经济政策不确定性与并购商誉  

Uncertainty of Economic Policy and M&A Goodwill

作　　者：刘衡 袁天荣[2] LIU Heng;YUAN Tian-rong(School of Economics and Management,Hubei University of Technology,Wuhan Hubei 430068,China;School of Accounting,Zhongnan University of Economics and Law,Wuhan Hubei 430073,China)

机构地区：[1]湖北工业大学经济与管理学院,湖北武汉430068 [2]中南财经政法大学会计学院,湖北武汉430073

出　　处：《技术经济与管理研究》2021年第7期42-45,共4页Journal of Technical Economics & Management

基　　金：湖北工业大学博士科研启动基金项目(BSQD2020084)。

摘　　要：经济政策的制定与实施是监管部门进行宏观调控和塑造良好营商环境的重要手段,经济政策不确定性可能会改变并购双方风险态度,进而影响并购商誉。文章以2008—2017年沪深两市A股上市公司数据为研究样本,考察了经济政策不确定性对并购商誉的影响。研究结果表明:经济政策不确定性显著降低了并购商誉,且在民营企业上市公司、股权集中度高,以及产品市场竞争低的上市公司中表现得更为明显。研究据此提出经济政策预期引导和积极运用经济政策不确定性选择效应的建议。The formulation and implementation of economic policy is an important means for the regulatory authorities to carry out macro-control and create a good business environment.The uncertainty of economic policy may change the risk attitude of both sides of M&A,and then affect the goodwill of M&A.Based on the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2008 to 2017,this paper empirically tests the impact of economic policy uncertainty on the goodwill of M&A.The results show that:The uncertainty of economic policy significantly reduces the goodwill of M&A,and it is more obvious in the private listed companies,the listed companies with high equity concentration and low product market competition.Finally,the paper puts forward some suggestions on the guidance of economic policy expectation and the active use of the uncertainty selection effect of economic policy.

关 键 词：经济政策不确定性 并购商誉 股权集中度 产品市场竞争 

分 类 号：F120[经济管理—世界经济]