超额商誉与金融资产配置:资源替代抑或功能补充  

Excess Goodwill and Financial Asset Allocation:Resource Substitution or Function Supplement

作　　者：董馨格 董盈厚[1] Dong Xinge;Dong Yinghou(Business School,Liaoning University,Liaoning Shenyang 110036,China)

机构地区：[1]辽宁大学商学院,辽宁沈阳110036

出　　处：《上海财经大学学报(哲学社会科学版)》2025年第1期62-76,共15页Journal of Shanghai University of Finance and Economics

基　　金：国家社会科学基金项目(21BGL110);省社科联2023年度辽宁省经济社会发展研究课题研究成果(2023lslybkt-062)。

摘　　要：近年来,我国实体企业战略投资中高溢价并购的超额商誉负面影响日益凸显,同时非战略投资的金融化问题也引起广泛关注。文章选取2009—2023年A股上市公司作为研究样本,检验超额商誉对企业金融资产配置影响。研究发现,超额商誉会抑制金融资产配置,两者呈资源替代关系。机制检验发现,超额商誉占用资源、债务约束与非控股大股东治理效应推动促进了两者替代关系;融券交易、内部人减持动机及商业信用融资约束力下降,削弱了两者替代关系。拓展研究发现,在替代关系稳定性上,虽然2014年会计准则变革增加了超额商誉与金融资产配置关系的可预期性,但超额商誉与金融资产的替代效应持续时间较短,不超过两年;在经济后果上,超额商誉晚于金融资产对实体经营能力造成损害,且会减少控制力度较弱的具有套利性质的长期股权投资。文章从战略与非战略投资视角揭示了超额商誉与金融资产配置关系的内在逻辑,丰富了企业内部资源配置的理论探索与经验证据。China is gradually deepening the reform of the mergers and acquisitions market,encouraging listed companies to implement strategic investments to promote the high-quality development of the real economy.Amidst the wave of diversified investments,excess goodwill that deviates strategic investment significance as well as exhibits arbitrage nature,has made the“real-virtual” allocation relationship of enterprises uncertain.This paper selects A-share listed companies from 2009 to 2023 as the sample,examining the impact of excess goodwill on corporate financial asset allocation from the perspectives of strategic and non-strategic investments.The study finds that excess goodwill suppresses financial asset allocation,indicating a resource substitution relationship.Mechanism testing reveals that excess goodwill leads to the encroachment of cash resources,the intensification of debt constraints,and an increase in the governance effect of non-controlling major shareholders,which are the main reasons for the substitution relationship.The weakening of this substitution relationship is primarily due to shortselling transactions,the motivation of insiders to reduce holdings,and the decline in the binding force of commercial credit financing.Further study finds that,in terms of the stability of the substitution relationship,although the accounting standard reform in 2014 increased the predictability of the relationship between excess goodwill and financial asset allocation,the substitution effect is short-lived.In terms of economic consequences,excess goodwill causes damage to the operational capabilities of the real economy later than financial assets,and it reduces long-term equity investments with weak control and arbitrage nature.The findings enrich the theoretical exploration of corporate internal resource allocation,offering new perspectives on the optimization of asset allocation and financialization governance in corporate mergers and acquisitions.On the one hand,enterprises should acquire high-quality goodwill asset

关 键 词：超额商誉 金融资产配置 资源替代 功能补充 

分 类 号：F270[经济管理—企业管理]