超额商誉与企业创新行为

Excess Goodwill and Corporate Innovation

以2007—2017年中国A股上市公司为样本,实证检验了超额商誉对企业创新全过程的具体影响及其作用路径。研究发现,超额商誉对企业创新投入有显著正面影响,而对创新产出有显著负面影响,且影响均至少持续三年时间。机制研究表明,超额商誉分别通过影响企业代理成本与研发团队的规模和效率来影响创新投入与创新产出,最终导致企业创新绩效下降。进一步研究发现,高管过度自信的行为特征和国有企业的产权性质会增强超额商誉与创新投入之间的积极关联,超额商誉带来的企业复杂性增加会加剧超额商誉对企业创新产出的消极影响,而女性高管则可以缓解超额商誉和创新产出之间的负向关系。

This article uses 2007-2017 A-share listed companies in China as a sample to empirically study the specific effect of excess goodwill on the entire process of corporate innovation and its effect pathway.The research finds that excess goodwill has a significant positive impact on corporate innovation input,a significant negative impact on innovation output,and the impact will continue for at least the next three years.The mechanism research shows that the excess goodwill affects the innovation input and innovation output by affecting the agency cost of the enterprise and the scale and efficiency of the R&D team,which ultimately leads to a decline in the innovation performance of the enterprise.Further research finds that behavioral characteristics of CEO’s overconfidence and property rights of state-owned enterprises will enhance the positive correlation between excess goodwill and innovation investment,while female executives can mitigate the negative correlation between excess goodwill and innovation output.