인수기업의 성장기회가 매수영업권의 가치관련성에 미치는 영향

The Impact of Acquiring Firm’s Growth Opportunity on the Valuation of Goodwill

Purpose This paper analyzes the differential value relevance of goodwill depending on the acquiring firms’ growth opportunity. Today, M&A has become an important tool for firms’ achieving growth. While prior literatures report a strong relation between acquisitions and growth opportunity, acquiring firms’ growth opportunity may affect the valuation of purchased goodwill reported as a result of M&A. Design/Methodology/Approach The samples are firms reporting goodwill from 2011 to 2020. This paper uses Ohlson’s valuation model to analyze the differential value relevance of goodwill based on firms’ growth opportunity. Findings This paper finds a positive relation between firms’ growth opportunity(measured by IOS, Tobin Q or Asset Growth) and value relevance of goodwill. The result remains constant when the test is applied only to the firms reporting goodwill over the median. The result implies that market attaches higher values to goodwill reported from M&A for which the acquiring firms have higher growth opportunity. Research Implications This paper is the first to analyze the relation between firms’ growth opportunity and value relevance of goodwill. The result implies that firms’ growth opportunity plays an important role in valuing M&A and goodwill.