上市公司溢价并购对股价波动影响研究——兼析商誉“失真”的逻辑

Research on the Impact of High Premium M&A on Stock Price Fluctuation——Based on the logic of goodwill “distortion”

上市公司高溢价并购如何影响公司股价波动呢?本文选取2007-2017年全部A股上市公司作为研究样本,分析了并购溢价和商誉对股价波动风险的影响,并进一步讨论了高溢价并购事件对商誉关于股价波动风险的调节作用。研究发现:并购溢价、高溢价并购和商誉均对股价波动风险产生正向影响,区别以往研究结论的是,高并购溢价不会加剧商誉对股价波动风险的促进作用,反而在一定程度上有利于抑制商誉带来的股价波动;在监管较为严格的国有上市公司中,并购溢价和高溢价并购对股价波动风险没有显著影响。

How does high-value mergers and acquisitions affect the company’s stock price volatility? This paper selects all A-share listed companies from 2007 to 2017 as research samples, and analyzes the impact of high-value mergers and acquisitions on stock price volatility risk and the adjustment effect of mergers and acquisitions on goodwill on stock price volatility risk. The study found that mergers and acquisitions premiums,high premium mergers and acquisitions and goodwill all have a positive impact on stock price volatility risk.The difference between previous research conclusions is that high M&A premiums will not exacerbate the promotion of goodwill on stock price volatility risk, but to a certain extent It is conducive to suppressing stock price fluctuations brought by goodwill;in state-owned listed companies with strict supervision, mergers and acquisitions premiums and high-value mergers and acquisitions have no significant impact on stock price fluctuation risk. This paper enriches the research on the economic consequences of M&A behavior, and has certain enlightenment for enterprises to improve M&A performance and enhance value.