并购商誉、商誉减值与股票错误定价

M&A Goodwill,Goodwill Impairment and Mispricing of Stock

以近年来上市公司频发的并购重组为背景,选取2007—2019年我国沪深A股上市公司为研究样本,实证检验了并购商誉对股票错误定价的影响。研究发现,商誉加剧了并购方的股票错误定价,高商誉的公司股价被严重高估,计提商誉减值能够向投资者传递增量信息,缓解商誉导致的股票错误定价。进一步研究发现,会计稳健性和投资者情绪在并购商誉对股票错误定价的影响中发挥了部分中介作用。商誉对股票错误定价的影响在管理层持股高、分析师跟踪人数多的情况下更为显著,上市公司大股东及管理层存在利用并购商誉导致的股价高估实现高位减持的行为。研究结论有助于投资者对并购商誉正确定价,提高资本市场定价效率。

Based on the frequent mergers and acquisitions of listed companies in recent years,this paper empirically examines the impact of M&A goodwill on stock mispricing by selecting Chinese A-share listed companies from 2007 to 2019.The study found that goodwill exacerbated the mispricing of the acquirer's stock,and the stock price of the company with high goodwill was seriously overvalued.The provision of goodwill impairment can convey incremental information to investors and alleviate the stock mispricing caused by goodwill.The intrinsic reason that M&A goodwill leads to stock price overvaluation is that the major shareholders and the management of listed companies use M&A and reorganization as a means to conduct“pseudo-market value”management,promote short-term stock price and achieve high reduction of holdings.It is found that accounting conservatism and investors sentiment play partial mediating roles in the influence of M&A goodwill on stock mispricing.The conclusion of this study is helpful for investors to correctly price the goodwill of merger and acquisition,and has certain enlightenment for improving the pricing efficiency of capital market and maintaining the stability of financial market.