企业并购依赖的“陷阱”——来自商誉减值的经验证据  

The Trap of Corporate Dependence on Acquisitions:Evidence from Goodwill Impairment

作　　者：邱金龙[1] 李广鹏 潘爱玲[1,2] Qiu Jinlong

机构地区：[1]山东大学管理学院,250100 [2]山东大学国家治理研究院,250100

出　　处：《会计研究》2024年第11期34-47,共14页Accounting Research

基　　金：国家社会科学基金重大项目(23&ZD086);国家社会科学基金青年项目(21CGL016)的资助

摘　　要：近年来,依赖并购实现成长的企业数量呈现不断增长态势,揭示并购依赖的经济后果成为学术界和实务界需要关注的重要话题。本文基于2007—2023年沪深A股上市公司的数据,从商誉减值的角度考察并购依赖对企业财务绩效的影响。实证结果发现,企业并购依赖程度越高,商誉减值越明显;成长压力及创新差距会加剧并购依赖企业的商誉减值。机制检验发现,企业并购依赖增加了资源整合难度、降低了公司治理有效性,导致并购后的整体效果不及预期从而诱发了商誉减值。进一步研究发现,在缺少成功并购知识、非国有企业、管理层过度自信程度高的企业中,并购依赖行为更有可能导致商誉减值,而且并购依赖引起商誉减值会增加股价崩盘风险。上述结论丰富了并购依赖经济后果和商誉减值影响因素的相关文献,为会计准则制定机构完善商誉准则、相关部门加强监管、企业确定并购战略以及投资者调整投资策略提供了有益借鉴。In recent years,the number of corporations that are dependent on acquisitions for growth has shown an increasing trend,so it is important for academics and practitioners to pay close attention to economic consequences of acquisition dependence.It is a noteworthy subject whether corporate acquisition dependence could affect financial performance.Based on samples of A-share listed corporations from 2007 to 2023,the economic consequence of acquisition dependence is tested from the perspective of goodwill impairment.This study finds that the higher the degree of acquisition dependence,the more obvious the goodwill impairment.Growth pressure and innovation gap could exacerbate the goodwill impairment consequence of acquisition dependence.Mechanism tests show that acquisition dependence has increased the difficulty of resource integration and reduced the effectiveness of corporate governance,resulting in worse acquisition effects,which has induced goodwill impairment.Further researches discover that for corporations without successful acquisition knowledge,non-state-owned corporations and corporations with over-confident managers,acquisition dependence is more likely to induce goodwill impairment,and goodwill impairment caused by acquisition dependence increases the risk of stock price crash.Conclusions enrich literatures both on economic consequences of acquisition dependence and influencing factors of goodwill impairment,and provide useful experience for accounting standard-setting institutions to improve goodwill standards,relevant authorities to strengthen supervision,corporations to develop acquisition strategies,and investors to adjust investment plans.

关 键 词：并购依赖 商誉减值 并购绩效 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F271