并购商誉是否影响企业创新投入?——来自中国战略新兴产业的经验考察

How Goodwill of Merge Influences Firm’s Innovation Input?--Based on the Empirical Evidence from Strategic Emerging Industries in China

以2012—2017年我国A股市场的战略新兴产业上市公司为研究样本,考察并购商誉产生的动机和后果,具体探讨并购商誉与创新投入的关系、并购商誉的产生是否存在盈余管理动机、并购商誉对创新投入的影响路径三个问题。研究表明:在我国当前资本市场,并购商誉对战略新兴产业上市公司的创新投入具有抑制作用,考虑产权性质差异后发现这种抑制作用主要体现在非国有企业,对国有企业则不显著;高额并购商誉的背后存在真实盈余管理动机,这种行为会对创新投入产生负面影响;高额商誉也会加剧企业的融资约束,进而使企业减少创新投入。通过分析商誉产生的动机和作用路径,对于如何应对当前A股市场规模巨大的商誉及其带来的影响提供了经验证据,为确保企业创新投入提供了参考。

This paper uses the sample of A—share listed companies in Emerging strategic industries from 2012—2016 to find out motivations and consequences about the goodwill of merge.We test the influence of the goodwill of merge on innovation input;analyzes whether the goodwill of merge had motivation with earnings management and affecting approaches of goodwill upon innovation input.This paper finds that the current capital market in China,the goodwill of merge in M&A has negative influence on innovation input.Considering the differences between the property right we find out this negative influence is mainly reflected in non-state-owned enterprises but has not serious effect for on state-owned enterprises;there are"real earnings management motives"behind the goodwill of merge and this approach has negative influence on innovation input;goodwill of merge increases the company’s financing constraints and further influences the innovation input.This paper analyzed the produce motivation and affecting approaches about the goodwill of merge and provided certain direct experience evidence to deal the huge goodwill in A-share market,and also offer foundation to ensure company’s innovation input.