商誉减值的同群效应研究——基于经理管理防御视角  

Study on the Peer Effect of Goodwill Impairment--Based on the Perspective of Managerial Entrenchment

作　　者：李秉祥[1] 陆冠延 LI Bing-xiang;LU Guan-yan(School of Economics and Management,Xi'an University of Technology,Xi'an 710054,China)

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054

出　　处：《经济体制改革》2024年第2期104-111,共8页Reform of Economic System

基　　金：国家自然基金面上项目“我国创业板上市公司控制权配置、经理管理防御与成长性研究”(71772151);陕西省创新能力支撑计划软科学研究计划项目“秦创原科创型中小企业核心资源参与收益动态分配机制研究”(2023-CXRKX-187);陕西省哲学社会科学重大理论与现实问题研究项目“后疫情时期陕西小微企业融资创新研究”(2021ND0258)。

摘　　要：以2007~2022年我国A股上市公司作为研究样本,重点探究经理管理防御如何作用于商誉减值同群效应及其经济后果。结果表明:经理管理防御程度加大了企业商誉减值同群效应,且行业特征对二者关系发挥调节作用,信息不对称和经理风险厌恶程度构成了经理管理防御影响商誉减值同群效应的内在逻辑;相较于行业领导者,行业追随者经理管理防御程度对商誉减值同群效应的影响更加显著;经理管理防御加剧了企业商誉减值同群效应短期内对企业价值的影响不显著,但会损毁企业长期价值。据此,相关监管部门应充分发挥对企业商誉减值行为的规制、引导与治理功能,加强对同群企业商誉减值决策合理性的审查与监督,以促进资本市场健康稳定发展。Taking A-share listed companies from 2007 to 2022 as research samples,this paper focuses on how managerial entrenchment acts on the peer effect of goodwill impairment and its economic consequences.The results show that managerial entrenchment aggravates the peer effect of goodwill impairment,industry competition degree and industry boom degree play a regulating role in the relationship between them.Information asymmetry and manager's risk aversion constitute the internal logic for firms to follow peer goodwill impairment decisions in the role of managerial entrenchment.Compared with industry leader,the managerial entrenchment of industry follower firms has a more significant impact on the peer effect of goodwill impairment.Moreover,managerial entrenchment intensifies the peer effect of goodwill impairment,which has no significant impact on the firm value in the short term,but will damage the long-term value of the firm.Therefore,it is proposed that the relevant regulatory departments should give full play to the functions of regulating,guiding and governing goodwill impairment behavior,and strengthen the review and supervision of the rationality of goodwill impairment decision of the peer firms,so as to promote the healthy and stable development of the capital market.

关 键 词：经理管理防御 商誉减值同群效应 信息不对称 风险厌恶程度 

分 类 号：F275[经济管理—企业管理]