商誉减值风险是否存在?——对A股创业板商誉问题的思考以及对科创板的建议

Does the Risk of Goodwill Impairment Exist?——On the Goodwill of A-share Growth Enterprise Market and Suggestions for the Technology Innovation Board

本文以A股及创业板市场商誉问题为主要研究问题,结合最新数据以及行为金融学相关理论,对2018年底、2019年初的"商誉集体爆雷"异象进行梳理;利用实证模型检验商誉市值比因子对股票未来收益的影响,探究商誉减值风险在中国股票市场的存在;揭示商誉存在的内在根源及机制,提示上市公司的非理性行为导致对创业板及科创板中小股东的隐性侵害的可能,提醒资本市场的投资者以及监管层重视;借鉴A股及创业板相关经验,为科创板监控资本市场并购风险及商誉风险提供思路和工具。

This paper takes the goodwill of A-share and growth enterprise market as the main research issue,combing the"goodwill collective explosion"anomalies at the end of 2018 and the beginning of 2019 with the latest data and behavioral finance related theories;using empirical model to test the impact of the ratio of goodwill to market value on the future earnings of stock tickets,exploring the existence of goodwill impairment risk in China’s stock market;revealing the presence of business The internal causes and mechanism of reputation indicate that the irrational behavior of listed companies may lead to the hidden infringement on the growth enterprise market and the small shareholders of the scientific and technological innovation board,remind the investors and regulators in the capital market to pay attention to it,and provide ideas and tools for the scientific and technological innovation board to monitor the M&a risk and goodwill risk of the capital market by referring to the experience of a shares and the gem.