企业数字化转型与并购商誉泡沫  

Corporate Digital Transformation and M&A Goodwill Bubbles

作　　者：江世银[1] 蒋志远 丁潇 JIANG Shiyin;JIANG Zhiyuan;DING Xiao(School of Finance,Nanjing Audit University,Nanjing 211815,China)

机构地区：[1]南京审计大学金融学院,江苏南京211815

出　　处：《南京审计大学学报》2024年第6期41-54,共14页Journal of Nanjing Audit University

基　　金：国家社会科学基金后期资助项目(23FQLB007);江苏省研究生科研创新项目(KYCX23_2214)。

摘　　要：数字化转型对企业并购的流程和策略产生了深远影响,但能否提升并购质量尚未可知。为此,以2008—2022年沪深A股上市公司为研究样本,从并购商誉泡沫角度入手,分析数字化转型对并购商誉泡沫的影响机理,研究发现企业数字化转型显著促进了并购商誉泡沫,经过一系列稳健性检验后结论依然成立。同时,作用机制检验结果表明,数字化转型会诱发高管过度自信,驱动企业实施溢价并购和激进并购战略,进而促进并购商誉泡沫。进一步分析发现:在民营性质、处于成长期和经过低质量审计这三种情形下,数字化转型对并购商誉泡沫的促进影响更为显著;数字化转型对并购商誉泡沫的推动效应在短期掩盖了抑制效应。研究结论对推动企业“智改数转”、完善数字经济治理体系、促进资本市场健康发展具有重要启示意义。Digital transformation has a profound impact on the procedures and strategies of corporate mergers and acquisitions(M&A),yet its potential to enhance M&A quality remains uncertain.To address this,this study utilizes a sample of listed companies on the Shanghai and Shenzhen stock exchanges from 2008 to 2022,examining the influence mechanism of digital transformation on M&A goodwill bubbles.The findings indicate that corporate digital transformation significantly fosters M&A goodwill bubbles,and this conclusion holds after a series of robustness tests.Furthermore,the examination of the underlying mechanisms reveals that digital transformation induces excessive confidence among executives,driving companies to pursue premium and aggressive M&A strategies,thereby promoting goodwill bubbles.Additional analysis shows that the impact of digital transformation on M&A goodwill bubbles is more pronounced in three specific contexts:private firms,companies in growth stages,and those subjected to low-quality audits.Moreover,the short-term effects of digital transformation on goodwill bubbles obscure any potential suppressive effects.The conclusions provide significant insights for promoting corporate“intelligent transformation and digital upgrading,”enhancing governance decision-making in the digital economy era,and fostering healthy development within the capital market.

关 键 词：数字化转型 商誉泡沫 过度自信 并购依赖 并购战略 企业生命周期 公司治理 

分 类 号：F270[经济管理—企业管理]