投资者注意对商誉减值公告市场效应的影响研究  

Research on the Impact of Investors’ Attention on the Market Effect of Goodwill Impairment Announcement

作　　者：董大勇[1] 余蕊 Dong Dayong;Yu Rui(School of Economics and Management,Southwest Jiaotong University,Chengdu 610031,China)

机构地区：[1]西南交通大学经济管理学院,成都610031

出　　处：《工业技术经济》2020年第6期111-116,共6页Journal of Industrial Technological Economics

摘　　要：商誉减值"爆雷"事件频发,严重影响了金融市场的稳定,增大了投资者的投资风险。本文从实证角度,选取31家发布商誉减值公告的上市公司,对上市公司发布公告前后的超额累计收益进行T检验。结果显示,发布商誉减值公告当天及之后会对交易市场产生负面影响,对公告前的交易市场不会产生影响。为了进一步分析投资者注意对商誉减值公告效应的影响,本文以投资者历史累计交易金额衡量投资者注意,从小到大排列,取较高20%为高注意组,较低20%为低注意组,通过回归分析发现,高低注意组对商誉减值公告的市场反应存在差异,当投资者注意较高时对商誉减值公告效应的影响显著,反之则影响不显著。The frequent occurrence of"good thunder"impaired goodwill has severely affected the stability of financial markets and increased investors’ investment risks.From an empirical point of view,this article selects 31 listed companies that have published impairment announcements on goodwill,and performs T-tests on the excessive cumulative gains before and after the listed companies issue announcements.The results show that on the day and after the announcement of the impairment of the goodwill of the publisher,it will have a negative impact on the trading market and will not affect the trading market before the announcement.In order to further analyze the effect of investor attention on the effect of goodwill impairment announcement,this article measures investor attention based on the cumulative transaction amount of investor history.From small to large,the higher 20% is the high attention group,and the lower 20% is the lower.Through regression analysis,it finds that there is a difference in the market response of the high and low attention groups to the goodwill impairment announcement.When investors pay more attention,the effect on the goodwill impairment announcement is significant,otherwise the effect is not significant.

关 键 词：投资者注意 商誉减值公告 市场效应 企业利润 披露效应 预期效应 

分 类 号：F830.91[经济管理—金融学] F224