企业社会责任履行抑制商誉泡沫吗?

Can Corporate Social Responsibility Inhibit Goodwill Bubbles?

并购盛行使商誉估值泡沫愈发严重。以中国上市公司为样本,研究发现:企业社会责任履行能有效抑制商誉泡沫行为;社会责任履行情况越佳,商誉资产越低,超额商誉越少,这一抑制效应在非国有企业中更为显著。中介效应研究揭示了两者之间影响机制:社会责任履行主要通过声誉激励机制和提高信息透明抑制商誉泡沫;进一步研究还发现,自愿披露更能有效发挥抑制效应,内部控制质量高的企业,抑制效应更明显。研究结果表明:企业社会责任履行及信息披露作为一种有效的治理机制,发挥了信号传递和声誉约束功能,提高了商誉估值公允性,能够抑制商誉泡沫,有利于降低风险,维护市场稳定。

The boom of M&A has exacerbated goodwill bubbles.Using a sample of Chinese listed companies,this paper finds that CSR fulfillment can effectively inhibit the goodwill bubbles.It arrives at the conclusions as follows:good CSR performance can reduce goodwill and decrease the excess goodwill,which is more significant in non-state-owned enterprises.The intermediary effect research shows the influence mechanism:CSR fulfillment restrains goodwill bubbles by enhancing reputation and improving information transparency.Further research finds that voluntary disclosure can exert an inhibitory effect.The fact that high internal control quality can strengthen the inhibitory effect is more obvious.According to the paper,the research shows that CSR fulfillment,as an effective governance mechanism,plays the function of signal transmission and reputation constraint,and improves the fairness of goodwill valuation,thus restraining goodwill bubbles,and reducing risks and maintaining market stability.The conclusion suggests that voluntary disclosure is more effective than mandatory disclosure.Therefore it is necessary to cultivate internal governance environment and external institution so that the corporate can actively fulfill their social responsibilities.