在美國生技與醫藥產業中各項減損指標是否與資本化併購取得研發中無形資產之沖銷相關聯？

Abstract

2007年12月美國財務會計準則委員會發布財務會計準則公報第141號「企業合併」之修訂版本，其中針對併購取得研發中無形資產 (In-process research and development) 之會計處理有大幅變動，舉凡基準日在2008年12月15日後所發生的企業合併，其併購取得研發中無形資產將從過去直接立即費用化轉變為資本化，視其為一項無確定耐用年限之無形資產，後續年度必須每年進行減損測試。配合目前美國生技與醫藥產業中企業間併購交易之興盛，本文將以該產業為研究核心，彙總2009至2012年間該產業內含資本化併購取得之研發中無形資產的98筆交易案件，並以現金流量觀點來檢驗該資產資本化之適切性，除此之外，本研究也檢驗各項減損指標與該項無形資產之關聯性。實證結果顯示，併購取得研發中之無形資產原始金額的確與未來一年度的營運現金流量呈現高度顯著關聯性，支持會計準則修改之合理性，同時也辨認出五項減損指標與該資產之後續減損情形顯著相關。最後，本研究從該產業中各家公司財務報導資訊中整理出併購取得之研發中無形資產認列減損之各項原因。

The Financial Accounting Standards Board (FASB) released a revised version of Statement of Financial Accounting Standards No. 141 (SFAS No. 141(R)) in December 2007. Accounting treatments of acquired in-process research and development (IPR&D) in a business combination change from expensing to capitalizing as an indefinite-life intangible asset, and need to perform annual impairment test subsequently. Combining the above changes with the thriving M&A activities trend in U.S. biotech and pharmaceuti¬cal industry, this research will focus on the industry, summarize M&A transactions including acquired IPR&D capitalization happened in the period of 2009-2012 and inspect the appropriateness of acquired IPR&D capitalization. Examination the association between impairment indicators and write-offs of acquired IPR&D is also performed. Empirical results reveal that acquired IPR&D amount and subsequent one-year operating cash flows are correlated significantly in the sample of 98 observations. Five impairment indicators are identified that being related with acquired IPR&D impairment recogni¬tion. This research also collects possible reasons that result in the impairment.