合并商誉与企业创新能力

杨丹

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科研管理 ›› 2021, Vol. 42 ›› Issue (5) : 1-11.

论文

合并商誉与企业创新能力

杨丹

作者信息 +

Consolidated goodwill and innovation capability of enterprises

Yang Dan

Author information +

文章历史 +

摘要

高额商誉已成为不少公司的隐藏地雷，但鲜有文献探究合并商誉与企业创新能力之间的关系。企业的合并商誉究竟是创造未来收益的良药还是埋藏危机的毒药，它对企业创新能力的影响几何？本文选取了我国2012~2018年间涉及商誉事项的A 股上市公司作为研究样本，分析合并商誉影响企业创新能力的方向及影响机制。结果显示，合并商誉与企业创新能力之间呈倒U型关系，如果企业合并商誉的规模低于临界值，则它对企业创新能力具有提升作用，反之会损害企业的创新能力。进一步地，经过四大会计师事务所审计的公司，合并商誉对企业创新能力的激励作用更强。机制检验的结果表明，合并商誉通过外部融资能力及内部协同能力两种渠道共同对企业的创新能力产生影响。上述结果经过稳健性检验之后仍然成立。本文的研究结果不仅丰富了企业创新动因和合并商誉经济后果的文献，而且可以引导企业及投资者理性看待合并商誉，为其创新决策提供参考。

Abstract

A large amount of goodwill has become a hidden danger for some companies, but there is little literature to discuss the relationship between consolidated goodwill and corporate innovation capability. Is the consolidated goodwill the catalyst to create future profits or the poison contained crisis, and how does it affect the corporate innovation capability? From the perspective of "value creation view" and "value destruction view", this paper tries to analyze the different economic consequences of consolidated goodwill under different scales, as well as the specific mechanisms which affect the corporate innovation capability. This article may help understand the nature of consolidated goodwill and the influential factors of corporate innovation.
Using the data of Chinese listed companies from 2012 to 2018, this paper tests the effect of consolidated goodwill on innovation capability. With the nonlinear model, it is found that there is an inverted U-shaped relationship between the scale of consolidated goodwill and corporate innovation capability. And the critical value of consolidated goodwill is about 10%, which is about the fourth quintile of Gdasset (denoting consolidated goodwill divided by assets). If the consolidated goodwill of a firm is below this threshold, it will have a positive effect on corporate innovation capability. On the contrary, it will damage the innovation capability of firms. Furthermore, the effect of consolidated goodwill in promoting innovation is more pronounced among the companies audited by the international "Big Four" accounting firm. Mechanism tests show that the consolidated goodwill has an impact on corporate innovation capability through two channels: external financing competence and internal collaborative competence. Specifically, the author uses debt cost and firm value to measure external financing competence and internal collaborative competence respectively.
To confirm the reliability of empirical results, this paper conducts several robustness tests. First, this paper uses the Tobit model to alleviate endogeneity problems. Second, this paper tests how excess goodwill affects corporate innovation. And the results show that the impact of excess goodwill on R&D input and patent output is significantly negative, which is consistent with the main results. Finally, this paper uses Kendall τ test to verify the impact of different consolidated goodwill scales on innovation, and the conclusion still holds. According to the above research conclusions, consolidated goodwill has different economic consequences due to its different scales. When the scale of consolidated goodwill is in a reasonable range, consolidated goodwill will positively influence corporate innovation by affecting external financing competence and internal collaborative competence, which supports the "value creation view". Otherwise, it supports the "value destruction view".
Therefore, the policy recommendation of this article is as follows: investors and companies should rationally treat consolidated goodwill. The future profitability represented by the scale of consolidated goodwill is management′s estimation based on the current situation, and there is a certain degree of uncertainty about whether it can be realized or not later. Therefore, it is recommended that when carrying out mergers and acquisitions, companies can hire high-quality auditors, and pay attention to the reasonable size of the consolidated goodwill. This article not only enriches the literature on the economic consequences of consolidated goodwill and the influential factors of corporate innovation but also helps companies and investors understand the nature of consolidated goodwill and provide a reference for their decisions.

导出引用

杨丹. 合并商誉与企业创新能力[J]. 科研管理. 2021, 42(5): 1-11

Yang Dan. Consolidated goodwill and innovation capability of enterprises[J]. Science Research Management. 2021, 42(5): 1-11

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