摘要
本文以中国2007—2018年A股上市公司新增并购商誉为样本,实证检验了管理层权力对企业并购商誉的影响。研究表明:(1)管理层权力与企业并购商誉存在显著的正相关关系;(2)法制环境具有调节效应,即相对于法制环境弱的地区,法制环境好的地区会弱化管理层权力与企业并购商誉的正相关关系。进一步研究还发现:高管年龄高低也会影响管理层权力与企业并购商誉的关系;并购商誉在高管理层权力组对短期财务业绩具有正向影响,对长期财务业绩具有负向影响。因此,本文建议各监管部门完善法制环境,企业要加强内部治理机制,以制衡管理层权力,减少商誉泡沫,降低资本市场的系统性风险。
Taking A-share listed companies in China from 2007 to 2018 as samples,this paper empirically tests the effects of management power on goodwill generated from merger and acquisition activities.The results indicate that:(1)There is a positive relation between management power and M&A goodwill activities;(2)The legal environment has a moderating effect,that is,compared with the regions with weak legal environment,the regions with good legal environment will weaken the positive correlation between management power and M&A goodwill activities.Further studies show that:senior executive’s age also affects this relation,M&A goodwill activities have a positive effect on short-term financial performance and a negative effect on long-term financial performance in the power group of senior management.Therefore,this paper suggests that all regulatory departments should improve the legal environment and enterprises should strengthen the internal governance mechanism to prevent too large management power and reduce the bubble of goodwill,so as to truly play the synergy effect of M&A goodwill activities.
作者
闫华红
王亚茹
Yan Huahong;Wang Yaru
出处
《财政研究》
CSSCI
北大核心
2020年第8期118-128,共11页
Public Finance Research
基金
国家自然科学基金项目“高管团队社会网络、团队互动与企业创新”(编号:71702117)。
关键词
管理层权力
法制环境
并购商誉
财务业绩
Management Power
Legal Environment
M&A Goodwill
Financial Performance
