，同样可能解释负商誉的存在。因此，我们的研究结果质疑目前将负商誉视为即时收益是否最合适。
This study investigates the prevalence of transactions resulting in negative goodwill under IFRS 3 Business Combinations. For a sample of 1,440 firm-year observations of listed German firms for the years 2005 to 2013, we find 96 negative goodwill transactions which give rise to an immediate gain recognized by the acquirer. Besides the fact that “bargain purchases” are not as rare as assumed by the standard setter when developing the current guidance, we document the reasons for the occurrence of negative goodwill. Our findings show that “bargain purchases” indeed account for the single most disclosed reason in our sample. However, alternative reasons such as future restructuring activities or market conditions are together equally likely to explain the existence of negative goodwill. Therefore, our results question whether the current treatment of negative goodwill as an immediate gain is most appropriate.