【摘要】 近年来，并购重组的高估值、高溢价和高业绩承诺引起了广泛关注。已有研究发现，超额商誉挤占了企业稀缺资源、提高了企业债务融资成本、加剧了企业融资约束等，最终对企业经营、创新、股市稳定等活动都有负向影响。在对超额商誉的影响因素和导致的经济后果两方面进行实证研究的基础上，做出总结和展望，为进一步并购商誉的实证研究提供参考。更多还原

【Abstract】 In recent years,the high valuation,high premium and high performance commitment of M&A have aroused widespread concern.Previous studies have found that excess goodwill crowns out the scarce re sources of enterprises,increases the cost of debt financ ing,aggravates the financing constraints of enterprise and so on,and ultimately has a negative impact on enterprise operation,innovation,stock market stability and other activities.This paper summarizes the empirical research on the influencing factors and the economic consequences of excess goodwill,and provides some suggestions for further empirical research on M&A goodwill.更多还原