摘要
以2013~2017年A股上市公司数据为研究样本,引入管理者过度自信和企业绩效因素,考察并购商誉对创新投入的影响。研究发现:(1)并购商誉会显著降低创新投入水平;(2)并购商誉对创新投入水平的负向影响,仅存在于非国有企业中,国有企业中则表现为正向影响;(3)进一步研究发现,管理者过度自信和企业绩效在并购商誉与创新投入的关系中,扮演了有调节的中介作用。
Taking the data of A-share listed companies from 2013 to 2017 as the research sample,this paper introduces the factors of managers’overconfidence and firm performance to investigate the impact of M&A goodwill on innovation input.The results show that:(1)M&A goodwill significantly reduces the level of innovation investment;(2)The negative effect of M&A goodwill on innovation investment level exists only in non-state-owned enterprises,while the positive effect exists in stateowned enterprises;(3)It is further found that M&A goodwill and managerial overconfidence play a moderating mediating role in the relationship between M&A goodwill and innovation input.
出处
《浙江金融》
2021年第10期38-48,共11页
Zhejiang Finance
基金
2019年国家社科基金项目(项目编号:19XGL025)成果。
关键词
商誉
创新投入
管理者过度自信
企业绩效
Goodwill
Innovation Input
Management Overconfidence
Enterprise Performance
