大股东持股对商誉减值规避的影响研究  

Research on the Impact of Major Shareholders Ownership on Goodwill Impairment Avoidance

作　　者：韩宏稳 Han Hongwen

机构地区：[1]上海大学管理学院,上海200444

出　　处：《证券市场导报》2023年第9期24-32,共9页Securities Market Herald

基　　金：国家自然科学基金青年项目“中国上市公司商誉减值规避研究:成因、经济后果与监督机制”(批准号:72002129);国家自然科学基金面上项目“创造性依赖情境中的业绩评价系统设计:基于代理理论与自我决定理论双重视角”(批准号:72172088)。

摘　　要：商誉减值规避会透支公司未来业绩增长,损害投资者权益,因而考察商誉减值规避的影响因素具有重要意义。本文基于我国A股上市公司的样本数据,以股权结构为切入点,探讨大股东持股比例对商誉减值规避的影响。研究结果表明,大股东持股比例对商誉减值规避具有显著的抑制作用,这与“监督效应”和“利益协同效应”的理论预期一致。异质性检验发现,大股东持股在非国有企业和信息不对称程度较高公司中更能抑制商誉减值规避;中国证监会2017年发布减值新规后,随着持股比例的提升,大股东更能约束企业商誉减值规避程度。本文发展了商誉减值和大股东持股的相关文献成果,对于加强商誉减值事项监管、促进资本市场健康发展具有重要启示。Goodwill impairment avoidance could overdraw the firm’s future performance growth and harm investors’rights and interests.Therefore,it is of great significance to explore the determinants of goodwill impairment avoidance.From the perspective of ownership structure,this paper investigates the impact of the shareholding ratio of major shareholders on goodwill impairment avoidance,using the sample data of China’s A-share listed companies.The results show that the shareholding ratio of major shareholders has a significant inhibitory effect on goodwill impairment avoidance,consistent with the theoretical predictions of the“monitoring effect”and“alignment effect”.Heterogeneity analysis shows that the inhibitory effect on goodwill impairment avoidance of the major shareholder ownership is more significant for non-state-owned firms and for firms with higher levels of information asymmetry.In addition,after the China Securities Regulatory Commission issued new regulations on the reduction of shareholding in 2017,major shareholders are more able to constrain the degree of goodwill impairment avoidance as their shareholding ratio increases.The conclusions expand the literature related to goodwill impairment and major shareholder ownership and have important insights for strengthening the supervision of goodwill impairment and promoting the healthy development of the capital market.

关 键 词：股权结构 大股东持股比例 产权性质 信息不对称 商誉减值规避 

分 类 号：F275[经济管理—企业管理]