ESG信息披露、并购特征与超额商誉的影响研究  

Research on the Impact of ESG Information Disclosure,Merger and Acquisition Characteristics, and Excess Goodwill

作　　者：刘会洪 张哲源 LIU Huihong;ZHANG Zheyuan(School of Economics and Business,Hunan University of Technology,Zhuzhou 412007,China)

机构地区：[1]湖南工业大学经济与贸易学院,湖南株洲412007

出　　处：《运城学院学报》2023年第6期1-9,共9页Journal of Yuncheng University

基　　金：湖南省社会科学成果评审委员会基金资助项目(XSP22YBZ099);湖南省教育厅科学研究重点项目(22A0407)。

摘　　要：ESG信息披露是由环境、社会责任和治理组成的综合指标。文章以超额商誉为研究视角,运用双向固定效应模型,对2010—2021年A股上市企业数据研究,得出结论:企业ESG信息披露对超额商誉起到显著的抑制作用;企业ESG信息披露通过抑制并购特征来抑制超额商誉的形成;异质性分析表明:处于增长期、成熟期、淘汰期和法治化水平高的企业ESG信息披露对企业超额商誉存在明显的抑制作用;创新效率和风险承担水平在ESG信息披露抑制超额商誉的基础上发挥调节作用。ESG information disclosure is a comprehensive indicator composed of environmental,social responsibility and governance.This article takes excess goodwill as the research perspective and uses a bidirectional fixed effect model to study the data of A-share listed companies from 2010 to 2021.The conclusion is that ESG information disclosure of enterprises has a significant inhibitory effect on excess goodwill;Enterprise ESG information disclosure suppresses the formation of excess goodwill by suppressing merger and acquisition characteristics;Heterogeneity analysis shows that ESG information disclosure of enterprises in growth,maturity,elimination,and high levels of legalization has a significant inhibitory effect on excess goodwill of enterprises;Innovation efficiency and risk taking level play a moderating role on the basis of ESG information disclosure suppressing excess goodwill.

关 键 词：ESG信息披露 并购特征 企业超额商誉 创新效率 风险承担水平 

分 类 号：F832.5[经济管理—金融学] F230