摘要
商誉泡沫已成为资本市场健康发展的重要隐患,然而关于商誉与企业风险承担之间的关系却较少受到经验文献的关注。本文以中国资本市场2007-2014年间发生商誉事项的A股上市公司为研究样本,分析商誉影响企业风险承担的内在机理并加以实证检验。结果显示,商誉已成为企业承担较高水平风险的重要信号,公司拥有的商誉资产越多,其承担的风险水平相应越高。进一步的考察发现,伴随减值准备计提比例和企业成长性的提升,商誉对企业风险承担的影响显著增强。本文不仅丰富了商誉的经济后果文献,而且可为准则制定机构修订和完善企业会计准则、优化投资者投资决策提供理论参考。
Goodwill bubbles have become important hidden troubles in sound development of capital market, but there are few empirical literatures focus on the relation between goodwill and corporate risk-taking. Choosing all A-share listed companies in China's capital market between 2007 and 2014 as a sample, this article examines the impact and underlying mechanism of goodwill on corporate risk-taking. Empirical results show that the goodwill be comes an important signal of corporate risk-taking, so the more goodwill assets the company owns, the higher level of risk it takes. Further tests find that the impact of goodwill on corporate risk exposure becomes more significant when the proportion of impairment provision or firm growth is higher. The sig nificance of this study is not only to enrich the literature on economic consequence of goodwill, but also to provide reference for accounting standard settler to further revise and improve China's corporate accounting standards and guide investment decision reasonably.
出处
《会计研究》
CSSCI
北大核心
2019年第7期21-26,共6页
Accounting Research
基金
国家自然科学基金项目(71772001)
全国会计领军(后备)人才项目
关键词
商誉
企业风险承担
减值准备计提
成长性
Goodwill
Corporate Risk-taking
Impairment Provision
Firm Growth
