公司战略与商誉减值  

Corporate Strategy and Goodwill Impairment

作　　者：王化成[1] 林子昂 李昕宇 WANG Huacheng;LIN Ziang;LI Xinyu(Renmin Business School,Renmin University of China,Beijing 100872,China;School of Economics and Management,Tsinghua University,Beijing 100084,China;School of Economics,Shandong University,Jinan 250100,China)

机构地区：[1]中国人民大学商学院,北京100872 [2]清华大学经济管理学院,北京100084 [3]山东大学经济学院,济南250100

出　　处：《管理科学》2024年第2期99-112,共14页Journal of Management Science

基　　金：中国人民大学重大规划项目(2021030218)。

摘　　要：近年来,中国A股上市公司商誉减值频发,对资本市场稳健发展构成严峻的挑战。然而,学者们对这一现象的探讨忽视了公司战略的影响。公司战略作为公司的目标以及为实现目标所采取的长期行动计划,能否对商誉减值产生影响,在当下防范化解金融风险的背景下,是一个值得思考的问题。以公司战略激进度为切入点,选取2007年至2020年沪深两市A股上市公司数据为研究样本。首先,采用多元回归模型考察公司战略对商誉减值的影响;其次,利用逐步法考察公司并购、经营风险、代理问题的中介效应;再次,考察内外部公司治理环境对公司战略与商誉减值关系的调节效应,探讨不同年份和股票板块样本中,公司战略对商誉减值影响的异质性;最后,采用工具变量法、倾向得分匹配法、个体固定效应回归模型缓解可能存在的内生性问题,采用bootstrap抽样方法和Sobel检验方法对公司战略影响商誉减值的作用机制进行稳健性检验。研究结果表明,公司战略与商誉减值存在显著正相关关系,公司战略越激进,其商誉减值越大。其原因在于,进攻型公司偏好并购扩张且第一类代理问题严重,导致商誉资产规模较大,同时进攻型公司经营风险偏高且第二类代理问题严重,引发较高的商誉减值风险,进而商誉减值更大。进一步研究发现,有效的内外部治理环境能够影响公司战略与商誉减值之间的关系,即在内部控制质量较差、外部监督较为薄弱的样本中,公司战略对商誉减值的正向效应更为显著;此外,公司战略对商誉减值的影响具有年份和股票板块异质性,在商誉会计监管较强时、在创业板公司样本中,这种正相关关系更为明显。研究结果提供了公司战略影响商誉减值的证据,在理论上丰富了有关公司战略经济后果和商誉减值影响因素的相关研究,实践上对公司战略定位、商誉减值风险防�In recent years,the frenquently goodwill impairment of Chinese A-share listed companies has posed a significant challenge to the robust development of the capital market.However,researchers overlooked the impact of corporate strategy on goodwill impairment.Corporate strategy is the long-term planning and actions aimed at achieving corporate objectives.Whether it exerts an influence on goodwill impairment is a question worth exploring,especially in the context of preventing and resolving financial risks.Taking a corporate strategy perspective and using data from A-share listed companies in China from 2007 to 2020,we employ a multi-regression model to investigate the impact of corporate strategy on goodwill impairment.Subsequently,utilizing the stepwise method,we delve into the mediating effects of M&A,operational risks,and agency problems.We then investigate the moderating influence of the internal and external corporate governance environment on the relationship between corporate strategy and goodwill impairment.The heterogeneous effect of corporate strategy on goodwill impairment across different years and stock sectors is also examined.Finally,we adopt IV-2SLS,PSM,and fixed-effect regression models to address potential endogeneity issues,and use the Bootstrap method and Sobel test to test the robustness of the mechanisms through which corporate strategy influences goodwill impairment.The empirical results reveal a significantly positive relationship between corporate strategy and goodwill impairment.That is,the more aggressive the corporate strategy,the greater the goodwill impairment.This can be attributed to aggressive companies'preference for M&A and the presence of serious agency problems between shareholders and managers,resulting in a larger scale of goodwill assets.Additionally,aggressive companies face higher operational risks and severe agency problems between large and minority shareholders,leading to an increased risk of goodwill impairment.Further research reveals that an effective internal and exte

关 键 词：公司战略 商誉减值 并购规模 经营风险 代理问题 

分 类 号：F275[经济管理—企业管理]