融资融券与企业商誉减值计提:基于双向交易机制视角  

Margin Trading,Short Selling,and Goodwill Impairment:Based on the Perspective of Two-Way Transaction Mechanisms

作　　者：修宗峰[1] 吉茂源 胡继雯 殷敬伟 Xiu Zongfeng

机构地区：[1]中南大学商学院,410083

出　　处：《会计研究》2022年第11期53-71,共19页Accounting Research

基　　金：国家自然科学基金重大项目“制度变革、非正式制度因素与会计审计行为研究”(71790602);国家自然科学基金青年项目“商帮文化、社会资本与高管经济行为”(71302068);湖南省自然科学基金面上项目“制度安排与企业精准扶贫:影响、作用机制与经济后果”(2021JJ30884)

摘　　要：基于我国证券市场2010年实施的融资融券制度,本文以2007-2020年我国A股上市公司为研究对象,采用双重差分法(DID)检验了融资融券制度对企业商誉减值计提的影响。实证研究发现:(1)融资交易对企业商誉减值计提具有促进作用,但融券交易对企业商誉减值计提则具有抑制作用;(2)进一步发现,商誉泡沫形成是融资与融券交易对企业商誉减值计提的作用渠道,即融资交易会加剧商誉泡沫、导致商誉减值计提增加,但融券交易能够抑制商誉泡沫、导致商誉减值计提减少;(3)国有产权性质、市场化程度、内部控制质量、机构投资者持股能够减弱融资交易对企业商誉减值计提的促进作用,也能够增强融券交易对企业商誉减值计提的抑制作用。本文丰富和拓展了融资融券制度的政策效果与企业商誉减值的影响因素研究,在推动我国证券市场高质量发展的新时期,这对于如何有效控制并化解并购商誉泡沫及其减值风险具有一定的政策启示意义。Based on the margin trading and short selling system implemented in China’s securities market in 2010,and employing China’s Ashare listed companies from 2007 to 2020,this paper uses the difference-in-differences method(DID)to test the potential impact of the margin trading and short selling on the impairment of corporate goodwill.The results show that:(1)margin trading promotes the provision of goodwill impairment,but short selling restrains the provision of goodwill impairment;(2)the formation of goodwill bubble is the effective channel of margin trading and short selling on the provision of goodwill impairment,that is,margin trading can aggravate the goodwill bubble and lead to the increase of goodwill impairment provision,but short selling can restrain the goodwill bubble and lead to the decrease of goodwill impairment provision;(3)the nature of state-owned property rights,the degree of marketization,the quality of internal control,and the shareholding of institutional investors can weaken the promoting effect of margin trading on the provision of goodwill impairment,and enhance the inhibiting effect of short selling on the provision of goodwill impairment.This research enriches and expands the research on the policy effects of the margin trading and short selling,and the factors affecting the impairment of corporate goodwill.In the new era of promoting the high-quality development of China’s securities market,this study has certain policy implications on how to effectively control and resolve the goodwill bubble and its impairment risk in mergers and acquisitions.

关 键 词：融资交易 融券交易 商誉泡沫 商誉减值 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]