摘要
采用2016-2020年我国A股上市公司相关数据,探讨企业并购中超额商誉与企业创新投入的关系,从内部因素和外部因素分别讨论超额商誉影响企业创新投入的内在机理。实证结果表明:超额商誉对企业创新投入一定程度上具有抑制作用;通过中介效应检验发现,超额商誉可能影响资产周转率和企业融资约束,从而影响企业创新投入。
Taking China's A-share listed companies as a research sample from 2016-2020,this paper examines the economic consequences of excess goodwill caused by mergers and acquisitions,discusses the relationship between excess goodwill and enterprise innovation investment,and the path of excess goodwill to influence enterprise innovation investment.The empirical results show that excess goodwill has a inhibitory effect on enterprise innovation investment,and further explores the intermediary mechanism of excess goodwill and enterprise innovation input,and the research shows that excess goodwill inhibits enterprise innovation investment by reducing asset turnover,and excess goodwill further inhibits enterprise innovation investment by increasing the financing constraints of enterprises.
作者
代文
张思宇
Dai Wen;Zhang Siyu(Hubei University of Technology College of Economic and Management,Wuhan 430068,China)
出处
《科技创业月刊》
2022年第4期1-7,共7页
Journal of Entrepreneurship in Science & Technology
基金
湖北省教育厅人文社科重点项目(17D035)。
关键词
超额商誉
创新投入
资金周转率
融资约束
Excess Goodwill
Innovation Investment
Capital Turnover
Financing Constraints
