高管团队异质性对公司并购商誉减值的影响

The Impact of the Heterogeneity of the Senior Management Team on the Impairment of Corporate M&A Goodwill

基于高层梯队理论和委托代理理论,选取2009—2018年发生过商誉减值的A股上市公司作为研究对象,运用Logistic方法进行多元回归分析,从高管团队的年龄、性别、薪酬水平以及教育程度这四个维度研究高管团队异质性对公司并购商誉减值的影响。发现高管团队年龄异质性和教育程度异质性与公司商誉减值在1%的水平上呈显著正相关,性别异质性与公司商誉减值在1%的水平上呈显著负相关,教育程度异质性与公司商誉减值无显著关系。进一步研究发现:股权集中度对高管团队异质性与公司并购商誉减值的关系有显著的调节作用。结果表明:高管团队异质性影响公司并购决策,进而影响并购商誉减值的结果。以上结论对于投资者准确分析财务报表中商誉及其减值背后的影响因素具有一定的启示意义。

Existing studies mainly focus on the problem of how to measure the impairment of M&A goodwill.There are also many studies on the“senior management team”,which is the subject of the formulation and execution of M&A and restructuring strategies,ignoring the specific impact of the heterogeneity of senior management team on the impairment of M&A goodwill.Based on the high-level echelon theory and principal-agent theory,the paper selected A-share listed companies that have experienced impairment of goodwill from 2009 to 2018 as the research objects,used the Logistic method to conduct multiple regression analysis,and explored the impact of the heterogeneity of the senior management team on the impairment of corporate M&A goodwill from the four dimensions of the senior management team’s age,gender,salary level and education level.The empirical results show that there is a positive correlation between the age and education level of the senior management team and the impairment of corporate goodwill,while there is a negative correlation between the gender heterogeneity and the impairment of corporate goodwill.Further research finds that ownership concentration has a significant moderating effect on the relationship between TMT heterogeneity and M&A goodwill impairment.The aim is to reveal that the heterogeneity of top management team affects the company’s M&A decision,and then affects the result of the impairment of M&A goodwill.The above conclusions also have certain enlightening significance for investors to accurately analyze the influencing factors of goodwill and impairment in financial statements.