管理层能力与债务融资成本--基于商誉减值视角

Management Capability and Debt Financing Cost:From the Perspective of Goodwill Impairment

双循环发展背景下,以2011-2021年A股上市公司为样本,从商誉减值视角检验管理层能力与企业债务融资成本的关系。结果表明:管理层能力与债务融资成本显著负相关;管理层能力通过抑制超额商誉减值信息的传递从而抑制债务融资成本的增加;分析师关注能抑制商誉减值与债务融资成本的正向关系。进一步丰富了管理层能力与债务融资成本的相关成果,对企业合理选拔管理层人员、减少不正常的商誉减值计提进而降低债务融资成本有一定的借鉴意义。

Under the background of double cycle development pattern,taking A-share listed companies from 2010 to 2021 as a sample,this paper tests the relationship between management ability and corporate debt financing cost from the perspective of goodwill impairment.The results show that there is a significant negative correlation between management ability and debt financing cost;The increase of the excess financing cost of goodwill can be restrained by the increase of the information transmission ability of the management;Analysts focus on the positive relationship between goodwill impairment and debt financing cost.This paper further enriches the relevant research results of management ability and debt financing cost,and has a certain reference significance for enterprises to reasonably select management personnel,reduce abnormal provision for goodwill impairment,and then reduce debt financing cost.