资本市场开放与并购商誉——基于“沪港通”的实证研究

Capital Market Opening and M&A Goodwill:Evidence from Shanghai-Hong Kong Stock Connect

利用"沪港通"的实施检验资本市场开放对上市公司并购商誉的影响,研究发现,"沪港通"的实施显著降低了并购商誉,且对高商誉样本的抑制作用更为显著;"沪港通"主要通过改善信息环境来抑制并购商誉;"沪港通"对于并购商誉的抑制作用主要体现在融资约束高的企业和非国有企业。研究表明,资本市场开放能够有效抑制并购中的商誉泡沫、改善并购效率,推动资本市场健康发展。本文的政策启示在于:我国资本市场的对外开放应继续稳步推进,通过开放引入更多理性和专业的投资者,引导我国资本市场投资风格转变,完善我国资本市场的价格发现功能,增强资本市场服务实体经济的能力。同时,要加快完善和规范中国资本市场基础性制度建设及监管制度,特别是中国上市公司信息披露制度,营造良好的信息环境。

The paper tests the impact of stock market liberalization on goodwill from M&A in the Chinese stock market. We find that the implementation of the "Shanghai-Hong Kong Stock Connect" significantly reduces the goodwill from M&A, especially in the high goodwill sample;further analysis shows that the "Shanghai-Hong Kong Stock Connect" inhibits goodwill from M&A by increasing information transparency, and the inhibiting effect is mainly reflected in companies with severe financing constraints and non-state-owned enterprises. The policy implications are: China should keep pushing for greater opening of equity market and rational investing, thus improving the price discovery function of China’s equity market and enhancing the ability of equity market to serve the real economy. Besides, we should speed up the improvement of the information disclosure system of China’s listed companies, and create a good information environment.