Financial Characteristics of Organizational Restructuring Successful Company -Empirical Analysis Focusing on Goodwill and Financial Characteristics-

2023 Fiscal Year Final Research Report

• Project/Area Number: 18K12908
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07100:Accounting-related
• Research Institution: Yokkaichi University
• Principal Investigator: Okuhara Takashi 四日市大学, 総合政策学部, 特任教授 (50711090)
• Project Period (FY): 2018-04-01 – 2024-03-31
• Keywords: のれん / 財務特性 / キャッシュ保有量 / 財務報告の質 / 会計発生高のクオリティ / リーダビリティ / 組織再編 / M&A

Outline of Final Research Achievements

In this study, I conducted empirical analyzes to clarify the relationship between future performance and financial characteristics, financial reporting quality of companies that recorded goodwill due to organizational restructuring. I find the following points from those results. (1) First, a preliminary analysis showed that companies with a large increase in goodwill will have worse future performance than companies with a small increase in goodwill. (2) The amount of cash held at the end of the current period has an impact on the efficiency of additional investment in the following year. (3) Comparing M&A investments that increase goodwill with other major investments, the impact of financial characteristics on investment efficiency differs for each investment. (4) The quality of financial reporting at the beginning and end of the period (quality of accounting accruals and readability) has a positive impact.

Free Research Field

財務会計

Academic Significance and Societal Importance of the Research Achievements

日本企業によるM&A件数は増加しており、金額そのものが多額になったり、多額ののれんが貸借対照表に計上されたりするケースも多い。しかし、のれんを計上した企業には、その後に良好な業績を達成している企業もあるが、その一方で当初の期待どおりの成果をあげていない企業も存在している。本研究では、のれんを計上した企業の将来業績と財務特性との関係・財務報告の質との関係について分析を行っている。このような分析を行っている先行研究は今のところ見当たらない。よって本研究の結果は、実証結果の蓄積に貢献するとともに、投資者が投資意思決定を行う際に参考となるものである。