本文主要在探討五個企業特性對併購交易發生時主併公司商譽認列多寡之影響，並同時利用價格模型與報酬模型探討商譽之價值攸關性，更進一步檢視2006年商譽會計處理停止系統性攤銷，全面改用減損測試後，對商譽會計資訊價值攸關性之影響。
實證結果顯示，五個企業特性中只有主併公司會計報酬率、目標公司成長機會及主併公司成長機會與商譽認列多寡呈顯著正相關，符合本研究之預期。此外，在價格模型與報酬模型下之實證結果一致，皆顯示商譽具有價值攸關性；進一步採用報酬模型檢測商譽會計處理改變後對其價值攸關性之影響，發現我國商譽會計處理改變後，定期減損測試相較於系統性攤銷所報導之商譽，其價值攸關性反而較低。

The main purpose of this paper is to examine the influences of five business characteristics on the recognition of goodwill when business combinations occurred, and uses both price model and return model to examine the value relevance of goodwill. This paper surveys further the influences of goodwill accounting prohibited from systematic amortization, instead, required annually impairment testing overall at year 2006 on the resulted value relevance changes in goodwill accounting information.
The empirical results suggest that only three of five business characteristics, the rate of accounting return for the acquiring entity, growth opportunity of acquired entity and growth opportunity of acquiring entity have significantly positive relation on the stock price and stock return. In addition, both price model and return model suggest that goodwill accounting information has value relevance; and this paper further uses return model to test the influences of the changes in goodwill accounting on the value relevance, suggesting that after goodwill accounting changed, compared with systematic amortization, annually impairment testing of goodwill has lower value relevance.

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