并购商誉对企业可持续发展的影响——以风险承担能力为中介

Impact of Merger and Acquisition Goodwill on Sustainable Development of Enterprises: Mediating Role of Risk-Taking Ability

近年来,因并购形成的巨额商誉及其“爆雷”事件,对企业风险承担提出了挑战,成为威胁企业可持续发展的重要因素。以2009—2020年沪深A股上市公司为样本,从未来预计实现的可持续增长率和当前可持续增长实现程度两个维度度量企业可持续发展,从异常风险承担程度和风险承担收益两个角度衡量风险承担能力,检验并购商誉是否通过风险承担能力影响企业可持续发展。结果表明:并购商誉会阻碍企业可持续发展,风险承担能力在并购商誉与企业可持续发展之间起中介作用;有效的内外部治理机制可以缓解商誉对企业可持续发展的负面影响;商誉减值会削弱风险承担能力进而阻碍企业可持续发展。该结论支持商誉价值毁损观,说明并购商誉很可能存在高估,高估的商誉无法实现协同效应,还会削弱企业的风险承担能力,威胁企业可持续发展。

In recent years,huge goodwill and"thunderstorm"incidents of goodwill caused by merger and acquisition have posed a chal-lenge to the enterprise's risk-taking ability,and become a crucial factor threatening the sustainable development of enterprises.Taking the data of Shanghai and Shenzhen A-share listed companies from 2009 to 2020 as a sample,this paper measures the sustainable develop-ment of enterprises from two dimensions:the expected sustainable growth rate in the future and the realization degree of the current sus-tainable growth rate,the risk-taking ability is measured from the two angles of abnormal risk-taking degree and risk-return,and tests whether the merger and acquisition goodwill affects the sustainable development of the enterprise through the risk-taking ability.The re-search finds that:merger and acquisition goodwill can hinder corporate sustainability;risk-taking ability mediates the relationship be-tween merger and acquisition goodwill and corporate sustainability;effective internal and external governance mechanisms can mitigate the negative impact of goodwill on corporate sustainability;and goodwill impairment can weaken risk-taking ability and thus hinder corporate sustainability.This finding supports the view of goodwill destruction,indicating that merger and acquisition goodwill is likely to be over-valued,and overvalued goodwill cannot realize synergistic effects,and will also weaken the risk-taking ability of enterprises and threaten their sustainable development.