股价波动对企业并购商誉泡沫的影响:基于高管权力调节作用  

The Impact of Stock Price Volatility on M&A Goodwill Bubbles:The Moderating Role of Managerial Power

作　　者：任宗强 申鑫 李如秒 夏贻琛 REN Zong-qiang;SHEN Xin;LI Ru-miao;XIA Yi-chen(College of Business,Wenzhou University,Wenzhou 325006,China;Zhejiang Financial College,Hangzhou,Zhejiang 310018,China;University of Southampton,Hampshire S0171BJ,United Kingdom)

机构地区：[1]温州大学商学院,浙江温州325006 [2]浙江金融职业学院,浙江杭州310018 [3]南安普顿大学,英国汉普郡SO171BJ

出　　处：《当代金融研究》2025年第2期83-100,共18页Journal of Contemporary Financial Research

基　　金：浙江省社科联课题“数字化转型赋能企业跨界双元创新的协同机制研究”(2025B063)。

摘　　要：近年来,资本市场的动荡叠加中国经济转型升级需求,产业链整合动能持续增强,并购对驱动企业增长的重要性更加凸显。在监管层多措并举激发并购重组市场活力的背景下,企业通过并购不断扩大自身实力。基于2011年至2021年中国A股上市公司样本,分析股价波动对企业并购商誉的影响。研究表明,股价剧烈波动显著提升了企业并购商誉,管理层权力和宽松货币政策在这一过程中具有显著的调节作用,进一步加剧二者间正相关关系,促进企业增加并购商誉。研究拓展了并购领域会计信息在资本市场风险识别中的应用,探索了资本市场动荡下的企业并购规律,为企业战略制定和宏观政策优化提供了重要参考。In recent years,the volatility of capital markets,coupled with China's economic transformation and upgrading demands,has significantly intensified the momentum for industrial chain integration,highlighting the growing importance of mergers and acquisitions(M&A)in driving corporate growth.Against the backdrop of regulatory initiatives aimed at invigorating the M&A market,enterprises have leveraged M&A activities to expand their strength.Based on a sample of A-share listed companies in China from 2011 to 2021,this study analyzes the impact of stock price volatility on M&A goodwill.The findings reveal that sharp stock price fluctuations significantly increase M&A goodwill,with managerial power and loose monetary policies playing a critical moderating role in this process,further amplifying the positive correlation between the two and driving up M&A goodwill.This study broadens the application of accounting information in the M&A field for identifying capital market risks and explores the patterns of corporate M&A under market turbulence,providing valuable insights for corporate strategy formulation and macroeconomic policy optimization.

关 键 词：股价波动 并购商誉 管理层权力 货币政策 

分 类 号：F832.5[经济管理—金融学]