机构投资者实地调研能否抑制企业商誉泡沫?  

Whether Field Research by Institutional Investors Can Curb Corporate Goodwill Bubble?

作　　者：王建新 杨智 WANG Jian-xin;YANG Zhi

机构地区：[1]中国财政科学研究院

出　　处：《中央财经大学学报》2023年第6期80-89,103,共11页Journal of Central University of Finance & Economics

基　　金：中国博士后科学基金一等资助项目(项目编号:2016037227);国家自然科学基金青年科学基金项目“公益型积极股东能否发挥治理作用?——基于中证投服“持股行权”的理论与实证研究”(项目编号:71902149)。

摘　　要：商誉泡沫及其减值风险已成为当前机构投资者调研活动的重点关注问题之一。本文基于2013—2019年深圳证券交易所A股上市公司的数据,研究了机构投资者实地调研对企业商誉泡沫的影响。研究发现:机构投资者实地调研能够有效抑制企业商誉泡沫;机制分析发现,机构投资者实地调研通过提高企业信息披露水平和降低企业代理成本来抑制商誉泡沫。进一步地,机构投资者实地调研对企业商誉泡沫的抑制作用会随着调研深度的增加而提高;持股型机构投资者实地调研对企业商誉泡沫的抑制作用更强;参与实地调研的机构类型会对企业商誉泡沫产生异质性影响。本文的研究结论为机构投资者能够通过实地调研活动积极参与企业公司治理提供了经验证据,为监管部门防范化解商誉风险,维护资本市场稳定提供了有益启示。Corporate goodwill bubbles and goodwill impairment have become one of the main focal points of institutional investors field research trips.Based on data of A-share listed companies in Shenzhen Stock Exchange from 2013 to 2019,this paper studies the impact of institutional investors field research on corporate goodwill bubbles.The research shows that:institutional investors field research can effectively suppress the formation of corporate goodwill bubbles;by increasing the level information discourse and lowering the agency costs of companies through field trips,goodwill bubbles are reduced.Furthermore,the study also reaches the following conclusions:as field research by institutional investors deepens,its impact on goodwill bubble would increase;the impact of field trips grows even stronger when it s done by institutional investors that are holding shares;the varieties of institutions participating in the field trips could have heterogenous effects on firms goodwill bubbles.This research provides institutional investors with empirical evidences with which they can utilize to conduct field research trips to improve corporate governance;it also provides insights to regulators to reduce goodwill impairment risks and maintain stability of the capital market.

关 键 词：机构投资者实地调研 商誉泡沫 信息披露水平 代理成本 

分 类 号：F272[经济管理—企业管理]