并购商誉对企业市场价值的影响——基于A股上市公司的经验证据

Influence of M&A Goodwill on the Market Value of Enterprises:Based on the Empirical Evidence of A-share Listed Companies

随着近年来企业并购数量不断增加,商誉在企业活动中角色也越发重要。本文以2011-2021年的非金融行业A股上市公司年度数据作为研究样本,提出假设,构建研究模型,研究并购商誉与企业市场价值之间的关系,得出了并购商誉对于企业市场价值的影响是正相关但存在滞后效应和“U型”关系,最后从事市场监管部门和企业两个方面提出了可行的建议。

With the increasing number of mergers and acquisitions in recent years,goodwill plays an increasingly important role in enterprise activities.This paper takes the annual data of A-share listed companies in non-financial industry from 2011 to 2021 as the research sample,puts forward hypotheses,builds a research model,studies the relationship between M&A goodwill and enterprise market value,and concludes that the impact of M&A goodwill on enterprise market value is positive,but there is a lag effect and a"U-shaped"relationship.Finally,the market supervision department and the enterprise put forward feasible suggestions.