商誉信息会影响企业债务期限结构吗?——基于债权人的视角  

Does Goodwill Information Affect the Debt Maturity Structure of Chinese Companies? Based on the Perspective of Creditors

作　　者：杜春明 张先治[1] 常利民 Du Chunming;Zhang Xianzhi;Chang Limin

机构地区：[1]东北财经大学会计学院/中国内部控制研究中心,辽宁大连116025 [2]淮阴师范学院经济与管理学院,江苏淮安223300

出　　处：《证券市场导报》2019年第2期45-54,共10页Securities Market Herald

基　　金：国家自然科学基金面上项目"会计准则变革的非预期效应:对经营方式转变及投资行为的影响研究"(71372068);国家社会科学基金项目"构建基于绿色发展理念的企业环境管理控制系统研究"(17BGL070);教育部人文社会科学基金项目"会计准则变革对企业投资行为影响的路径与机理研究"(13YJA790151)

摘　　要：基于我国沪深A股非金融类上市企业2008～2016年的数据,本文从债权人的视角研究商誉增加和商誉减值信息对企业债务期限结构的影响,同时还按产权性质分组检验了商誉增加和商誉减值信息与企业债务期限结构的关系。研究发现,商誉增加信息对企业债务期限结构产生显著正向影响,商誉减值信息对企业债务期限结构产生显著负向影响。进一步的研究显示,当企业的产权性质为非国有企业时,商誉增加信息和商誉减值信息对企业债务期限结构的影响更为显著。研究结论表明,商誉信息通过影响债权人信贷决策行为进而影响了企业的债务期限结构,商誉信息发挥了其在企业资源配置中的作用。Based on the data of A-Shares non-financial listed companies in Shanghai and Shenzhen from 2008 to 2016, this paper studies the effect of increase in goodwill and goodwill impairment information on the debt maturity structure of companies from the perspective of creditors. At the same time, the relationship among goodwill increase, goodwill impairment information and the debt maturity structure of companies is examined by property rights grouping. It is found that the increase of goodwill has a positive impact on the debt maturity structure of companies, and goodwill impairment information has negative influence on the debt maturity structure of companies. Further research shows that when the property rights of enterprises are non-state-owned enterprises, the information of goodwill increase and goodwill impairment has a more significant impact on the debt maturity structure of companies. The research conclusion shows that goodwill information plays a role in enterprise resource allocation by influencing creditors’ credit decision-making behaviors and thus affecting the debt maturity structure of enterprises.

关 键 词：商誉信息 商誉减值 债务期限结构 信贷决策 

分 类 号：F276[经济管理—企业管理]