【作者】 刘娟；

【导师】 王艳艳；

【作者基本信息】 厦门大学 ， 财务学， 2022， 硕士

【摘要】 2014年,国务院发布政策强调创造良好的市场环境,推进企业并购重组市场化改革。之后,中国证监会及其他相关部委也相继推出一系列政策支持企业并购重组。伴随着并购重组新政的施行,我国上市公司做大做强的诉求大幅提升,并购浪潮兴起并持续高涨。活跃的并购重组交易激发和提升了市场活力,但同时“高估值、高承诺、高溢价”的并购也为上市公司带来了高额商誉。巨额商誉及后续减值会造成企业有限资源的浪费,甚至危及企业的正常存续,对市场稳定性造成冲击。探讨如何抑制商誉泡沫、防范商誉减值风险具有重要的现实意义。在当今知识和技术作为关键竞争要素的经济大背景之下,创新已经成为企业发展的主引擎。具备创新能力能够为企业带来一系列积极效应,例如改善经营业绩、降低融资成本、提升市场价值等。但是,现有文献却较少从商誉的角度,探讨企业的创新能力对其并购估值和后续整合效果的影响。本文选取2007-2019年我国资本市场中非金融行业A股上市公司作为研究对象,考察企业创新能力对商誉确认及后续减值的影响。研究发现,企业自身的创新能力越强,其开展并购活动形成的超额商誉水平越低,后续确认的商誉减值也越少。并且,产品市场竞争会增强创新能力对并购商誉的作用。市场份额越分散,外部竞争越激烈,企业自身的创新能力对超额商誉及商誉减值的影响就越大。本文进一步研究发现,企业创新能力与并购商誉的关系主要表现在高技术产业和非国有企业当中。本文的研究贡献在于:一方面,探讨企业创新能力对并购商誉的作用,能够丰富商誉的相关研究,也为监管部门在实务中加强对于企业并购活动的监管提供一定经验证据。另一方面,目前许多研究聚焦于探讨如何提升企业的创新能力,而较少考察企业创新能力的经济后果。本文拓展了企业创新能力的经济后果研究,也有助于投资者更全面地认识企业创新。更多还原

【Abstract】 In 2014,the State Council issued policies emphasizing creating a good market environment and promoting the market-oriented reform of mergers and acquisitions(M&A).After that,China Securities Regulatory Commission and other relevant ministries and commissions have also launched a series of policies to support M&A.With the implementation of the new policies of M&A,the demands of Chinese listed companies to become bigger and stronger have increased.And the wave of M&A has risen.Active M&A transactions have stimulated and enhanced the vitality of the market.But at the same time,M&A transactions with excessive prices and unreasonable performance commitments have also brought much goodwill to those companies.Huge goodwill and subsequent impairments will cause a waste of corporate resources,even endanger the normal survival of companies,and have an impact on market stability.It is of great practical significance to explore how to inhibit goodwill bubbles and guard against the risk of goodwill impairments.Under the background of the economy that knowledge and technologies are the key competitive factors,innovation has become the engine of corporate development.Equipped with innovation capacity can bring a series of positive effects for companies,such as improving the performance,reducing financing costs and enhancing the market value.However,the existing literature rarely studies the impact of innovation capacity on M&A valuation and subsequent integration from the perspective of goodwill.Based on A-share listed companies from 2007 to 2019,this paper investigates the impact of corporate innovation capacity on goodwill recognition and subsequent impairments.It is found that the stronger the innovation capacity of the company,the lower its excess goodwill level,and the less goodwill impairments.Moreover,product market competition strengthens the effect of corporate innovation capacity on goodwill.The more dispersed the market share and the more intense the external competition,the greater the impact of the corporate innovation capacity on the excess goodwill and goodwill impairments.Through further research,this paper finds that the relationship between corporate innovation capacity and goodwill is mainly reflected in high-tech industries and non-state-owned companies.The contribution of this paper lies in:on the one hand,this paper analyses the role of corporate innovation capacity on goodwill,which can not only enrich the relevant research of goodwill,but also provide some empirical evidence for regulators to strengthen the supervision of M&A activities in practice.On the other hand,many studies focus on how to improve corporate innovation capacity,but less on the economic consequences of corporate innovation capacity.This paper expands the research on the economic consequences of corporate innovation capacity,and also helps investors to understand corporate innovation comprehensively.更多还原