企业创新会影响并购商誉吗?

Will Enterprise Innovation Affect Consolidated Goodwill?

近年来,企业之间的并购交易活动越来越频繁,并购产生的商誉也出现激进式增长。因此,文章以2013-2019年并购事件中双方均为中国A股上市公司的并购事件为研究对象,考察企业创新对并购商誉的影响。结果表明,标的方的创新能力越强,被并购时产生的商誉越高。进一步研究发现,创新对商誉的影响对于处于中低科技行业的标的方更为显著。机制检验结果表明,标的方较高的创新水平可以提高自身价值,从而使得被并购时的商誉更大。最后,研究创新与并购活动之间的关系,发现企业较高的创新能力能够提升并购成功的概率,但创新带来的过大的商誉可能会对并购不利,导致并购失败。

In recent years,the number and scale of M&A transactions between enterprises have risen sharply,and the goodwill generated by M&A has also increased dramatically.Therefore,this paper takes the M&A events in which both parties are Chinese A-share listed companies from 2013 to 2019 as the research object to investigate the impact of enterprise innovation on consolidated goodwill.The results show that the stronger the innovation ability of the target party,the higher the goodwill of M&A.Further research finds that the impact of innovation on goodwill is more significant for the target parties in low and medium-sized technology industries.The mechanism test results show that the higher innovation level of the target party can improve its own value,so as to increase the goodwill.Finally,this paper studies the relationship between innovation and M&A activities,and finds that the high innovation ability of enterprises can improve the probability of M&A success,but the excessive goodwill brought by innovation may be unfavorable to M&A and lead to failed acquisitions.