中国公司“错误并购”的案例画像:来自商誉减值的经验证据

A Case Portrait of“Wrong M&A”of Chinese Companies:Empirical Evidence from Goodwill Impairment

选取2018—2020年我国A股市场计提大额并购商誉减值的上市公司为样本,通过描述性统计和因子分析方法,对样本公司在并购发生年度的共性特征及其对应权重展开探索性分析,构建“错误并购”的案例画像,其结果发现:盈利能力强、资产规模小、风险抵御能力弱以及管理层过度自信是“错误并购”收购方的主要共性特征;进一步地,使用因子分析方法归纳和分类案例画像的指标体系,从中可提炼出“公司规模”、“盈利能力”、“成长自信”、“偿债能力”、“治理监管”等5个公因子,对应因子对“错误并购”样本信息的解释权重分别为0.384、0.190、0.146、0.144、0.134。其中,“错误并购”公司盈利能力强这一“盈利诅咒”特征尤其值得关注。鉴于此,上市公司不仅应注意提防高盈利能力对并购决策的误导,也要强化内部监管机制,理性开展多元化并购。

This study takes the Chinese listed companies that recorded a significant impairment loss of goodwill from 2018 to 2020 as the sample,and conducts exploratory analysis on the common features and corresponding weights of these companies during the M&A period,using descriptive statistics and factor analysis methods.The study constructs a case portrait of“wrong M&A”and finds that strong profitability,small asset size,weak risk resistance,and excessive self-confidence of management are the main common characteristics of the acquiring companies in“wrong M&A”.Furthermore,the study applies factor analysis to summarize and classify the indicator system of the case portrait,and extracts five common factors,including company size,profitability,growth confidence,debt-paying ability,and governance supervision.The corresponding weights of these factors in explaining the information of the“wrong M&A”sample are 0.384,0.190,0.146,0.144,and 0.134,respectively.Among them,the strong profitability of the“wrong M&A”companies is a“profit curse”characteristic that deserves attention.Therefore,listed companies should not only be cautious of the misleading effect of high profitability on M&A decision-making but also strengthen their internal monitoring mechanisms and carry out diversified M&A rationally.