大股东持股、并购商誉与股价涨跌风险  

Large Shareholders' Shareholding,M&A Goodwill and Stock Price Rise-Fall

作　　者：黄小琳 徐一泽 李书锋 HUANG Xiao-Lin;XU Yi-ze;LI Shu-feng

机构地区：[1]中央民族大学管理学院,北京100081 [2]中国人民大学财政金融学院 [3]中央民族大学管理学院

出　　处：《金融论坛》2022年第11期51-60,共10页Finance Forum

基　　金：北京市自然科学基金项目(9192017);中央民族大学自主科研项目(317201923)的资助。

摘　　要：本文基于大股东持股的视角,以2007年至2017年中国A股上市公司为样本,分析大股东持股对并购商誉与股价下跌风险关系的影响。研究发现:(1)公司的并购商誉规模越大,未来的股价下跌风险越大;(2)公司第一大股东持股比例的增加降低了并购商誉对股价下跌风险的正向影响;(3)大股东持股对并购商誉与股价下跌风险关系的影响在代理冲突严重、外部审计质量较低、公司成长性较高和企业业绩下滑时更加显著。From the perspective of large shareholder's shareholding,this paper analyzes the impact of large shareholder's shareholding on the relationship between the M&A goodwill and stock price declining based on the samples of China's A-share listed companies during 2007-2017.The results of the research show that,(1)the larger the scale of a company's M&A goodwill is,the greater the risk of future stock price declining;(2)the increase of the shareholding ratio of the company's largest shareholder reduces the positive impact of M&A goodwill on the risk of stock price declining;(3)the impact of large shareholder's shareholding on the relationship between M&A goodwill and risk of stock price declining is more significant if the agency conflict is serious,the quality of external audit is poor,the company's growth is high and the company's performance is declining.

关 键 词：大股东持股 并购商誉 股价下跌风险 监督效应 

分 类 号：G10[文化科学] G34