超额商誉与商业信用成本:基于风险和内控视角  

Excess Goodwill and Cost of Commercial Credit:Based on the Perspective of Risk and Internal Control

作　　者：李军训[1] 毛小萱 LI Junxun;MAO Xiaoxuan(School of Management,Xi′an Polytechnic University,Xi′an 710048,China;不详)

机构地区：[1]西安工程大学管理学院,陕西西安710048

出　　处：《武汉理工大学学报（信息与管理工程版）》2024年第2期284-291,共8页Journal of Wuhan University of Technology：Information & Management Engineering

基　　金：陕西省科协决策咨询重大课题(2021SKX010);陕西省软科学研究项目(2018KRM018).

摘　　要：为厘清超额商誉与商业信用成本间的关系,从供应商与企业间融资成本视角出发,以2014—2021年沪深A股公司为样本,基于信号传递理论,分析超额商誉对商业信用成本的影响机制。研究发现:超额商誉正向影响企业商业信用成本;超额商誉通过加剧企业经营风险,进而增加商业信用成本;较高的内部控制质量对超额商誉与商业信用成本间关系起负向调节作用,且随着内部控制质量的提升,超额商誉加剧经营风险的作用会有所减少,相应其对商业信用成本的正向影响也会减弱;在独立董事比例高、高管股权激励水平高和高管薪酬激励水平低的情形下,超额商誉对商业信用成本的正向影响降低,较高的独董比例和高管股权激励能一定程度缓解超额商誉的负面影响。In order to clarify the relationship between excess goodwill and cost of commercial credit,from the perspective of cost of commercial credit for suppliers and enterprises,using Shanghai and Shenzhen A-share companies from 2014 to 2021 as samples,based on signal transmission theory,the impact mechanism of excess goodwill on cost of commercial credit was analyzed.The study found that excess goodwill positively affects cost of commercial credit;Excess goodwill exacerbates business risks,thereby increasing the cost of commercial credit;Higher quality of internal control has a negative moderating effect on the relationship between excess goodwill and cost of commercial credit,and as the quality of internal control improves,the role of excess goodwill in exacerbating operational risks will decrease,and correspondingly,its positive impact on cost of commercial credit will also weaken.Further research has found that in situations where the proportion of independent directors is high,the level of executive equity incentives is high,and the level of executive compensation incentives is low,the positive impact of excess goodwill on cost of commercial credit is reduced.Higher proportion of independent directors and executive equity incentives can alleviate the negative impact of excess goodwill to a certain extent.

关 键 词：超额商誉 商业信用成本 经营风险 内部控制质量 信号传递理论 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]