A Study On Value-Relevance Of Listed Company Goodwill

With the development of world economy, more and more enterprises choose mergers and acquisitions as the main strategy of enterprise expansion, with the increasing of M&A, the capital marketer quires more information disclosure of accounting. Research to the value of accounting information is increasing. More and more people pay attention to the goodwill which is a special asset. what is its nature? Whether it has value relevance? In China, people also want to learn the relationship between goodwill and the value of the company. It can not only help enterprise managers to understand and control their company better, but also help advantageous to understand the enterprise, develop the efficiency of Investment. Based on the institutional background and market environment of Chinese listed companies, this dissertation uses theoretical and empirical analysis methods to investigate the value-relevance of listed company goodwill from the perspective of accounting conservatism. Analysis the value of the merger-goodwill to the value of company under the new accounting system and the influence of stock market returns, the effects of gain has a certain theoretical significance and practical value of the research conclusion, and put forward the corresponding policy recommendations.The dissertation is divided into five parts:Chapter1introduces the research background and significance, the literature review at home and abroad, research thoughts and methods, innovation and characteristics. Chapter2is theoretical analysis. In this chapter, the dissertation defines related concepts of research objects, and states the theoretical basis such as Value relevance theory and The theory of synergy. In chapter3, the dissertation introduces the background of Chinese listed companies and market environment firstly, then analyzes the influential mechanism of value-relevance of goodwill on the value of company. The chapter4is the empirical study. Using Chinese listed companies from2007to2012as the sample, the dissertation investigates the value-relevance of listed company goodwill with the Price model and Surplus regression model. At last, the dissertation makes the conclusions and suggestions. The conclusions show that: (1) Under the new system of accounting disclosure of the consolidated goodwill value correlation, the greater the goodwill of the enterprise and the higher its value;(2) The non-state-owned holding companies of goodwill goodwill relative to the state-owned enterprises, more value relevance.