ESG信息披露、并购特征与超额商誉的影响研究

Research on the Impact of ESG Information Disclosure,Merger and Acquisition Characteristics, and Excess Goodwill

ESG信息披露是由环境、社会责任和治理组成的综合指标。文章以超额商誉为研究视角,运用双向固定效应模型,对2010—2021年A股上市企业数据研究,得出结论:企业ESG信息披露对超额商誉起到显著的抑制作用;企业ESG信息披露通过抑制并购特征来抑制超额商誉的形成;异质性分析表明:处于增长期、成熟期、淘汰期和法治化水平高的企业ESG信息披露对企业超额商誉存在明显的抑制作用;创新效率和风险承担水平在ESG信息披露抑制超额商誉的基础上发挥调节作用。

ESG information disclosure is a comprehensive indicator composed of environmental,social responsibility and governance.This article takes excess goodwill as the research perspective and uses a bidirectional fixed effect model to study the data of A-share listed companies from 2010 to 2021.The conclusion is that ESG information disclosure of enterprises has a significant inhibitory effect on excess goodwill;Enterprise ESG information disclosure suppresses the formation of excess goodwill by suppressing merger and acquisition characteristics;Heterogeneity analysis shows that ESG information disclosure of enterprises in growth,maturity,elimination,and high levels of legalization has a significant inhibitory effect on excess goodwill of enterprises;Innovation efficiency and risk taking level play a moderating role on the basis of ESG information disclosure suppressing excess goodwill.