共同机构所有权能抑制超额商誉吗——来自A股上市公司的经验证据

当代财经 ›› 2022, Vol. 0 ›› Issue (8): 138-148.

• 现代会计 • 上一篇

共同机构所有权能抑制超额商誉吗——来自A股上市公司的经验证据

毛玥, 胡国强, 张俊民

天津财经大学会计学院,天津 300222

收稿日期:2021-10-29 修回日期:2022-05-06 出版日期:2022-08-15 发布日期:2022-09-09
通讯作者: 毛玥,天津财经大学博士研究生,主要从事资本市场财务与会计研究,联系方式my2020188@163.com。
作者简介:胡国强,天津财经大学副教授,博士,主要从事资本市场财务会计与审计研究;张俊民,天津财经大学教授,博士,主要从事审计理论研究。
基金资助:
教育部人文社会科学规划基金项目“审计行为及其审计质量：基于关键审计事项披露与田野调查的研究”（20YJA790023）; 国家自然科学基金青年项目“公允价值估计中的管理者自由裁量及其行为后果与治理：基于股权激励表外信息的研究”（71502122）

Can Common Institution Ownership Inhibit the Excess Goodwill?Evidences from China’s A-share Listed Companies

MAO Yue, HU Guo-qiang, ZHANG Jun-min

Tianjin University of Finance and Economics, Tianjin 300222, China

Received:2021-10-29 Revised:2022-05-06 Online:2022-08-15 Published:2022-09-09

摘要/Abstract

摘要： 作为资本市场的新兴力量,共同机构投资者的治理作用备受关注。从共同机构所有权的视角,实证考察了共同机构所有权对上市公司超额商誉的影响。研究发现：共同机构所有权能有效抑制上市公司的超额商誉。进一步研究发现：共同机构所有权对超额商誉的抑制作用主要是通过规模效应机制与退出威胁机制实现的;共同机构所有权能降低企业并购后的商誉减值风险。因此,上市公司要积极引入共同机构投资者,完善公司治理,优化并购目标,抑制超额商誉。

关键词: 共同机构所有权, 超额商誉, 监督治理, 商誉减值

Abstract: As the emerging power in the capital market, the governing function of the common institution investors receives extensive attention. From the perspective of the common institution ownership, this paper empirically examines the impact of the common institution ownership on the excess goodwill of the listed companies. The findings show that the ownership of common institutions can effectively inhibit the excess goodwill of the listed companies. It is found through further study that the inhibiting effect of the common institution ownership on the excess goodwill is largely achieved through the scale effect mechanism and the exit threating mechanism. The common institutional ownership can reduce the risk of goodwill impairment after corporate mergers and acquisitions. Therefore,the listed companies should actively introduce the common institution investors, improve the corporate governance, optimize the merger targets, and suppress the excess goodwill.

Key words: common institution ownership, excess goodwill, supervision and governance, goodwill impairments

中图分类号:

F234.4

毛玥, 胡国强, 张俊民. 共同机构所有权能抑制超额商誉吗——来自A股上市公司的经验证据[J]. 当代财经, 2022, 0(8): 138-148.

MAO Yue, HU Guo-qiang, ZHANG Jun-min. Can Common Institution Ownership Inhibit the Excess Goodwill?Evidences from China’s A-share Listed Companies[J]. Contemporary Finance & Economics, 2022, 0(8): 138-148.

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共同机构所有权能抑制超额商誉吗——来自A股上市公司的经验证据

Can Common Institution Ownership Inhibit the Excess Goodwill?Evidences from China’s A-share Listed Companies

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