We explore the value relevance of goodwill against two benchmarks: other accounting information and long-lived tangible assets. Prior research suggests that fair value estimates for goodwill must be inferred from other available information because of the nature of goodwill, including its intangibility. Such inferences are highly discretionary and may limit the usefulness of reported goodwill estimates. Because Statement of Financial Accounting Standards (SFAS) No. 142 relies exclusively on fair value estimates to subsequently measure goodwill, reported values considering management’s increased discretion may be less reliable and less value relevant when presented in conjunction with other accounting information. However, the subsequent accounting measurement for goodwill is not dissimilar from the subsequent measurement for long-lived tangible assets, which are also subject to impairment. In general, impairment measurement is subjective; management may have greater insight, even in the presence of management incentives and other accounting information, that may help confirm or disconfirm investors’ own goodwill estimates. Using other accounting information and long-lived tangible assets as benchmarks for the value relevance of goodwill, we find that reported goodwill provides greater value relevance relative to other accounting information after SFAS 142 and that the difference between the value relevance of goodwill and other long-lived tangible assets is also significantly greater following SFAS 142.

我们根据两个基准探索商誉的价值相关性：其他会计信息和长期有形资产。先前的研究表明，由于商誉的性质，包括其无形性，商誉的公允价值估计必须从其他可用信息中推断出来。这种推论是高度自由裁量的，可能会限制报告的商誉估计的有用性。由于财务会计准则 (SFAS) 第 142 号声明完全依赖公允价值估计来随后计量商誉，因此考虑到管理层增加的自由裁量权的报告价值在与其他会计信息一起呈现时可能不太可靠且价值相关性较低。然而，商誉的后续会计计量与也发生减值的长期有形资产的后续计量并无不同。一般来说，减值计量是主观的；即使存在管理激励和其他会计信息，管理层也可能有更深入的洞察力，这可能有助于确认或否定投资者自己的商誉估计。使用其他会计信息和长期有形资产作为商誉价值相关性的基准，我们发现报告的商誉相对于 SFAS 142 之后的其他会计信息提供了更大的价值相关性，并且商誉的价值相关性与其他长期有形资产之间的差异遵循 SFAS 142 的有形资产也显着增加。减值计量具有主观性；即使存在管理激励和其他会计信息，管理层也可能有更深入的洞察力，这可能有助于确认或否定投资者自己的商誉估计。使用其他会计信息和长期有形资产作为商誉价值相关性的基准，我们发现报告的商誉相对于 SFAS 142 之后的其他会计信息提供了更大的价值相关性，并且商誉的价值相关性与其他长期有形资产之间的差异遵循 SFAS 142 的有形资产也显着增加。减值计量具有主观性；即使存在管理激励和其他会计信息，管理层也可能有更深入的洞察力，这可能有助于确认或否定投资者自己的商誉估计。使用其他会计信息和长期有形资产作为商誉价值相关性的基准，我们发现报告的商誉相对于 SFAS 142 之后的其他会计信息提供了更大的价值相关性，并且商誉的价值相关性与其他长期有形资产之间的差异遵循 SFAS 142 的有形资产也显着增加。