IPO超募对企业并购商誉的影响研究  

A Study on the Influence of IPO Over-funding on Goodwill of Enterprise M&A

作　　者：侯德帅 王瑶 董曼茹 HOU Deshuai;WANG Yao;DONG Manru(School of Accounting,Capital University of Economics and Business,Beijing 100070,China;School of Economics and Management,China University of Petroleum,Beijing 102249,China;School of Information,Beijing Wuzi University,Beijing 101149,China)

机构地区：[1]首都经济贸易大学会计学院,北京100070 [2]中国石油大学(北京)经济管理学院,北京102249 [3]北京物资学院信息学院,北京101149

出　　处：《经济经纬》2022年第4期107-117,共11页Economic Survey

基　　金：教育部人文社会科学研究青年基金项目(21YJC630167);首都经济贸易大学中青年骨干教师科研基金项目成果;首都经济贸易大学北京市属高校基本科研业务费专项资金资助;中国石油大学(北京)科研基金资助(2462022YXZZ008);中国石油大学(北京)科研基金资助(2462021YJRC019)。

摘　　要：商誉风险加剧了我国资本市场的不稳定性,虽引发多方关注,但主要聚焦于其经济后果而非成因的探索。立足我国资本市场IPO超募及其引发的资源错配这一背景,尝试从企业上市交易早期挖掘商誉风险的成因。研究发现:IPO超募加剧了企业商誉泡沫的形成,且经内生性检验和稳健性测试后,研究结论不变。IPO超募对企业商誉泡沫的影响主要发生于IPO超募后的第1年,而非IPO超募当年及IPO超募后的第2年和第3年。在管理层过度自信、融资约束较小以及市场化程度较低地区,IPO超募对并购商誉的影响会更加显著。进一步研究发现企业更易在IPO超募后第3年发生商誉减值。研究结论表明IPO超募降低了资源配置效率,加剧了溢价并购下的商誉减值风险,存在明显的过犹不及问题。研究为探索我国资本市场商誉风险的成因提供了新的视角,对优化监管和商誉风险管控具有重要意义。The risk of goodwill aggravates the instability of China’s capital market.Although it has attracted much attention,it mainly focuses on its economic consequences rather than the exploration of its causes.Therefore,based on the background of IPO over-raising and resource mismatch in China’s capital market,this paper tries to explore the causes of goodwill risk from the early stage of listed trading.The results show that IPO over-funding aggravates the formation of corporate goodwill bubble,and after endogenous test and robustness test,the research conclusion remains unchanged.The impact of IPO over-funding on corporate goodwill bubble mainly occurs in the first year after IPO over-funding,but not in the year of IPO over-funding and the second and third years after IPO over-funding.And in the areas where the management is overconfident,financing constraint is small and the degree of marketization is low,the impact of IPO over-funding on M&A goodwill will be more significant.Further study finds that companies are more likely to have goodwill impairment in the third year after IPO over-funding.The conclusion of this paper shows that IPO over-funding reduces the efficiency of resource allocation and intensifies the risk of goodwill impairment under premium M&A,and there is an obvious problem of overdoing.This paper provides a new perspective for exploring the causes of goodwill risk in China’s capital market and is of great significance for optimizing supervision and risk control of goodwill.

关 键 词：IPO超募 商誉 融资约束 过度自信 资源配置 

分 类 号：F832.51[经济管理—金融学]