并购商誉减值、内部控制与股价崩盘风险关系研究

Internal Control of Impairment of Goodwill in Mergers and Acquisitions and Risk of Stock Price Collapse

上市公司因并购重组而形成的商誉泡沫及其一次性大额减值计提是当前资本市场重要的风险要素之一。选择以2007—2018年我国A股上市公司为样本研究商誉与股价崩盘风险之间的关系,经实证研究发现仅商誉减值与股价崩盘风险之间存在显著正相关关系,而商誉增加与股价崩盘风险之间则无显著关系;进一步研究发现内部控制质量高低是商誉资产减值对公司股价崩盘风险产生影响的重要边界条件。该研究结论为新会计准则下商誉信息价值相关性分析提供了新方向,也为企业及相关部门如何防范和化解股价崩盘风险提供了有益的现实启示。

The goodwill bubble of listed companies and its one-time large impairment is one of the important financial risk factors at present.Based on the sample of A-share listed companies in China from 2007 to 2018,this paper finds that there is a significant positive correlation between the impairment of goodwill and the risk of stock price crash,but there is no significant relationship between the increase of goodwill and the risk of stock price crash.Further research finds that the quality of internal control is an important boundary condition for the risk of the impairment of goodwill assets to the collapse of stock price.The conclusion of this paper provides empirical evidence for the value relevance of goodwill information under the new accounting standards,and also provides useful practical enlightenment for how to prevent and resolve the risk of stock price crash.