For business subject, goodwill is a means of acquisition of excess profits and it′s different from reputation right. The right of goodwill is a kind of intangible property right.

商譽(yù)對(duì)于商主體而言是追逐超額利潤(rùn)的手段国产原创在线导航视频在线观看网站，具有工具價(jià)值久久只精品99品免费久苍井空，不同于名譽(yù)權(quán)對(duì)于自然人的目的性?xún)r(jià)值自拍偷拍欧美，因此商譽(yù)權(quán)異于名譽(yù)權(quán)而具有無(wú)形財(cái)產(chǎn)權(quán)性質(zhì)欧美ⅹⅹ性欧美。

During one-year period following the acquisition, floating stockholders earn excess return of 15.66 percentand 11.46 percent. We also find: different factors have different influence on value creation.

實(shí)證研究結(jié)果表明：并購(gòu)重組為流通股小股東創(chuàng)造了價(jià)值，被并購(gòu)公司股票在并購(gòu)前后 1年內(nèi)產(chǎn)生了 15.66%的算術(shù)平均超額收益率和 11.46%的加權(quán)平均超額收益率日韩成人成色在线播放网站。

acquisition excess：盤(pán)購(gòu)超支

由于盤(pán)購(gòu)價(jià)是按被盤(pán)購(gòu)公司資產(chǎn)的賬面價(jià)值計(jì)價(jià),低于有形資產(chǎn)凈值,從而獲得盤(pán)購(gòu)盈余. 與盤(pán)購(gòu)超支(acquisition excess)的詞義不同,后者指盤(pán)購(gòu)時(shí)支付的價(jià)款大于被盤(pán)購(gòu)公司資產(chǎn)的賬面價(jià)值,亦即該公司的商譽(yù)(goodwill)

acquisition excess：盤(pán)購(gòu)超支 acquisition excess 盤(pán)購(gòu)超支

130 1 acquisition decision 購(gòu)置決策 acquisition decision 購(gòu)置決策 | 131 1 acquisition excess 盤(pán)購(gòu)超支 acquisition excess 盤(pán)購(gòu)超支 | 132 1 acquisition surplus 盤(pán)購(gòu)盈余 acquisition surplus 盤(pán)購(gòu)盈余

acquisition excess：合并超支,合并溢價(jià)

101acquisition cost購(gòu)置成本 | 102acquisition excess合并超支,合并溢價(jià) | 103acquisition assets購(gòu)置資產(chǎn)

盤(pán)購(gòu)超支 acquisition excess 盤(pán)購(gòu)超支：acquisition excess

130 1 acquisition decision 購(gòu)置決策 acquisition decision 購(gòu)置決策 | 131 1 acquisition excess 盤(pán)購(gòu)超支 acquisition excess 盤(pán)購(gòu)超支 | 132 1 acquisition surplus 盤(pán)購(gòu)盈余 acquisition surplus 盤(pán)購(gòu)盈余