并购商誉与企业技术创新

朱郭一鸣; 王婉婉; 凌运

PDF(395 KB)

科研管理 ›› 2021, Vol. 42 ›› Issue (2) : 77-87.

论文

并购商誉与企业技术创新

朱郭一鸣¹,王婉婉¹,凌运²

作者信息 +

Merger and acquisition goodwill and corporate technological innovation

Zhu Guo Yiming¹, Wang Wanwan¹, Ling Yun²

Author information +

文章历史 +

摘要

近年来，并购商誉总体规模出现激进式地增长，这一现象也引起了监管部门的重视。本文以2007—2017年A股上市公司为样本，考察并购商誉水平对企业技术创新的影响。研究发现，并购商誉水平越高，公司的技术创新水平越低。机制检验结果表明，降低企业资产周转率和增加企业外部融资约束是高额并购商誉抑制企业技术创新的重要渠道。在考虑内生性问题、更长期的影响以及更换变量度量方式重新进行回归检验之后，研究结论依然稳健成立。文章研究结论体现了高额并购商誉动态变化的经济后果，回应了市场需要对商誉水平进行监管的事实，并对进一步规范并购交易市场和优化技术创新效用具有重要的启示意义。
〖HT5”H〗关键词：〖

Abstract

At present, the overall scale of goodwill has increased in a radical way, which has also attracted the attention of regulatory authorities. Goodwill, as an intangible asset to deal with the premium of M&A, grows exponentially. According to the data of wind at the end of 2017, the total goodwill of A-share listed companies has risen to 1.3 trillion yuan, which is 290% higher than that of 333.1 billion yuan in 2014. However, the "Enterprise Accounting Standard No.18--Asset Impairment" has canceled the amortization of goodwill, and enterprises have space to independently manipulate and judge the impairment of goodwill. Much bubbles that the goodwill brings may trigger a sharp rise and fall in the market share. At the same time, the hidden risk of high premium M&A goodwill has become a "fuse" of the subsequent "thunder" risk of goodwill impairment. The "thunder" causes the stock price to plummet, and then brings the drastic fluctuation of the whole capital market. In this case, the "Accounting Supervision Tips No. 8 -- Goodwill Impairment", issued by CSRC in November 2017, focuses on the accounting regulatory risks in the follow-up measurement of goodwill. In the process of continuous occurrence of goodwill problems, we found that the proportion of goodwill in total assets is increasing day by day. The proportion of goodwill in total assets of A-share listed companies with goodwill greater than 0 was only 0.08% in 2007 but increased to 0.58% in 2017. On the one hand, the high goodwill in M&A means the buyer′s high expectations. On the other hand, it also means the buyer′s high risk. This large amount of goodwill brings great uncertainty of impairment to the enterprise′s performance and valuation and then affects the future technological innovation of the enterprise. In view of this, under the background of the strategic support of building a modern economic system, as an important part of the enterprise′s operation level, will the high level of goodwill generated in M&A affect the enterprise′s technological innovation? How does the formation of goodwill affect the enterprise′s technological innovation? The above questions need to be answered.

Therefore, this paper takes the A-share listed companies in Shanghai and Shenzhen from 2007 to 2017 as a sample, trying to investigate the impact of M&A goodwill on enterprise technological innovation. The empirical results show that the higher the level of asset-adjusted goodwill, the lower the level of technological innovation. The results of the intermediary mechanism test show that reducing asset turnover ratio and improving financing constraint level are important ways for goodwill to influence enterprise technological innovation. In other words, excessive goodwill level reduces enterprise technology innovation activities by reducing enterprise asset turnover ratio , occupying funds of listed companies and causing high external financing costs.

On the basis of the existing research, the contribution of this paper is mainly reflected in the following three aspects: First, the current literature mainly focuses on the impact of macros and micro-level factors such as the legal system, financial market, corporate financial characteristics, and governance characteristics on enterprise technological innovation. In this paper, the research on the influencing factors of enterprise technological innovation is further extended to the fields with practical economic significance, such as the goodwill of merger and acquisition. Secondly, the existing research has conducted a lot of beneficial discussions on the economic consequences of M&A goodwill, but there is a lack of research on the internal mechanism of M&A goodwill. This paper discusses the intermediary mechanism of financing constraints and asset turnover rate, and finds out the possible ways of the influence of M&A goodwill on enterprise technological innovation, which not only enriches and expands the research on M&A goodwill, but also provides a new perspective for understanding and understanding the economic consequences of M&A goodwill. Finally, the research results from the perspective of M&A goodwill show that technological innovation of enterprises is not only affected by internal management problems, but also affected by the external environment. This finding is consistent with previous research results, reflecting the characteristics of dynamic changes of enterprises, and responding to the fact that the market needs to regulate the level of goodwill, which is conducive to improving the corporate governance system and legal supervision system. It is of great significance.

导出引用

朱郭一鸣王婉婉凌运. 并购商誉与企业技术创新[J]. 科研管理. 2021, 42(2): 77-87

Zhu Guo Yiming, Wang Wanwan, Ling Yun. Merger and acquisition goodwill and corporate technological innovation[J]. Science Research Management. 2021, 42(2): 77-87

参考文献

[1] 李常青, 李宇坤, 李茂良. 控股股东股权质押与企业创新投入[J]. 金融研究, 2018(07):143-157.

Li changqing, Li Yukun, Li Maoliang. Control shareholder s share pledge and firms innovation investment[J]. Journal of Financial Research, 2018(07):143-157.

[2] Li Z, Shroff P K, Venkataraman R, et al. Causes and consequences of goodwill impairment losses[J]. Review of Accounting Studies, 2011,16(4):745-778.

[3] Olante M E. Overpaid acquisitions and goodwill impairment losses — Evidence from the US[J]. Advances in Accounting, incorporating Advances in International Accounting, 2013,29(2):243-254.

[4] 杜兴强, 杜颖洁, 周泽将. 商誉的内涵及其确认问题探讨[J]. 会计研究, 2011(01):11-16.

Du Xingqiang, Du Yingjie, Zhou Jiejiang. Study on the connotation and recognition of goodwill[J] Accounting Research, 2011(01):11-16.

[5] 胡凡, 李科. 股价高估与商誉减值风险[J]. 财经研究, 2019,45(06):71-85.

Hu Fan, Li Ke. Overvaluation and goodwill impairment[J]. Journal of Finance and Economics, 2019, 45(6): 71-85.

[6] 王文姣, 傅超, 傅代国. 并购商誉是否为股价崩盘的事前信号?——基于会计功能和金融安全视角[J]. 财经研究, 2017,43(09):76-87.

Wang Wenjiao, Fu Chao, Fu Daiguo. Is m & a goodwill the prior signal of stock price crash risk? from the perspectives of accounting function and financial security[J]. Journal of Finance and Economics, 2017, 43(9): 76-87.

[7] 杨威, 宋敏, 冯科. 并购商誉、投资者过度反应与股价泡沫及崩盘[J]. 中国工业经济, 2018(06):156-173.

Yang Wei, Song Min, Feng Ke. M & A goodwill , investor overreaction , and stock price bubbles and crashes[J]. China Industrial Economics, 2018(06):156-173.

[8] 张新民, 祝继高. 经营资产结构影响高商誉企业的市场价值吗——基于A股上市公司的实证研究[J]. 南开管理评论, 2019,22(02):114-127.

Zhang Xinmin, Zhu Jigao. Does operating asset structure affect the value of high goodwill firm? Evidence from a-share listed companies. [J]. Nankai Business Review, 2019,22(02):114-127.

[9] 郑春美, 李晓. 并购商誉与审计服务定价[J]. 审计研究, 2018(06):113-120.

Zheng Chunmei, Li Xiao. Merger goodwill and audit service pricing[J]. Auditing Research, 2018(06):113-120.

[10] 傅超, 杨曾, 傅代国. “同伴效应”影响了企业的并购商誉吗?——基于我国创业板高溢价并购的经验证据[J]. 中国软科学, 2015(11):94-108.

Fu Chao, Yang Zeng, Fu Daiguo. Does peer effect affect the goodwill: empirical evidence from high-premium m&a on the gem[J]. China Soft Science

[11] 郑海英, 刘正阳, 冯卫东. 并购商誉能提升公司业绩吗?——来自A股上市公司的经验证据[J]. 会计研究, 2014(03):11-17.

Zheng Haiying, Liu Zhengyang, Fengweidong. Can merger and acquisition goodwill promote company performance? ——Empirical evidence from Chinese A-shares listed companies[J]. Accounting Research, 2014(03):11-17.

[12] Leake P D. Goodwill：its nature and how to value it[M]. Gee & Company, 1914.

[13] Gu F, Baruch L. Overpriced Shares, Ill-Advised Acquisitions, and Goodwill Impairment[J]. Accounting Review, 2011,86(6):1995-2022.

[14] 郭雪萌, 余瑞娟. 商誉能否反映企业超额收益能力[J]. 北京交通大学学报(社会科学版), 2016,15(01):87-97.

Guo Xuemeng, Yu Ruijuan. Does Goodwill Indicate Corporate Ability of Excess Earning ? [J]Journal of Beijing Jiaotong University(Social Sciences Edition), 2016,15(01):87-97.

[15] Titman S. The effect of capital structure on a firm's liquidation decision[J]. Journal of Financial Economics, 1984,13(1):137-151.

[16] 孟庆玺, 白俊, 施文. 客户集中度与企业技术创新:助力抑或阻碍——基于客户个体特征的研究[J]. 南开管理评论, 2018,21(04):62-73.

Meng Qingxi, Bai Jun, Shi Wen. Customer concentration and enterprise technological innovation: help or hinder? A study based on the individual characteristics of customers. [J]. Nankai Business Review, 2018,21(04):62-73.

[17] Bleck A, Liu X. Market Transparency and the Accounting Regime[J]. Journal of Accounting Research, 2007,45(2):229-256.

[18] 潘红波, 饶晓琼, 张哲. 并购套利观:来自内部人减持的经验证据[J]. 经济管理, 2019,41(03):107-123.

Pang Hongbo, Rao Xiaoqiong, Zhang Zhe. M & A arbitrage : From the evidence of insiders shares selling[J]. Economic Management, 2019,41(03):107-123.

[19] Francis J, Hanna J D, Vincent L. Causes and Effects of Discretionary Asset Write-Offs[J]. Journal of Accounting Research, 1996,34:117-134.

[20] Li K K, Sloan R G. Has goodwill accounting gone bad?[J]. Review of Accounting Studies, 2017,22(2):964-1003.

[21] 王竞达, 范庆泉. 上市公司并购重组中的业绩承诺及政策影响研究[J]. 会计研究, 2017(10):71-77.

Wang Jingda, Fan Qingquan. A study on performance commitment in M&A and policy influence[J].Accounting Research, 2017(10):71-77.

[22] Shleifer A, Vishny R W. Stock market driven acquisitions [J]. Journal of Financial Economics, 2003,70(3):295-311.

[23] 高洁, 徐茗丽, 孔东民. 地区法律保护与企业创新[J]. 科研管理, 2015,36(03):92-102.

Gaojie, Xu Minli, Kong Dongmin. Regional legal protection and enterprise innovation[J]. Science Research Management, 2015,36(03):92-102.

[24] 毕茜, 于连超. 环境税与企业技术创新:促进还是抑制?[J]. 科研管理, 2019,40(12):116-125.

Bi Qian, YU Lianchao. Environmental tax and enterprise technological innovation: Promotion or suppression? Science Research Management, 2019,40(12):116-125.

[25] 李姝, 翟士运, 古朴. 非控股股东参与决策的积极性与企业技术创新[J]. 中国工业经济, 2018(07):155-173.

Li Shu, Zhai Shiyun, Gu Pu. The non-controlling shareholders’ activism and corporate technological innovation[J]. China Industrial Economics, 2018(07):155-173.

[26] 鞠晓生, 卢荻, 虞义华. 融资约束、营运资本管理与企业创新可持续性[J]. 经济研究, 2013,48(01):4-16.

Ju Xiaosheng, Lo Dic, Yu Yihua. Financing constraints，working capital management and the persistence of firm innovation[J]. Economic Research Journal, 2013,48(01):4-16.

[27] Bernstein S. Does Going Public Affect Innovation?[J]. The Journal of Finance, 2015,70(4):1365-1403.

[28] 刘波, 李志生, 王泓力, 等. 现金流不确定性与企业创新[J]. 经济研究, 2017,52(03):166-180.

Liu Bo, Li Zhisheng, Wang Hongli, et al,. Cash flow uncertainty and corporate innovation[J].Economic Research Journal, 2017,52(03):166-180.